What is the APR on your car loan?

[ctigers0714]

I know a lot of you prefer to pay for cars in cash, but I put a 25% DP on mine and got a 3.14% rate so I thought that was reasonable.

What interest rates do all of you pay?

[disneysteve]

Rates vary by lender, any special promotions, and of course your credit score. We're paying 2.9% on a used car which I thought was pretty good. Doesn't make sense to pull money out of investments when borrowing is that cheap.

[Bob B.]

Mine is 3.99% on a 36 month note - used pick up.

My credit score at the time I borrowed the money in December was 705.

[97guns]

got my car paid off in 2011, had a 2.9% loan on it, anything in that range or under is good in my book.

[Goldy]

We scored a 0.0% 36 month loan on our subaru.

[greenskeeper]

explain this "car loan" to me.

Never had one and never will. "Newest" car was 5 years old when I bought it.

Current vehicles are 15 and 16 years old and running great.

[Caoineag]

1.75% for us. Probably will still pay it off early for the hassle factor but it was useful to stretch it out for a couple of years.

[disneysteve]

1.75% for us. Probably will still pay it off early for the hassle factor

Same here. I bought my car in June 2012 with a 13K loan. As of today, I owe $700 which I'll probably finish off next month so about 13 months total.

[autoxer]

I didn't put any money down, actually financed the tax, title and tags too. Interest rate is 1.99% and it was a used truck.

[cooliemae]

We took advantage of PenFed's 1.49% APR last year and refinanced our 4% loan which will have saved us over 1500 in interest charges.

[BuckyBadger]

Something under 2% for a 36 month loan. I personally like nothing more than a 3 year loan, and I just couldn't justify paying for cash when I could be investing that money and be getting (most likely) well more than 2% in the long run.

But much like pre paying a mortgage, that's a choice that everyone makes for him or her self. As long as you aren't using a long term loan to pretend that you can afford a car that you really CAN'T afford I don't think it matters if you pay outright or get a loan.

[bigdaddybus]

I bought an off lease BMW 135i last week for 1.99% through my credit union. Like others have said it wasnt worth it to me to sell off investments to pay cash for the car.

Honestly, even with the interest charges, TTL, and principle the car was still bought for under KBB. It will likely be paid for in the next 16-20 months

[kork13]

1.75% for us. Probably will still pay it off early for the hassle factor but it was useful to stretch it out for a couple of years.

Same story for me. I bought mine a year ago at 1.9% from my credit union, 3-year loan, credit score around 780 at the time. As with the others, I preferred to finance at the low rate, used a 25% downpayment, and used the rest of my cash to have the highest home downpayment I could manage (I bought my home 2 months after my car).

[Liopleurodon]

I got 48 month loan at 2.4% on a new vehicle.

[debtfreeme]

car loan

0% for 3 years.

put down $12,000.

dealer credit score was 798. I think that the dealers use an "enhanced" credit score system but my fico was 805 the day I signed.