I'm going to be buying this month. I'll put 10,000 down and finance the balance over 24 months. I'm finance-shopping( in San Francisco). My credit is good. I'll finance through my bank or credit union. What is a good-great finance percentage these days for such a purchase?


Thank YOu,

Kawika

 

I'd imagine for that financing term, probably 3.9 to 4.49.

 

0% for such a short finance term. You can get that in Canada from Mazda.

 

I'm not sure if the 0% would work in CA....but if not 0% then 3.9 would be a good consensus for someone with excellent credit.

 

Yeah, Mazda isn't offering 0% in the States. And he said he wanted to go through a bank or credit union anyhow, and 3.9% is the lowest bank rate I've seen. My credit union won't even go below 4.9%, which is why manufacturers almost always beat banks thesedays with the proliferance of 0% or 2% loans. But, for whatever reason, Mazda seems stuck on 4.9% for the RX-8 in the States.

 

Thanks guys!


Kawika

 

I got 3.59 for 60 mo through usaa

 

doesn't the rate depend on the dealership? The dealerships here are offering 0%APR for up to 60 months on all Mazdas.

Mike

 

Where is "here"? I haven't seen anything close to that.

 

Check out the incentives on edmunds.com or mazdausa.com. They should tell you what the best interest rate is you can get from Mazda. Otherwise, go to your credit union.

 

What is your fico score? Credit unions give all the memebers the same rate. Dealers lender on the other hand are fico score driven like mortgage lenders. If you are 720 or better than you are golden for 4.6%. If your fico is 680-719, think something like 5%. 620-679 fico score look for 5.9% or more. If you are less than 619, your going to pay more rate. If your are below that, go to your credit union and take their rate at 4.9%. Also keep in mind the lender that you chose matters. Pick a large bank that is national, get crappy service. Pick you local credit union, get better service from someone you can actually talk to.

 

While dealerships do have their own means of funding, the really good deals (less than 4%) are only offered through Mazda American Credit. And I've never seen them offer 0% on the RX-8.

 

I've been a member of 6 credit unions across the nation and none of them have given all members the same rate.

 

no. The same credit union, gives all their members the same rate. not all credit unions give the same rate.

 

For example. My credit union gave me a rate of 4.625 for 72 months. Any member with them, that goes 72 months that get a approval, pays the same rate wether their a 610 fico or a 780 fico.

 

They don't have a matrix sheet like you find with conventional lenders. Being in the car business for 8 years and now being a Mortgage broker I know very well how the system works. The way a credit union borrows it money is different from how a bank does. For instance, credit unions that over charge in rate, refund every fiscal year. Banks do not. If some one has great credit, it doesn't mean that their fico scores are the best. You can have paid everyone perfectly and still have a low score.

 

Heres the way it works.

All accounts need to be at 70% of what ever the starting balance or high credit was.

for example---------credit card revolving debt limit is $5000
don't go over 70% OF THAT the score will go up
don't ever go over it longer that 60 days

secondly -------------check your credit files transunion equifax experian every
six months/ perge any collection or inquiries.
dispute anything negative. Even if its true, most account
holders don't respond back.

 

Stay active on watching your scores and your life will be much better.
Lower rates
better mortgage products. Get to a 680 score and I can show you how to have a $300K
for $1000 a month and have a 4 options of payments every month.

 

I understood what you meant.

As I said -- Not every credit union gives every member the same rate. In fact I've never experienced any such a thing at any credit union I've ever had. I just experienced it myself yesterday when getting a loan. The loan officer even showed me the table they use to calculate APR based off credit score. And I'm looking right at the pamphlet for Auto Loans from my credit union and it explicitly states that they reward members with better credit score with lower rates on automotive loans. If yours gives everyone the same rate, that's great for your members, but not every credit union works that way.

If two people walk in with different credit scores they will be offered different rates. It's been that way at every credit union I've used, and they range all over the country from Washington to Virginia to Texas to Guam and those geared towards different groups -- military personnel, railroad workers, and regular citizens. It only makes fiscal sense, otherwise you end up charging your members with good credit extra APR because of those with bad credit that default. Yes, the disparity is not nearly as great as it is at a large regular bank like Wells Fargo where they gouge those with less than a score of ~700, but there still is a difference.

 

You can't get better than 0%. Next time I see the ad in the paper I'll scan it. Last time I saw it it stated "0% APR for up to 60 months on all New Mazdas"

Mike

 

Well, a dealer isn't going to be getting 0% through MAC on the RX-8. Not right now. And any other lender obviously isn't going to do it either.

What they could do, and what is very likely the case on cars where MAC isn't offering 0% (which right now is no '05 models at all), is offer you 0% but not come down on the price much and the dealer would just eat the interest expense.

Ads in the paper can be really misleading because they give no details on what you have to do to get those particular deals. Dealers love to advertise those ultra-low monthly payments that you require that you buy the basest model on the lot, be active-duty military, just graduated from college, and have perfect credit, so you can get every possible rebate/incentive to possibly achieve.

 

Thats a first for me. Never seen a credit union do that, not on the east coast anyway. Good luck though.

 

My CU is offering 4.1% for up to 72mos. About the best I could find locally, not sure about larger lenders. Oh, CU is Providence Credit Union here in Portland.