Just got a prius III 2010,. My credit union ( digital federal credit union) approved the rate at 2.9%. Toyota Finance refused to go down beyond 4.9% as I had some huge discounts. My question to you: what are the best rates out there currently for financing my prius. On Bankrate.com I noticed couple of credit unions Navy credit union and BFCFU offering 1.9%, but I am not eligible. I also noticed couple of CUs are offering less interest rate for hybrid vehicles. Can you please post your finance institution and rate you got for prius 2010, that woudl be very helpful.
The rate you recieve and are approved for are based off your credit rating. It wouldn't help if we told you what rate we received because it would be different once you applied for credit at that insititution.
I understand that, given the best credit rating, I am looking at best rates possible out there. Please let me know.
So you did not take the $1500 cash back. Right? In my case I took the cash back and hence the reason for shopping for a better rate. Too bad for me
I would take the 2.9% and 1,500 cash back. Cash back is almost always a better route to take then 0% financing.
I don't understand how you got the car without financing and/or payment? Are you refinancing? I paid cash though it may not have been the smartest use of my money, it is the "cheapest" cost. Happy Motoring, Tom
I took the 0% for 5 years..I think that is a great deal, didn't want the hassle of shopping around..The 2010s were already selling for at/below invoice.
I got a loaner for 3 days, but I am approved with my CU. Since I have one pre-approval I am shopping around. BTW, most of the CUs consider the car as new based on mileage/no of days.
2.9 is a pretty good rate. I don't have a loan calculator handy, but you're only talking something like a 3 dollar difference per quarter point for 25K over 60 months. (90 bucks) Yeah...90 bucks is real money, but not worth spending time and gas chasing down a quarter point difference in loan rates. I don't think you're going to find a 2.75 percent loan out there through a credit union....and you're already approved for 2.99---through a CU, which means that they think you can afford the loan. Seems to me that you're swinging after the bell. Take the 2.9 and the cash back, and put the giveacrap switch back into the "don't" position. GOOD LUCK! Let us know how it shakes out.
Thanks. Delta Federal Credit Union has 2.75 rate. I know it will change 36 for 30 months loan. But just checking out other options
I don't think you will find anything better than 2.9%. That is a good rate. On a car as cheap as the Prius, even 1% is not going to make a huge difference. The rebate here was only $1,000.00, so I took the 0%. Based on a rate of 3.9% the break even point is about a year. I figured I would drive it for a year minimum, even though none of my friends think so. A friend of mine bought a Sequoia that was $54,000.00. He was going to pay cash, but decided to take the 0% and put nothing down. Saved alot of money.
Heres an online payment calculator that gives the amortization. Car Loan Calculator ~ Auto Loan Payment Calculator
