Financing on STI! Dealer or Bank or..?
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Joined: Jun 2003
Posts: 290
From: San Mateo, CA
Car Info: 2007 Mazdaspeed 3
Financing on STI! Dealer or Bank or..?
For those of you who have bought your STi already, how did you finance it (if you did in fact finance it)? Did you go through the dealer or through a 3rd party financial institution like a bank?
Also, if you did go through the dealer, what kind of rate did you get and how long was the loan for? Also, do dealers typically want you to finance through them or come there with a check in hand?
Also, if you did go through the dealer, what kind of rate did you get and how long was the loan for? Also, do dealers typically want you to finance through them or come there with a check in hand?
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I went to pick up the STi with check in hand from credit union, knowing the dealer would try to talk me into financing through them. The credit union loan was APR of 4.9% for 60 mo. The business manager was sure he could find a lender at 3.25%. Well, after calculating the amount I would save I told him to go for it! He came back with 3.1% APR for 60mo.
It's actually a bank providing the financing, but I'm sure the dealer gets a little in return for setting up the deal.
It's actually a bank providing the financing, but I'm sure the dealer gets a little in return for setting up the deal.
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dealers pretty much never give u a good rate, unless Subaru running some kind of promo..
try www.bankrate.com for the best rates around, if u have the decent credit history, u will get awesome rates in today's economy.. under 5 percent..
try www.bankrate.com for the best rates around, if u have the decent credit history, u will get awesome rates in today's economy.. under 5 percent..
Registered User
Joined: Apr 2003
Posts: 64
From: fremont ca
one quick quation. will my income affect the interest rate they'll give me? and how to be considered as good credit? I have been paying for my car loan for 3 yrs, never have late payments. I had 11.5%
so, I am not sure if I can get a good rate now
so, I am not sure if I can get a good rate now
Thread Starter
Registered User
Joined: Jun 2003
Posts: 290
From: San Mateo, CA
Car Info: 2007 Mazdaspeed 3
Yes. Your income to debt ratio is really important. Creditors will take that into account to see if you will be able to actually afford the payments. Having a previous car loan helps because it helps you build your credit.
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Originally posted by amdmaxx
dealers pretty much never give u a good rate, unless Subaru running some kind of promo..
dealers pretty much never give u a good rate, unless Subaru running some kind of promo..
Sometimes this will sweeten the deal for them a little bit, keeping your purchase price a little lower or your trade-in value a little higher.
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Originally posted by Danno
I went to pick up the STi with check in hand from credit union, knowing the dealer would try to talk me into financing through them. The credit union loan was APR of 4.9% for 60 mo. The business manager was sure he could find a lender at 3.25%. Well, after calculating the amount I would save I told him to go for it! He came back with 3.1% APR for 60mo. It's actually a bank providing the financing, but I'm sure the dealer gets a little in return for setting up the deal.
I went to pick up the STi with check in hand from credit union, knowing the dealer would try to talk me into financing through them. The credit union loan was APR of 4.9% for 60 mo. The business manager was sure he could find a lender at 3.25%. Well, after calculating the amount I would save I told him to go for it! He came back with 3.1% APR for 60mo.
It's actually a bank providing the financing, but I'm sure the dealer gets a little in return for setting up the deal.
That is an awsome rate man. How much did you put down and how much are your payments?
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BigDaddy,
I put down a little over $3300, so I would finance exactly 30K. I don't have the exact payment figure handy but it's about $545/mo. X60mo. This is only about $95 more than my WRX payment was and the insurance is only about $5 more per mo.
Pretty happy with the whole deal, except that my STi has annoying detonation issues.
I put down a little over $3300, so I would finance exactly 30K. I don't have the exact payment figure handy but it's about $545/mo. X60mo. This is only about $95 more than my WRX payment was and the insurance is only about $5 more per mo.
Pretty happy with the whole deal, except that my STi has annoying detonation issues.
Registered User
Joined: Feb 2003
Posts: 37
From: Boston
hey darkspeed, I do have good credit but that doesn't mean you wouldn't be able to get the same rate...the fact that you have been paying an existing car loan with no late payments will certainly help...I would recommend going to eloan.com or any of the other online institutions and simply applying, it doesn't cost anything, they'll have an answer for you the same day and if you don't like their rate, you don't have to use their loan...then from there, you can tell the dealer what rate you received and usually they will match it...just to let you know, I also applied for a 60 month and received a rate of 3.9%
Registered User
Joined: Apr 2003
Posts: 64
From: fremont ca
thank you so much for very helpful info. 
I will get the quote from some banks before I go to the dealer. btw, did they really check ur paycheck before they gave you the rate? cos I am still a student and half of my income are from my parents. so, I am worry about that will be a factor dealer gives me a bad rate
thanks
I will get the quote from some banks before I go to the dealer. btw, did they really check ur paycheck before they gave you the rate? cos I am still a student and half of my income are from my parents. so, I am worry about that will be a factor dealer gives me a bad ratethanks
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Please help
I am 22 years old with litttle credit history, only about a year or so with no late payment. ( NO FICO ) I have a co-singer with prefect credit who is will to do this with me. I never own a car before and have no idea about insurance.
Please help. Tell me what is the best way to go about this.
I have about 15k in my bank now.
Please help. Tell me what is the best way to go about this.
I have about 15k in my bank now.
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