Str8Piped

My GTS is arriving at the end of the month. Been shopping around for the best rates.

Anyone has any suggestions?

2SG5

Penfed is a pretty good option.

vladie22

Bank of America is buying at 4.99% for 60 months currently , if you're credit is tier 1

Hunky

Who the fug takes an 84 month car loan. Good grief, that is almost laughable. Simply amazing.

speed_obsessed

Not on these cars but 96 months has become increasingly common and there are a few companies that will do 10 years!

nyca

Navy Federal is always the best, if you meet the criteria to join.

WellDressedCar

The sad truth is that average car loan terms have increased tremendously the past 8 years. As of June 2024, the average auto loan term is 68.5 months for new cars, 67.4 months for used cars and 35.9 months for leased vehicles, according to Experian.

Why is this happening? There are several reasons that can be argued, but the numbers show that cars have only gotten more expensive in the past 8 years. To illustrate this point:

• The national average for the price of a new car is $47,480.
• The national average for a down payment is around 20%.
• The average amount a new car is financed for is $37,984.

If you segment vehicles by Truck vs Sedan vs, SUV, etc...the numbers are all within a few hundred dollars of one another, all north of $47K for a vehicle.

How the average American is supposed to afford a new family vehicle without taking on a ton of debt is beyond me. There simply aren't enough options below the $20k mark that can comfortably and safely fit a family of four with a median household income of $107,000 (per US Census data, 2022). Their household debt-to-income ratios must be horrible.

For rates, I always use credit unions or PenFed, but only if I know I can't make more money by investing the total purchase price of the car elsewhere.

So far, I think the rates other posters mentioned are going to be hard to beat if you must finance.

nyca

Indeed, its one reason why more and more young people do not drive and have no interest in doing so. Insurance rates also contribute to this.

Hunky

Does anyone who needs to feed the bank interest for these insane 7, 8, 9,...... yr terms not realize that they really cannot affort the vehicle. There is no amount of BS and soft shoe that could legitimize this kind of economic stupidity.

division

Tell that to the Harley owners that finance their bikes for 96 months.

Str8Piped

It's not laughable for a 230-270k car...

Chalk992911S

I LOL’d at your comment
Not sure if serious or not? Do people do that?
I quit doing car loans 10+ years ago in my early 30’s….have a few real estate loans left, one 3.5% (was jumbo) make sense to keep, while lending cash to local REIT’s at a 10% and 18% return over 10/12 months.
IMO, I’d reconsider the purchase if I had to ask for car loan interest rates.
$230-$270K at 8 years -loan rates are higher than current S&P..doesn’t make sense.

A local acquaintance just picked up a 570S, was previously in a AMG GT, supposedly the biggest car enthusiast ever…but he found it impossible to spend $3-$5K a year on tires and brakes to track his car and realize the full potential. Will never understand it - kind of a “image” thing vs enthusiast, but, this country is built around freedom of speech, and everyone is open to their own opinion, so to each their own!
I’m in the track day group with a 992S vs cars and coffee group in a GT3RS - can afford both, but the former is way cheaper to wad up in a wall vs the later

Hunky

Hopefully you are joking. If not then you have totally do not get it my friend. It is actually more laughable at that point. A guy who "needs" a lower monthy payment on a $250,000 car to fit his budget clearly cannot afford that vehicle in the first place as any economically rational individual understands. Time to stop playing the stupid American putting on a show who just can't do without anything that catches his eye.

raydog9379

How do you think most of these YouTuber's and content creators get cars? Most take out insane loans. They don't hold onto the cars all that long because who wants to see stale content. So rinse and repeat.

What I've come to find as I get older is that the average person blows their money on stupid things. There's a small number of us that budget appropriately within our means (whether that's a $30k car or a $300k car), you see all kinds of situations where people roll in money from old loans into their new auto loan and so on. Personally, I don't like the debt... unless it's cheap debt which is hard to find the past 2 years (very low APR situations where I know I can take the $ and invest it to make more $).

WellDressedCar

Oh, don't even get me started on the insurance rates...I was talking to my neighbor over the summer who has a 16-year old daughter. He said when she got her learner's permit a year ago, he started looking into insurance rates. He wanted to teach her some personal finance lessons and wanted her to have some "skin in the game" with the car ownership, rather than just gifting her something. He said her monthly insurance premium was almost 3 times more than what her monthly "payment" to him would be over a period of the next 3 years. He has a son also, and the payments were nowhere near as high as his daughter's. I asked him why, and he said one agent confessed to him it is because teenage girls are more likely to text while driving and cause an accident. How much of that last bit is accurate, I don't know (seems like all teens are addicted to their phones), but yeah, insurance is out of control...

I dropped my policy with USAA on my 992 S two years ago after I got a much lower quote from Hagerty (and Hagerty developed a bespoke policy that covers the agreed value of my custom built Porsche, not the generalized value table that USAA was following). Essentially, I have greater policy coverage for less money with Hagerty than USAA. I've since added some of my other "pleasure" vehicles to the policy since Hagerty specializes in that sort of thing.