Not great. Not optimistic they're going to extend promotional financing either.
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
Other financing options?
- Thread starter thegangler
- Start date
Not great. Not optimistic they're going to extend promotional financing either.
Austin Powers
Member
I'm in a big bind right now. Should I wait for the promo to come back and just cancel the order or should I just bite the bullet right now and hope I get my delivery in 30 days (overly optimistic). If I cancel, then I lose the $1000 referral so maybe the additional interest would just be a wash
For everyone here complaining about the APR going much higher and debating about cancelling or postponing and waiting, I did a quick calculation about how much interest different you'd be paying on a $100k loan, comparing 1.74% APR to 2.99% APR over the life of the loan.
36 months = $1,971.32
48 months = $2,630.74
60 months = $3,299.98
72 months = $3,979.03
84 months = $4,667.88
Pretty much regardless of the term of the loan, the increased APR will cost you ~$55/month.
36 months = $1,971.32
48 months = $2,630.74
60 months = $3,299.98
72 months = $3,979.03
84 months = $4,667.88
Pretty much regardless of the term of the loan, the increased APR will cost you ~$55/month.
I called today just to check, and the 30 day lock is all there is -- so if you apply today (or tomorrow), you get today (or tomorrow's rates) for 30 days, and if you don't make it by then, and they have to pull credit again, you are then subject to whatever the rates are at the time. In other words, there doesn't appear to be a way to lock in today's rates beyond 30 days. I'm not sure what to do either, the additional few thousand dollars of interest over the life of the loan given a +.75%-1% increase in interest definitely hurts. That 1.49% for 72 months was a nice rate!
Austin Powers
Member
Austin Powers
Member
xanatos
Member
Anybody know how this 30 day lock works if you are buying CPO? I just bought mine this week and already have VIN and MVPA. Car is quoted at 2-6 weeks before I can take delivery.
If I apply Friday do I run the risk of going past 30 days if delivery ends up on the long end?
Or does it not really matter since the already exists and is simply being reconditioned?
I've never had to finance a car before so this is a bit new to me.
If I apply Friday do I run the risk of going past 30 days if delivery ends up on the long end?
Or does it not really matter since the already exists and is simply being reconditioned?
I've never had to finance a car before so this is a bit new to me.
Austin Powers
Member
Just call Alliant tomorrow and check with them how used car loans work. Not sure if the promo is for both new and used.
Austin Powers
Member
Curious, what prevents someone from going through with both loans? Lighstream seems to say you intend to use for new auto purchase (our case), but it does not look to be binding in any way. Don't think I want two 90K+ loans, but at these rates, I bet there are some who might.
CmdrThor
Active Member
Nothing at all. I would assume if you ended up defaulting on the Lightstream loan and you didn't use it to buy a car like you said you were going to there might be some repercussions. But I would guess most people who would do that don't have a good enough credit score and/or income to qualify for an unsecured loan.
TaoJones
Beyond Driven
Yeah - that sounds like the sort of thing a person would get to do exactly once. Once every 10 years, anyway.
hybridbear
Active Member
Whew! The 1.49% for 72 months is what I was hoping for. I won't need anywhere near 72 months to pay the loan off, likely 36-48 months, but I'm glad to take a lower payment at the same interest rate as the shorter terms so that I have more flexibility. I'm also only financing about 60% of the total cost, so I'm not financing as much as some buyers.
avesraggiana
Member
Similar threads
- Article
