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Valued Contributor
Posts: 1,339
Registered: ‎09-11-2012
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2.75% on a used daily beater.

So I walked in the Toyota dealership with 3.1% from BofA. Pick out the car. The salesman and financial guy kept wanting me to use the Toyota financing. I said no about 2 times.

First they offer me without running credit of 2.9% I said no, they came back with 2.8 I said no..... And finally 2.75% I thought about it because it will create additional pulls on credit.
In the end, I gave in and got a nice 2011 Camry V6 wih around $250 a month 0 down. This include 72 month and 100000 miles warranty.
2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Established Contributor
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Registered: ‎10-25-2011
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Re: 2.75% on a used daily beater.

2.75% is a good savings from the BOA offer. Wouldn't call a 2011 Camery a beater, more of a great dailer commuter you can put miles on.

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
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Posts: 363
Registered: ‎06-25-2013
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Re: 2.75% on a used daily beater.


SamsungHDTV wrote:

2.75% is a good savings from the BOA offer. Wouldn't call a 2011 Camery a beater, more of a great dailer commuter you can put miles on.


 

I'll say so.

 
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Established Contributor
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Registered: ‎06-04-2012
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Re: 2.75% on a used daily beater.

Congrats!

 

~kn


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Member
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Registered: ‎04-01-2013
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Re: 2.75% on a used daily beater.

what was your credit score in order to score this deal?

Valued Contributor
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Registered: ‎09-29-2009
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Re: 2.75% on a used daily beater.

The OP's credit scores are in their signature block.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

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Member
Posts: 20
Registered: ‎04-01-2013
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Re: 2.75% on a used daily beater.

well then it's no wonder he got a zero down deal!

Valued Contributor
Posts: 1,339
Registered: ‎09-11-2012
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Re: 2.75% on a used daily beater.


bubbe2005 wrote:

what was your credit score in order to score this deal?


The FICO auto enchancer from the dealership when I gave in was 732-733 on all 3 CRs. It's a bit lower than the FICO that the CC company uses.

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Frequent Contributor
Posts: 340
Registered: ‎07-27-2011
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Re: 2.75% on a used daily beater.

[ Edited ]

bubbe2005 wrote:

well then it's no wonder he got a zero down deal!


Zero down is not any kind of deal........ just puts most people deeper in negative equity in the long run.


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Registered: ‎12-30-2011
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Re: 2.75% on a used daily beater.

[ Edited ]

mtrsprt wrote:

bubbe2005 wrote:

well then it's no wonder he got a zero down deal!


Zero down is not any kind of deal........ just puts most people deeper in negative equity in the long run.


That depends on so many factors (price of car, your finances, the offered financing rate, how much you expect to pay each month, etc ad naseum) that it's difficult to make such a blanket statement.

 

I tend to agree with you in my own situation, but there's nearly as many diverse financial situations out there as there are individual people, and as such general advice often fails unfortunately.

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