Auto Loan Rates
More Turbo
Joined: Sep 2009
Posts: 568
Likes: 51
From: Va Beach, VA
NFCU here, same rate and term too.
Elder User
Joined: Apr 2007
Posts: 551
Likes: 0
You really don't think they give you 0% because they like you, do you? If you take the 0%, you WILL pay up front for it.
It worked out to my favor to take the Ford going rate, take all rebates and then refinance at 1.49%
New User
Joined: Aug 2012
Posts: 4
Likes: 0
Yes, but you lost out on a significant rebate to get the 0%.
You really don't think they give you 0% because they like you, do you? If you take the 0%, you WILL pay up front for it.
It worked out to my favor to take the Ford going rate, take all rebates and then refinance at 1.49%
You really don't think they give you 0% because they like you, do you? If you take the 0%, you WILL pay up front for it.
It worked out to my favor to take the Ford going rate, take all rebates and then refinance at 1.49%
Always take the 0% when the prices are close.
Elder User
Joined: Apr 2007
Posts: 551
Likes: 0
Let's just take an arbitrary number of $22,500 (assuming a person puts down half of vehicle price).
At 1.49% (PenFed current rate on a refinance), after 60 monthly payments, you will have paid $860 =/-.
You took the 0.00% and gave up $2K of rebate.
Over $1100 saved is not exactly what I would call the price being close.
You lost $1100 to save a few bucks on your monthly payment amount.
And as far as re-investing the money you "kept in your pocket", if you didn't do it on day one, you won't. Just like 99.999% of the other folks who say the same thing.
Not arguing with you, just pointing out the facts.
New User
Joined: Aug 2012
Posts: 4
Likes: 0
Wait, what???????
Let's just take an arbitrary number of $22,500 (assuming a person puts down half of vehicle price).
At 1.49% (PenFed current rate on a refinance), after 60 monthly payments, you will have paid $860 =/-.
You took the 0.00% and gave up $2K of rebate.
Over $1100 saved is not exactly what I would call the price being close.
You lost $1100 to save a few bucks on your monthly payment amount.
And as far as re-investing the money you "kept in your pocket", if you didn't do it on day one, you won't. Just like 99.999% of the other folks who say the same thing.
Not arguing with you, just pointing out the facts.
Let's just take an arbitrary number of $22,500 (assuming a person puts down half of vehicle price).
At 1.49% (PenFed current rate on a refinance), after 60 monthly payments, you will have paid $860 =/-.
You took the 0.00% and gave up $2K of rebate.
Over $1100 saved is not exactly what I would call the price being close.
You lost $1100 to save a few bucks on your monthly payment amount.
And as far as re-investing the money you "kept in your pocket", if you didn't do it on day one, you won't. Just like 99.999% of the other folks who say the same thing.
Not arguing with you, just pointing out the facts.
You are correct, if you put down half the numbers make sense. But also it makes sense that if you have 0% putting down half is a bad way to tie up money in an item that is losing value every month....
Why would you tie up $20k+ for 1.49%? You can make double that on just CDs not to mention other bonds that make more.
Work smarter not harder.
Laughing Gas
Joined: May 2008
Posts: 939
Likes: 1
From: Central Kansas
You are correct, if you put down half the numbers make sense. But also it makes sense that if you have 0% putting down half is a bad way to tie up money in an item that is losing value every month....
Why would you tie up $20k+ for 1.49%? You can make double that on just CDs not to mention other bonds that make more.
Work smarter not harder.
Why would you tie up $20k+ for 1.49%? You can make double that on just CDs not to mention other bonds that make more.
Work smarter not harder.
You are correct on putting down half the cost but still dragging it out over 5yrs, that's probably not the best option from a purely finance standpoint.
Obviously everyone's situation is different, but in general you're better off taking the rebates up front.
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New User
Joined: Aug 2012
Posts: 4
Likes: 0
Sorry Rommel but JH is correct on this one. You're neglecting the time value of money from your calculations - what you could have earned on the $2,000 you saved in that 5yr period. Above that, even borrowing the full $45,000 at 1.49%, you only pay $1,725 in interest charges. Not a big difference but when you factor in the future value of that $2,000, even at only 3%, you make another $325. A higher interest rate or less borrowed makes an even bigger difference.
You are correct on putting down half the cost but still dragging it out over 5yrs, that's probably not the best option from a purely finance standpoint.
Obviously everyone's situation is different, but in general you're better off taking the rebates up front.
You are correct on putting down half the cost but still dragging it out over 5yrs, that's probably not the best option from a purely finance standpoint.
Obviously everyone's situation is different, but in general you're better off taking the rebates up front.
You can have your own way of slicing things but your argument on saving a significant amount of money is only valid if you put down ~ half or more.
With 0% you never have to tie up all that money.
Either way to each their own, I know what works for me.....
I am just glad we can afford this wonderful trucks! Cheers!
Elder User
Joined: Apr 2007
Posts: 551
Likes: 0
What I really dont get is why someone would want a $800 car payment? You are not making up $400 a month on a $20K investment, every month for 60 months. No way, no how.
Laughing Gas
Joined: May 2008
Posts: 939
Likes: 1
From: Central Kansas
You can have your own way of slicing things but your argument on saving a significant amount of money is only valid if you put down ~ half or more.
With 0% you never have to tie up all that money.
Either way to each their own, I know what works for me.....
I am just glad we can afford this wonderful trucks! Cheers!
With 0% you never have to tie up all that money.
Either way to each their own, I know what works for me.....
I am just glad we can afford this wonderful trucks! Cheers!
Regardless, it's not worth arguing over, everyone makes the decision that suits them best. Congrats on the new truck, and you're exactly right, the truck is the important part, how you pay for it is really irrelevant.
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