I checked out the C1 today at the New Rochelle Toyota dealership. They priced the C1 at $19935. The total after taxes and fees was $21,801.73. I have a 784 credit score and was told an interest rate of 4.33% was the best they could do. With $2000 down my monthly payments are going to be $317 for 72 months. Does this sound good, or should i do a bit more shopping around? They told me the C is selling for over MSRP because of the high demand.
I would advise you to check with your bank or credit union. Personally I am in favor of credit unions, right now my credit union's rate for an auto loan is either 2.5% or 3.25%, depending on credit scores. Dealerships will not give you the best rate off the bat, you have to make them compete, they will usually beat any competitor's rate, but you have to show them the rate. I would search around, I think you can do better. Good luck! :cheer2:
Its seems like any time you buy something in New York, the dealership always tries to overcharge, and I don't blame them. However I think you can get a better deal. I bought my Prius at MSRP when there were only 2 left on the lot and they were going 3000 over sticker after the tsunami. My credit score was slightly lower than yours and I got a 4.00% interest rate. If I could do it again I would buy my vehicle at Greenfield toyota in massachusetts. Troy set me up with a great deal on a warranty. After being coaxed into buying it for much more at the dealership against my better judgement. I actually said I wanted to shop around and they gave me a little better deal but not much. Ended up losing some $$ in that specific transaction at the original dealership.
Doesn't sound like a good rate. I wonder if you have any of https://www.cefcu.com/loans/vehicle-loans.php around you... They currently listed an APR of 1.99% for up to 60 months.
I have 760+ credit score and bought a 2012 Prius 4 at 1.9% 60mos with toyota financial services back in march. I was only able to get after asking dealer if they could beat my offer from my USAA bank at 2.24%.
^They had the promo rates back then to help burn the rest of the 11's I think. I don't think TFS has those anymore. Capital one is 2.99 right now.
Ok, I'm jealous. My first time car loan was at 26%. It's only now after many years of building my credit that I was able to get 2.3%. Your first car loan ever and your already at 3.5%? Life just isn't fair.
I could have also gotten later, but I wanted my 3 months of no payments. ^_^ Plus, all rates are their lowest since. 1.9% or 2.9% is what people with established credit are getting.
I don't think C's are in such high demand that they should sell from over msrp. I suggest doing some more research and shop around to get a better deal. I know some places like USAA, Costco, and my bank, Navy Federal Credit Union have auto buying services that can help you locate the C you want for under msrp. Good luck in finding your C.
Bank of America would do 2.89% for 72 months a couple months ago with the same credit score. Just apply online.
