What should I currently expect for a 60-month finance rate (excellent credit) for an RX-8?

The local (PA/NJ) dealer "offered" me 5.9%, which just seems very high to me. I know rates are up, but... is that normal?

 

I got mine in NJ through Mazda at 4.49% but with my dad as a cosigner...if you have excellent credit you could probably get it down to 3.9%...I would go to a credit union or other 3rd party financing company and see what u can get...thats how I got my 5.9% which I was originally quoted like you down to 4.49%...competition ROCKS!!!

 

I have USAA insurance and finance (great for military), they ofered me 3.98% WITH gap insurance!

 

Wow! OK, maybe I should clarify: what MAZDA 60-month rates should I expect to get with good credit... PA/NJ area (Flemington, Philly, etc.)...?

Heck, 4's sound reasonable... just not 5.9

 

5.9% for 60 isn't bad. That's what I was going to go with from by regular bank. But when I was calling USAA to get an insurance quote, they mentioned financing... The dealership down here wanted to stick me with 7.9%, and my credit score is about 780!

I didn't mean to sound like I was rubbing it in, I'm still pretty stoked that I am driving this car AND I got a good rate.

- Labop

 

the big deal for me even with a credit rating of 760 is that i didnt have any big purchases in my history so they wouldnt have offered a rate of 4.5% interest unless i cosigned...the trouble with having good credit but also being young

 

Last I heard, we were 800+, with tons of credit history (40 year old married geyser)... and 5.9% was the best they could do. Well, then I mentioned it was too high, and the new best became 5.5%.

Gonna have to shop around a bit I guess...

 

Shop around. You might want to try Capital One. I qualified for 4.1% from them with a 790 rating.

Get a financing quote before you go to the dealer. The dealer wants you to finance through them because they make more money. If you already have a quote you can negotiate from a position of strength. It doesn't matter to you where you finance from as long as you get the best rate.

 

Wayne Mazda up in north jersey is advertising 0% in a tv commercial and nowhere is there a disclaimer that excludes the RX-8. I would check it out. I'm getting my 8 in 3 weeks or so. If they really are offering 0% I hope it's still good come mid june.

 

5.9% isn't THAT bad. According to Bankrate.com , the average rate nationally is 5.7%.

Capital One Auto Finance has rates as low as 3.9% for short term loans (5.2% for 4-5 year loans). And on-line approval within 15 minutes.

 

Well, I've shopped a few other dealers since my first attempt. It seems 5.9% is an average for the RX-8, but good credit will earn you more like 4.5%, and great credit 4.0%.

After showing the original dealer what other dealers quoted us, they've decided they can do low 4's too

It's just odd they didn't start low in the first place. I didn't realize rates needed to be bargained down too. I didn't think the dealer profited by a higher rate, as even though I'm financing through Mazda, I figured they shop around amoungst the banks they work with to find the lowest bidder.

 

u get good rate at credit unions, like 3.75.

 

well, like most folks I'm a payment shopper. The perils of being a toy-aholic, I guess...

So I went for L-O-N-G term... 84mo at 5.49% from the local credit union (PSECU... they're great!). Now that the loan is approved I really GOTTA sell the Mitsu...

 

Just to put some closure on my question, we ended up getting 4.1% through the dealer. Although I'm sure we could have done slightly better had we shopped around amoungst non-dealer sources, I'm still quite happy with 4.1% (60 months).

Thanks for all the feedback and encouragement to keep pushing!

 

I just went through Capital One Auto Finance and got 72 months for 4.99%. Approval is online and quick. They've been great to work with so far.

 

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Originally posted by MazdaspeedFeras
the big deal for me even with a credit rating of 760 is that i didnt have any big purchases in my history so they wouldnt have offered a rate of 4.5% interest unless i cosigned...the trouble with having good credit but also being young


I was the same situation when I went to purchase. Great credit. No big purchase. Young. But I ended up getting a 4.25 in florida.
I think that was pretty good.

 

You probably don't need to have a bonafide offer from somewhere else to get the dealer to give you the best rate that he *can* give you. What they can do and what they will do are often different. Do a little leg work before going in by checking with your credit unions, eloan, peoplefirst, etc your own bank and anywhere else you can think of. When it comes time at the dealer they will probably offer a higher rate. Tell them you cna do better elsewhere (and be prepared to say how much better and from where). 9 out of 10 times, they will immediately match (or at least get close enough). They know what everyone else can do and all you need to do is let them know that you know it too. Even if they can't pad the rate, they still make money arranging your financing...just not as much. And when you get to that point with the F&I guy, if they let you walk over the rate, it's usually because they really can't match that rate.

 

Anything under 6 is good under 5 is better, and under 4 is some special that is going on.
I got 4.49 APR.
FYI every time you check on a bank your going to lower your rate, so I would only check 2-3 places at most, you do not want to many inq's.

 

In theory, multiple inquiries initiated by you within a 2 week period is only considered 1 inquiry, because the multiple inquiries are considered "shopping around". Whether that is true in practice, I don't know.

 

The difference beween 3.9% and 4.3% is only about $5 a month over 60 months. Has anyone ben able to significantly reduce their rate or get their dealer to agree to 0% financing?

 

The "dealer" is not holding the note, so it's not up to them to eat a 0% loan. Very low rate loans are most often given my the manufacturer. The dealer might arrange the loan, but they are not loaning you the money.

I just got 1.9% from a local credit union.

 

How does a credit union work? How do yo uapply for a loan through a credit union?

 

I just got 3.9% on mine new 8 two weeks ago. They started with that 5.9 BS at first then when I got up to leave to check it out on my own they wanted to talk. I told them I could get 3.85 (unverified ) from Capital One and that Mazda had 2.9 on the Mazda 3 & 6's so why should I pay 5.9 on an 8.
It's not over until you sign. Be prepared to walk or go to other dealers if they won't negotiate. Once you let them know you've fallen in love with the car they've got you over a barrel.

 

ditto on this, i actually refied my old car thru cap1. with good credit, maybe 760+ FICA, you should be able to get their lowest rate (3.85%). g'luck!

 

1.9% from credit union, that's extraordinary, wish i could lower my 4% to that.