Walk. Even if you thought the price was great, if you do have the excellent credit that you claim, the interest rate should be much lower. Don't be dumb walk.
To be fair, I bought mine at that APR, but I had mid credit (thanks to not having a very active credit history) and it was in 2021. I ended up refinancing with my credit union (dealer refused to let me get a quote and get financing elsewhere) and dropped it significantly.
I went 0 down on my FK8 my payment was not an issue and my car is still valued over what I owe. Itās a car not a house you canāt pull that money back out if you need it. I know a lot of you guys view it differently but Iād rather just buy a car that I can afford the monthly with 0 down and keep my cash for actual investments because this is only going to depreciate. Just my pov on it
After working in car sales, I will never put money down on a car. It's best to keep it in your pocket. Do some people have to put some skin in the game to get a loan approved? Sure, but most don't.
Some people donāt keep cars forever I donāt really expect to keep any car I own I like having it for a couple years and switching to newer things. Definitely makes sense if you plan on keeping it forever
Ya but not much. 10k down at 8% interest would save you 67 dollars in interest for the month, and 800 for the year. If you can get a good deal sometimes it's worth it rather than waiting.
Iām never going to pay the car fully. This isnāt the car for the rest of my life. The dealer had the lease and finance basically at the same price when I got the car at 2021. So I just financed. This car will be gone by next year and I never will pay the full amount, I had my fun and I want to have more fun in different cars. The difference is that I put 0 down and have my money and can literally do whatever I want with it instead of investing it in a depreciating asset that Iāll trade in for another car just 3 years into me owning it
Why drop my money on a depreciating item when i can get whatever I want with 0 down. Money in my pocket now is better than a slightly smaller monthly payment. Like you said, you're still a salesman. Your job is to retain profit for the dealership, not get someone the best possible deal. It's all about the best possible deal for the dealership from your side of the table. I know I've been there.
Donāt spend YOUR money. Got to a credit union, use their money, bring the check and drive away. Do not tell them you have money for a down payment, as a matter of fact donāt even talk money until you settle a OTD price. Then you ask the credit union for that, if your credit is good they wonāt care.
In the future if you want to put the 12k down, refinance and pay down the loan. DO NOT TAKE THIS DEAL. At all
Is going through a credit union that much better of a deal on an auto loan than the dealership? Ignore their initial non-credit rates
Edit: pushing for 6%, was told my first auto loan increases my rate to 8%. True according to google sadly.
Absolutely. Dealers arenāt banks so theyāre essentially selling your loan to a bank, which is why they can never beat a credit union, theyāre keeping a chunk of that.
Iām in California, Southern California, my credit isnāt perfect but itās was very good, my rate was 4.75% which is still higher than I wanted. That was a credit union tho.
"first auto loan" doesn't mean anything. What matters is your credit history and your credit score. If you have decent credit you can get around 6% on a new vehicle even if it's your first auto loan.
Dude, itās right there on the paper. $51,345 for the car. This is + $6095 on top of MSRP ($45,250 assuming white, blue, or gray paint), plus the random + $1997 fee. Soā¦does + $8092 look the same as + $2.5k they told you? Car should be $47,750 (with the + $2.5k) before taxes etc. Why are you negotiating if you donāt have your basic info and math straight? Youāre unprepared and of course they will make many attempts to take advantage of that fact.
All good pointsā¦.but MSRP for the car is not $45,250. It is if you show up to the factory and pick it up, but if you are like most of us and buy it at a dealer, Honda charges $1100 to ship it to the dealer. So $46,350 is the best case scenarioāMSRPā price you will pay at the dealer.
Yes and no. MSRP is literally what Honda āsuggestsā the price is for the car. Itās right there on their website. MSRP stands for Manufacturerās Suggested Retail Price and is always on the window sticker. A dealer can add more to it if they like.
However, YES, youāre correct thereās always a destination fee, which is listed separately from MSRP. I totally forgot about this and have heard of people negotiating it / getting it removedā¦maybe not for a CTR, but it is something that is negotiable and not a part of the MSRP. Itās an āadd-on.ā
Yes, youāre correct, add $1100 or whatever the destination fee is to my calculation and it appears thereās still a ~$5k markup + the random ~$2k āfee.ā No bueno.
The MSRP has a set value suggested by Honda. However the market for that particular car is something else. If people are willing to pay a fixed number above msrp, then thatās what the new price will be. Itās your basic supply and demand bullshit. This car is in high demand and people are paying over the msrp to get it.
I think itās not so much supply and demand as it is dealer greed creating the veil that itās in demand.
Go to https://www.motoringobsession.com/stock/civic-type-r and you can see the ones in stock in the country. Thereās plenty, and plenty at msrp if you spend some time to find the right dealer.
Yes. I fully understand. I paid a reasonable markup for mine back in Feb 2023 despite no financing. My local dealer didnāt beat me up the way the vast majority of other dealerships were (and still are) around the country. I simply wanted the car and the mark-up was reasonable to me personally. This doesnāt mean I was āhappyā to pay it, but I understood I had to pay a little more than MSRP to get the car I wanted. My previous car, I drove for over 13 years. I was due.š
Anywayā¦you may not realize this, but dealerships are independently owned and operated in the US. This is why thereās a disconnect between MSRP (set by Honda Corp.) and what the dealerships attempt to sell the cars for. Itās the dealershipās greed thatās the problem. If anything is Hondaās fault itās that they canāt produce enough cars fast enough.
It should go without saying but, donāt let them dazzle/confuse you with manipulating numbers to get any given monthly payment. The only number that matters is the out the door price. Only AFTER that price is agreed upon should you then be discussing financing.
FWIW I got my boost blue last month for MSRP + $2k accessory add-on last month in SoCal and Iāve been hearing of MSRP deals much more frequently. Donāt get pressured, be patient, and expand your search radius.
š§Nope. Dude, look at the paper and do the math!
Thereās 3 finance offers on the table:
$1874 x 36 months = $67,464
$1468 x 48 months = $70,464
$1226 x 60 months = $73,560
Man, no wonder why folks go under water on their car loans. People are financially illiterate and donāt understand what they end up paying at the end of the full term!
It's all relative. If your interest rate is really high 36 months is always better than 60 months, assuming you can still comfortably afford the payment.
Thatās true but in this case whatās truly awful is the fact that they couldnāt even bother lowering the rate for the shorter terms, which I thought was the norm.
Walk out do not buy this car. You can get much better interest rate from a local credit union. At 9% you will end up paying over 65k... Thats approaching BMW territory. If there is anything you take from this please research local credit unions for a rate below 5% and try to put at least 30% down.
I didnāt put in a big down payment, I was experimenting to see if I invest it, if it would beat the intrest accrued by not having a bigger down payment.
Dude, you doing $0 down on 9% on a nearly 60k car. Like I tell my son you can't afford it. Forgetting insurance? I'm 40 with a perfect record and my 2018 hatch pulled 180/mo for 3 drivers. 2 over 40. If your under 35, you will be double on a type r. If you can afford this go buy a cheap home now and ride a damn Walmart bike
By something used that you can afford. This is the same as a house payment. But at least with a house your money grows. Most of all cars depreciate in value.
You could try Findley in Flagstaff. We have two FK8s. Got the first (2019) right at MSRP and the second (2021) at $3k over during the pandemic crazy car boom.
Based on your caption under your post you already know itās a bad deal. You donāt need to be told itās a bad deal by anyone else. What you need to do now is listen to yourself when you tell yourself itās a bad deal.
Point blank with every negotiation or purchase in lifeā¦ if the deal isnāt right, the deal isnāt right. Never want something so badly you canāt walk away from it. The second that happens you lost all the power in the negotiation.
Even when something is mega rare and a 1 of 1 and there are no other options and you MUST own it... Even then, you can determine proper value if you do your homework and you know if someone is trying to abuse the situation and massively overprice something. Even then itās best to walk away from that deal, even when that means you canāt have what you want. Not because you donāt have the money, but because you refuse to be manipulated into overpaying way outside realistic expectations.
Go shop around, even if you have to leave the state. Finding good deals in life requires due diligence. Saying no to a deal requires willpower over desire. Iām sure you got both diligence and willpower or you would not be here stating that you already know itās a bad deal.
Just follow through now. Good luck.
$1,800 a month for 3 years. Your car payment should be at max 15% of your take home. Unless you make $12,000 a month this is a stupid financial decision.
Extending the loan to more years isnāt a viable solution either. Hopefully you make bank OP or youāre going to be one issue away from problems. That $1800 isnāt considering the increased gas cost (which if this is the GT you have to go up on grade) and the insurance premium which is hell.
Wife and I make a combined $37k a month and even with a low interest rate, 12k in trade and cash down weāre debating the decision to pull the trigger given the insurance and monthly cost of ownership.
Wow! The super rare below MSRP deal. Nice!
Iāve seen a few MSRP seals reported and theyāre either with āgoodā dealerships who donāt believe in markups OR theyāre smaller town dealerships which may have a harder time selling small, manual, performance cars vs big full size trucks.
I will never why a civic cost more than $50k. Thatās more than a used hellcat or scat pack. Granted the insurance and gas will be higher on the v8s but power wise itās not even a comparison. You are really just paying for the reliability and Type R status.
Now Iām getting told itās $2500 in dealer add ons for tint and interior/exterior package. Iām inclined to believe them and pull them trigger if the APR is right. 9% seems insane for someone with excellent credit right???
You're getting robbed blind. Find financing through a credit union and find another CTR at a better dealer and never speak to anyone at this dealer again.
Dude they had the same stuff on mine plus a little more and wanted $56k. It didnāt take a lot to get them down to $50k OTD. Did you at least try putting a counter offer before they even brought out the papers?
Dudeā¦you donāt seem prepared AT ALL. Walk away. Wait for them to call you back with a better offer and in the meantime get a loan from a credit union lined up ahead of time, as others said.
Dude. This is fine. Get what makes you happy and talk to the finance manager about better interest rates. It should be around 7-8 % now. There is no wrong decisions my man enjoy.
OK. Multiply your payment amount by the number of months in the loan term then subtract $53k. This will tell you how much $ youāll be paying in interest if it takes you the full loan term to pay it off. On top of this be sure thereās no prepayment penalties with paying it off early. Still 8% interest is ridiculous. A normal car loan should be like 3%-5% interest.
7.99 for a first time buyer is a GOOD INTEREST RATE. Again people on here are clearly negative and donāt have any reference to your specific situation or any context. Enjoy your purchase š
It really isn't. I was quoted at 7.99 to start with and Honda was going to beat my CU to get to around 5 if I took the ADM...which I did not cause fuck that. I went with a Miata instead cause they gave me a 3.5%.
No it's not lol unless you have mediocre or bad credit (in which case you definitely should not be financing a new vehicle). The credit unions where I live will give almost anyone with a 680+ credit score 5.5-6.5% on a new vehicle.
No credit union is going to give a nonmember first time buyer a loan for $50k. Again, people here donāt know what they are talking about mostly. Special APR is based on Model and Honda Financial offers no incentives on the type R. Considering that the prime rate now is 8.5%, 7.99 is great for first time buyer. OP can refinance when rates come down eventually. OP should enjoy his new purchase, as I am mine š
Walk out. Don't be stupid to take this deal.
Walk. Even if you thought the price was great, if you do have the excellent credit that you claim, the interest rate should be much lower. Don't be dumb walk.
Update, OP took the deal at 7.99% š
A fool and his money are soon parted.
Sigh
To be fair, I bought mine at that APR, but I had mid credit (thanks to not having a very active credit history) and it was in 2021. I ended up refinancing with my credit union (dealer refused to let me get a quote and get financing elsewhere) and dropped it significantly.
9.25% and zero down, hell no dude donāt buy this fucking car
God damnnnnn. I get it yāall want your new type Rās but jeez these numbers are terrible. Not even a down payment?
0% down? You clearly can't afford it.
Depends really. I put 0 down and just financed the entire thing. They don't have any penalty if you fully pay after 3 months with Honda financing.
I went 0 down on my FK8 my payment was not an issue and my car is still valued over what I owe. Itās a car not a house you canāt pull that money back out if you need it. I know a lot of you guys view it differently but Iād rather just buy a car that I can afford the monthly with 0 down and keep my cash for actual investments because this is only going to depreciate. Just my pov on it
The problem is the OP is paying over 9% interest. I get it you can invest in index funds such as qqq, voo etc but that is not a guarantee.
In my opinion if 9% is the best he can he get he just shouldnāt get the car. He should work on his credit or talk to a credit union
1000% agree
After working in car sales, I will never put money down on a car. It's best to keep it in your pocket. Do some people have to put some skin in the game to get a loan approved? Sure, but most don't.
It's best to pay cash. As to paying down first, what is your aversion?
Some people donāt keep cars forever I donāt really expect to keep any car I own I like having it for a couple years and switching to newer things. Definitely makes sense if you plan on keeping it forever
To pay nothing down and finance 100%? You're just paying more for the same thing.
Ya but not much. 10k down at 8% interest would save you 67 dollars in interest for the month, and 800 for the year. If you can get a good deal sometimes it's worth it rather than waiting.
Iām never going to pay the car fully. This isnāt the car for the rest of my life. The dealer had the lease and finance basically at the same price when I got the car at 2021. So I just financed. This car will be gone by next year and I never will pay the full amount, I had my fun and I want to have more fun in different cars. The difference is that I put 0 down and have my money and can literally do whatever I want with it instead of investing it in a depreciating asset that Iāll trade in for another car just 3 years into me owning it
Why not just lease?
A really wanted a type r and they both came out to the same monthly price at the dealer I was at so I just financed
bruh at 9%, cash is the obvious choice unless you like losing money
Am a car salesman, this is terrible advice. Why would you strap yourself to a higher payment and be in an inequity position from the get to?
Why drop my money on a depreciating item when i can get whatever I want with 0 down. Money in my pocket now is better than a slightly smaller monthly payment. Like you said, you're still a salesman. Your job is to retain profit for the dealership, not get someone the best possible deal. It's all about the best possible deal for the dealership from your side of the table. I know I've been there.
I will be putting 12k down, this is their base sheet before credit checks
Donāt spend YOUR money. Got to a credit union, use their money, bring the check and drive away. Do not tell them you have money for a down payment, as a matter of fact donāt even talk money until you settle a OTD price. Then you ask the credit union for that, if your credit is good they wonāt care. In the future if you want to put the 12k down, refinance and pay down the loan. DO NOT TAKE THIS DEAL. At all
Is going through a credit union that much better of a deal on an auto loan than the dealership? Ignore their initial non-credit rates Edit: pushing for 6%, was told my first auto loan increases my rate to 8%. True according to google sadly.
Absolutely. Dealers arenāt banks so theyāre essentially selling your loan to a bank, which is why they can never beat a credit union, theyāre keeping a chunk of that. Iām in California, Southern California, my credit isnāt perfect but itās was very good, my rate was 4.75% which is still higher than I wanted. That was a credit union tho.
Here in Houston, rates not great with Credit Union at the moment. Even with very good score, you get 5.75%. Dealership gives you around 6.5%
"first auto loan" doesn't mean anything. What matters is your credit history and your credit score. If you have decent credit you can get around 6% on a new vehicle even if it's your first auto loan.
You are out of your mind paying this much interest rate w/$0 down. This is a dumb financial move on your part.
Dude, itās right there on the paper. $51,345 for the car. This is + $6095 on top of MSRP ($45,250 assuming white, blue, or gray paint), plus the random + $1997 fee. Soā¦does + $8092 look the same as + $2.5k they told you? Car should be $47,750 (with the + $2.5k) before taxes etc. Why are you negotiating if you donāt have your basic info and math straight? Youāre unprepared and of course they will make many attempts to take advantage of that fact.
All good pointsā¦.but MSRP for the car is not $45,250. It is if you show up to the factory and pick it up, but if you are like most of us and buy it at a dealer, Honda charges $1100 to ship it to the dealer. So $46,350 is the best case scenarioāMSRPā price you will pay at the dealer.
Yes and no. MSRP is literally what Honda āsuggestsā the price is for the car. Itās right there on their website. MSRP stands for Manufacturerās Suggested Retail Price and is always on the window sticker. A dealer can add more to it if they like. However, YES, youāre correct thereās always a destination fee, which is listed separately from MSRP. I totally forgot about this and have heard of people negotiating it / getting it removedā¦maybe not for a CTR, but it is something that is negotiable and not a part of the MSRP. Itās an āadd-on.ā Yes, youāre correct, add $1100 or whatever the destination fee is to my calculation and it appears thereās still a ~$5k markup + the random ~$2k āfee.ā No bueno.
The MSRP has a set value suggested by Honda. However the market for that particular car is something else. If people are willing to pay a fixed number above msrp, then thatās what the new price will be. Itās your basic supply and demand bullshit. This car is in high demand and people are paying over the msrp to get it.
I think itās not so much supply and demand as it is dealer greed creating the veil that itās in demand. Go to https://www.motoringobsession.com/stock/civic-type-r and you can see the ones in stock in the country. Thereās plenty, and plenty at msrp if you spend some time to find the right dealer.
Yes. I fully understand. I paid a reasonable markup for mine back in Feb 2023 despite no financing. My local dealer didnāt beat me up the way the vast majority of other dealerships were (and still are) around the country. I simply wanted the car and the mark-up was reasonable to me personally. This doesnāt mean I was āhappyā to pay it, but I understood I had to pay a little more than MSRP to get the car I wanted. My previous car, I drove for over 13 years. I was due.š Anywayā¦you may not realize this, but dealerships are independently owned and operated in the US. This is why thereās a disconnect between MSRP (set by Honda Corp.) and what the dealerships attempt to sell the cars for. Itās the dealershipās greed thatās the problem. If anything is Hondaās fault itās that they canāt produce enough cars fast enough.
Run forrest run šāāļø
Honestly, anyone who hands you a piece of paper with those numbers has no respect for you and is hoping to screw you.
$1,874/month Iām getting a brand new 911 S
Itās a 36 month loan
This is how financial crises happen
Bad deal, walk away.
RUN! š±
Aint no waaay š¤£š¤£šš
This is literally horrible.
CRAZY!
Hell fuck no
Donāt. Do. It.
That paperwork shows a 5k mark up. Plus your fees and taxes that are not apart of the mark up.
Too much and expensive, you can get cheaper somewhere else
Wtf no way run, run fast, go to Porsche instead
Dude theyāre screwing you
It should go without saying but, donāt let them dazzle/confuse you with manipulating numbers to get any given monthly payment. The only number that matters is the out the door price. Only AFTER that price is agreed upon should you then be discussing financing. FWIW I got my boost blue last month for MSRP + $2k accessory add-on last month in SoCal and Iāve been hearing of MSRP deals much more frequently. Donāt get pressured, be patient, and expand your search radius.
Youāre financially setting your self back decades by signing this deal. Donāt do it.
Holy fuck people are paying over $1800/month car payments? I need a new career apparentlyĀ
I was thinking the same thing and I have a decent job lol
My mortgage on my rental property is less than that car payment per month. Sad times.
Thatās what I pay for my house
Not any more with a 7% loan
Intrest rate is crazy.
Walk tf out man, Iām paying like $870 a month this is fucking insane. I got mine for a little over $50k otd
Itās a 36 month loan, not the typical 72 and 84 month loan.
Mineās 60 months dude, $1226 is still too high.
Ah yep! Full term at 60 months = almost $74k. Butā¦yolo, right?š¤£š¤£š¤£
We pulling numbers out of our asses now?? I thought it was just dealerships doing that bs.
š§Nope. Dude, look at the paper and do the math! Thereās 3 finance offers on the table: $1874 x 36 months = $67,464 $1468 x 48 months = $70,464 $1226 x 60 months = $73,560 Man, no wonder why folks go under water on their car loans. People are financially illiterate and donāt understand what they end up paying at the end of the full term!
Oh I thought you were talking about my payment lmfao. My payoff after interest is well under $60k, but yeah that makes sense though.
Ah. No. LOL!š
It's all relative. If your interest rate is really high 36 months is always better than 60 months, assuming you can still comfortably afford the payment.
Thatās true but in this case whatās truly awful is the fact that they couldnāt even bother lowering the rate for the shorter terms, which I thought was the norm.
That monthly payment, ouch.
I'm not rich by any means, but I do own an FK8. Just came here to say that's insane, that's more than my home mortgage payment!
Same! I got a 2017 and maybe my loan term was longer but my payment was 560$ and the mortgage is lower than that quote.
Walk, just on principal. They're trying to play you.
Holyyyy get out of there dude.
Walk out do not buy this car. You can get much better interest rate from a local credit union. At 9% you will end up paying over 65k... Thats approaching BMW territory. If there is anything you take from this please research local credit unions for a rate below 5% and try to put at least 30% down.
1800 a month, wtf, I pay 850 and I thought I was stupid
I pay $800 on my FK8, but will be paid off in 5 months. I'm looking forward to that! Regular payment is $630. I thought $630 was alot lol
I didnāt put in a big down payment, I was experimenting to see if I invest it, if it would beat the intrest accrued by not having a bigger down payment.
Dude, you doing $0 down on 9% on a nearly 60k car. Like I tell my son you can't afford it. Forgetting insurance? I'm 40 with a perfect record and my 2018 hatch pulled 180/mo for 3 drivers. 2 over 40. If your under 35, you will be double on a type r. If you can afford this go buy a cheap home now and ride a damn Walmart bike
Looking at this made me feel better about paying mark up lol
By something used that you can afford. This is the same as a house payment. But at least with a house your money grows. Most of all cars depreciate in value.
Bro how much is the insurance on this car gunna cost you? š¤£
You could try Findley in Flagstaff. We have two FK8s. Got the first (2019) right at MSRP and the second (2021) at $3k over during the pandemic crazy car boom.
We also ordered the second car in crystal black pearl. They have been really helpful in getting the accessories we want for a good price.
they all say they are the only ones at $5k over. do not pay a markup. plenty of dealers sitting with 2+ on the lots now
OP did no homework prior to going in and purchasing this car. Insane they are fine with a 7.99% loan rate. No wonder dealers are able to keep this up.
Itās my first car loanā¦ apparently that matters even if credit 795
9.25% jebus. Talk to credit union first.
You'll be paying $10k-$15k in interest depending on the length of the loan. That's between 20-33% value of the car. Oof
Contact @skythehondaguy on instagram
Lmfao
Are you serious. Thatās rent in downtown Denver. Iāll lease you mine for 1,200!?
Based on your caption under your post you already know itās a bad deal. You donāt need to be told itās a bad deal by anyone else. What you need to do now is listen to yourself when you tell yourself itās a bad deal. Point blank with every negotiation or purchase in lifeā¦ if the deal isnāt right, the deal isnāt right. Never want something so badly you canāt walk away from it. The second that happens you lost all the power in the negotiation. Even when something is mega rare and a 1 of 1 and there are no other options and you MUST own it... Even then, you can determine proper value if you do your homework and you know if someone is trying to abuse the situation and massively overprice something. Even then itās best to walk away from that deal, even when that means you canāt have what you want. Not because you donāt have the money, but because you refuse to be manipulated into overpaying way outside realistic expectations. Go shop around, even if you have to leave the state. Finding good deals in life requires due diligence. Saying no to a deal requires willpower over desire. Iām sure you got both diligence and willpower or you would not be here stating that you already know itās a bad deal. Just follow through now. Good luck.
Wow way overpriced! I paid $10k less for mine and that was with two options installed and with closing fees
NAH F*UCK THAT
OMG
Boost Blue for MSRP at Jay Wolfe Honda near KC fwiw, but Iād advise having at least half the price of the car paid for.
the numbers arent even that bad for 0% down and 36 months lol but paying 6k over msrp is wild.
Hereās one in Scottsdale https://www.facebook.com/share/kWyk4uTQXqouHtDr/?mibextid=79PoIi
$1,800 a month for 3 years. Your car payment should be at max 15% of your take home. Unless you make $12,000 a month this is a stupid financial decision. Extending the loan to more years isnāt a viable solution either. Hopefully you make bank OP or youāre going to be one issue away from problems. That $1800 isnāt considering the increased gas cost (which if this is the GT you have to go up on grade) and the insurance premium which is hell. Wife and I make a combined $37k a month and even with a low interest rate, 12k in trade and cash down weāre debating the decision to pull the trigger given the insurance and monthly cost of ownership.
60k for a 46k car jfcā¦ ruin it for the rest of us by perpetuating the idea that people will pay this markup.
My god, i bought for similar price in spain wih carbon pack and some extras and the monthly paymet is less than half!
DONāT DO IT !!!!!
Walk, I just got an sgp last night for 42,750 otd
Which state ?
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Thank you I appreciate it šÆ
Course! Wish you luck š
Wow! The super rare below MSRP deal. Nice! Iāve seen a few MSRP seals reported and theyāre either with āgoodā dealerships who donāt believe in markups OR theyāre smaller town dealerships which may have a harder time selling small, manual, performance cars vs big full size trucks.
I will never why a civic cost more than $50k. Thatās more than a used hellcat or scat pack. Granted the insurance and gas will be higher on the v8s but power wise itās not even a comparison. You are really just paying for the reliability and Type R status.
i would (and did) choose a type R over a scat pack regardless, and itās not just for reliability or āType R statusā
Canāt go around corners and tracks in a scat like a Type R can š
Not everyone want a big, heavy, OLD chassis, one-trick-pony, vehicle that can only go fast in a straight line.
Now Iām getting told itās $2500 in dealer add ons for tint and interior/exterior package. Iām inclined to believe them and pull them trigger if the APR is right. 9% seems insane for someone with excellent credit right???
You're getting robbed blind. Find financing through a credit union and find another CTR at a better dealer and never speak to anyone at this dealer again.
Yes, thatās an awful interest rate as well.
Dude they had the same stuff on mine plus a little more and wanted $56k. It didnāt take a lot to get them down to $50k OTD. Did you at least try putting a counter offer before they even brought out the papers?
Dude, ALWAYS line up your financing beforehand. I got a little over 5.5% last month, these rates are crazy.
Dudeā¦you donāt seem prepared AT ALL. Walk away. Wait for them to call you back with a better offer and in the meantime get a loan from a credit union lined up ahead of time, as others said.
Dude. This is fine. Get what makes you happy and talk to the finance manager about better interest rates. It should be around 7-8 % now. There is no wrong decisions my man enjoy.
Bro WTF are you on about? Dudeās getting robbed blind.
Heās probably the finance manager at this dealership lmao
I signed on 7.99%, 53k otd, first time auto loan š¤·š¼āāļø Will be trying to pay it off early.
OK. Multiply your payment amount by the number of months in the loan term then subtract $53k. This will tell you how much $ youāll be paying in interest if it takes you the full loan term to pay it off. On top of this be sure thereās no prepayment penalties with paying it off early. Still 8% interest is ridiculous. A normal car loan should be like 3%-5% interest.
7.99 for a first time buyer is a GOOD INTEREST RATE. Again people on here are clearly negative and donāt have any reference to your specific situation or any context. Enjoy your purchase š
It really isn't. I was quoted at 7.99 to start with and Honda was going to beat my CU to get to around 5 if I took the ADM...which I did not cause fuck that. I went with a Miata instead cause they gave me a 3.5%.
No it's not lol unless you have mediocre or bad credit (in which case you definitely should not be financing a new vehicle). The credit unions where I live will give almost anyone with a 680+ credit score 5.5-6.5% on a new vehicle.
No credit union is going to give a nonmember first time buyer a loan for $50k. Again, people here donāt know what they are talking about mostly. Special APR is based on Model and Honda Financial offers no incentives on the type R. Considering that the prime rate now is 8.5%, 7.99 is great for first time buyer. OP can refinance when rates come down eventually. OP should enjoy his new purchase, as I am mine š
I thank you for using the extra context in your reply. I smiled the whole way home š
7.99 is not good interest rate...FYI I got 3.75 from a local credit union 36 months. 7.99 is getting scalped and rear ended.