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Dealer quoted me 6.49% just this weekend and local bank quoted me 5.83% and 5.33%. I am in Socal by the way. Those rates below 4 are unearthly
 

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Dealer quoted me 6.49% just this weekend and local bank quoted me 5.83% and 5.33%. I am in Socal by the way. Those rates below 4 are unearthly
Lots of things affect vehicle loan rates, but location is not one of them, so being in Socal is not a disadvantage. If you can't get 3% interest, then it's something about your profile. Obviously credit rating is the biggest one, but also your own debt to income ratio, and the amount you finance will have an effect. If you are young, have a less than perfect credit history, and/or don't have a high income to make up for it, then the low rates might be out of reach.

That doesn't mean low rates aren't available though. The 3% rates on vehicle loans should be available to anybody with really good credit. The last 3 vehicles I've purchased have all been 3% interest or less, and all of those rates were right through the dealerships. However, I'm in my late 30's, have a credit rating close to 800, and my wife and I both have good careers (and no kids).

Also, your dealership is marking up the bank rate on you. Most of them do, and judging by the gap between them and the local banks, I'll bet they are marking you up a full percentage point. The lower your credit score is, the more they can usually get away with marking it up. Using a bank instead of them is a pain for both of you (a bunch of running around and extra paper work), so I'd see if they will match the bank rate. If they won't, you'll have to decide the pain or convenience factor is worth the $4-$6 per month difference.
 

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Lots of things affect vehicle loan rates, but location is not one of them, so being in Socal is not a disadvantage. If you can't get 3% interest, then it's something about your profile. Obviously credit rating is the biggest one, but also your own debt to income ratio, and the amount you finance will have an effect. If you are young, have a less than perfect credit history, and/or don't have a high income to make up for it, then the low rates might be out of reach.

That doesn't mean low rates aren't available though. The 3% rates on vehicle loans should be available to anybody with really good credit. The last 3 vehicles I've purchased have all been 3% interest or less, and all of those rates were right through the dealerships. However, I'm in my late 30's, have a credit rating close to 800, and my wife and I both have good careers (and no kids).

Also, your dealership is marking up the bank rate on you. Most of them do, and judging by the gap between them and the local banks, I'll bet they are marking you up a full percentage point. The lower your credit score is, the more they can usually get away with marking it up. Using a bank instead of them is a pain for both of you (a bunch of running around and extra paper work), so I'd see if they will match the bank rate. If they won't, you'll have to decide the pain or convenience factor is worth the $4-$6 per month difference.
Yea I realize my profile and other factors do not position me at top bracket. Just pure jealousy, lol.

Yeah I would still like to finance with dealer so I will see if they will match it. Otherwise I'd save some trouble with $4-$6 per month.
 

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I got 3.99 from a credit union and my credit score is over 800! Best rate in the State of Oregon I could find and same as Ducati. Payments are only $148/month for 60 months. I have auto withdrawal for $200 and can pay early with no penalties. I will pay it within 2 years.
 

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A really great rate has Money Expert, if you heard about it. My dad got a loan car with their help
Talking about cars and if you don't have enough money to buy these beauties, it is a reliable car finance company indeed. I have really wanted to buy one for my dad and this idea served as an incentive for me from my early childhood. I made it. The easiest car loan I have ever received was with the help of moneyexpert.com. Quick, easy, transparent, great manager, and all online. Maybe it was due to this manager, he went above and beyond to make sure the process went smoothly for me. All in all, I can say that if needed I will use this service again.
 
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