Interest rate

deiselpwr · 03-04-2019, 09:37 PM

Dealer financing got back to me today. Old stock 2108 never registered X5 35D M sport. Damn 6.74 interest rate. Nearly fell over. Does this seem right? I see domestics are offering 2-3.9. But who wants a Dodge. On new if you want a decent payment. Which means long term it is still in the sixes. Is this the norm. Canadian dealer.

Maverik259 · 03-04-2019, 09:43 PM

Quote:

Originally Posted by deiselpwr

Dealer financing got back to me today. Old stock 2108 never registered X5 35D M sport. Damn 6.74 interest rate. Nearly fell over. Does this seem right? I see domestics are offering 2-3.9. But who wants a Dodge. On new if you want a decent payment. Which means long term it is still in the sixes. Is this the norm. Canadian dealer.

Get a rate form your bank.

eeyuu · 03-04-2019, 09:49 PM

I got a pretty high interest rate as well. Almost 6%... I have "supposedly" a pretty good credit score.

deiselpwr · 03-04-2019, 10:17 PM

We have solid credit. I guess with a shit show government rates are not as lo as when we got our last cars

Russmov · 03-04-2019, 10:23 PM

Quote:

Originally Posted by deiselpwr

We have solid credit. I guess with a shit show government rates are not as lo as when we got our last cars

How long is the term you are looking for? Longer the term, higher the interest rate I think.

jg425 · 03-04-2019, 10:32 PM

Quote:

Originally Posted by deiselpwr

Dealer financing got back to me today. Old stock 2108 never registered X5 35D M sport. Damn 6.74 interest rate. Nearly fell over. Does this seem right? I see domestics are offering 2-3.9. But who wants a Dodge. On new if you want a decent payment. Which means long term it is still in the sixes. Is this the norm. Canadian dealer.

If your credit score is over 730, your rate should be in the 3 to 4 range. Rates are higher than they have been in years, it looks like the dealer is holding a few points. BMW Finance's special interest offer is 4.55 for up to 60 months.

RED_Y_ · 03-04-2019, 10:55 PM

Rates went up, I got my car in 2017 with 2.84% APR from BMW FS, today same dealer can offer only 4.39%, with excellent credit score.

markymarc1979 · 03-05-2019, 09:14 AM

When I purchased my 7 series 6 months ago the rate was 3.9. The dealer never put the financing through and just caught it a few weeks ago.

Now the rate on 2016 7 series is 0.9. Worked out to a savings of over 4k.

1norseman · 03-05-2019, 10:07 AM

Quote:

Originally Posted by RED_Y_

Rates went up, I got my car in 2017 with 2.84% APR from BMW FS, today same dealer can offer only 4.39%, with excellent credit score.

Sounds like the same deal I got back in 17.
I would never pay 6-7% on a vehicle that depreciates as fast as the X5, unless I paid an significant amount (50%+) up front.

eeyuu · 03-05-2019, 10:41 AM

Dealer definitely held some pts. I am looking to refinance with a different bank shortly.

tntp · 03-05-2019, 12:08 PM

Quote:

Originally Posted by deiselpwr

Dealer financing got back to me today. Old stock 2108 never registered X5 35D M sport. Damn 6.74 interest rate. Nearly fell over. Does this seem right? I see domestics are offering 2-3.9. But who wants a Dodge. On new if you want a decent payment. Which means long term it is still in the sixes. Is this the norm. Canadian dealer.

Hard to compare with the rate here in the US since the Canadian ones have to deal with different set of rules on financing, taxes..... Back in the day, I got my financing deal at 1.7% interest rate in 2014 at the dealer while the big banks only gave me around 2.5%....

RED_Y_ · 03-05-2019, 12:13 PM

Did not see you are in Canada, not familiar with rates over there but it does sound high. It also depends on how much money you put down, and financing term, usually if you go with 48-60 month you get best rate.

deiselpwr · 03-05-2019, 01:58 PM

We wanted a lower payment. $84000 out the door. So it is for 7 years.

Russmov · 03-05-2019, 02:03 PM

Quote:

Originally Posted by deiselpwr

We wanted a lower payment. $84000 out the door. So it is for 7 years.

That's why the rate is so high, just comes with the longer terms.

HydroStream6 · 03-05-2019, 03:25 PM

I just got 4.7% on a 2014 for 60mo. You should shop around a bit. For a new car, I wouldn't take anything over 3%.

markymarc1979 · 03-05-2019, 03:42 PM

2018 X5 here in Canada are 6.9%

BMW Canada wants you to buy the 2019 or pay straight cash. I was going to buy a 2018 but settled on a 2017 instead. Exact same truck.

AlpineX · 03-05-2019, 04:04 PM

Quote:

Originally Posted by deiselpwr

We wanted a lower payment. $84000 out the door. So it is for 7 years.

Ouch! high price to get a low payment.

When we bought our F15 (used, 3 years old), I had looked around at all the credit unions. We were quoted something between 4.5 and 5. When I told him I was expecting 3.5, he said, "Oh, you must bank through *****(Local credit union)". 5 minutes later after his consultation with the finance manager, they started working to assign the loan to that bank at the rate I expected.

Canada may vary some, but shop around local credit unions and banks, see who has the best rate. If you are financing anything close to that amount and for long term, every point matters a lot.

Hellrot · 03-05-2019, 05:44 PM

Quote:

Originally Posted by RED_Y_

Rates went up, I got my car in 2017 with 2.84% APR from BMW FS, today same dealer can offer only 4.39%, with excellent credit score.

I got a rate of 2.3% in Nov. from a credit union. 800+ credit score though.

daytonaviolet · 03-05-2019, 06:33 PM

used car rates are going to be higher then any new car. last November i got 3.49%/60mo on my '17 from Patelco. today i just looked and it's up to 3.54% APR for used car loans.

daytonaviolet · 03-05-2019, 06:34 PM

Quote:

Originally Posted by Hellrot

I got a rate of 2.3% in Nov. from a credit union. 800+ credit score though.

what bank was this? new or used car rates?

Hellrot · 03-05-2019, 07:40 PM

Quote:

Originally Posted by daytonaviolet

Quote:

Originally Posted by Hellrot

I got a rate of 2.3% in Nov. from a credit union. 800+ credit score though.

what bank was this? new or used car rates?

Mine was used, their rates have gone up since then but not too bad. Depends on the term.

https://www.frontierccu.org/ratesAndFees.aspx

daytonaviolet · 03-05-2019, 08:15 PM

Quote:

Originally Posted by Hellrot

Mine was used, their rates have gone up since then but not too bad. Depends on the term.

https://www.frontierccu.org/ratesAndFees.aspx

i also got mine in nov 2018 and 800+.. i never saw 2.3%. anycase, it's only a $15/mo difference

03-04-2019, 09:37 PM	#1
deiselpwr Private First Class 75 Rep 169 Posts Drives: 2018 BMW X5 35D M Sport Join Date: Feb 2019 Location: Maple Ridge bc iTrader: (0)	Interest rate Dealer financing got back to me today. Old stock 2108 never registered X5 35D M sport. Damn 6.74 interest rate. Nearly fell over. Does this seem right? I see domestics are offering 2-3.9. But who wants a Dodge. On new if you want a decent payment. Which means long term it is still in the sixes. Is this the norm. Canadian dealer.
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03-04-2019, 09:49 PM	#3
eeyuu Enlisted Member 25 Rep 33 Posts Drives: 2016 X5 xDrive35i w/ MPPK Join Date: Jan 2019 Location: East Coast iTrader: (0)	I got a pretty high interest rate as well. Almost 6%... I have "supposedly" a pretty good credit score.
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03-04-2019, 10:17 PM	#4
deiselpwr Private First Class 75 Rep 169 Posts Drives: 2018 BMW X5 35D M Sport Join Date: Feb 2019 Location: Maple Ridge bc iTrader: (0)	We have solid credit. I guess with a shit show government rates are not as lo as when we got our last cars
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03-04-2019, 10:55 PM	#7
RED_Y_ Colonel 1054 Rep 2,511 Posts Drives: 2014 X5 3.5d Join Date: Sep 2017 Location: SF Bay Area iTrader: (0)	Rates went up, I got my car in 2017 with 2.84% APR from BMW FS, today same dealer can offer only 4.39%, with excellent credit score.
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03-05-2019, 09:14 AM	#8
markymarc1979 Banned 269 Rep 2,534 Posts Drives: 16 G12 + 15 F06 + 17 F15 Join Date: Feb 2008 Location: Oakville, Ontario iTrader: (4) Garage List 2009 BMW E93 [0.00] 2012 BMW 750xi [0.00]	When I purchased my 7 series 6 months ago the rate was 3.9. The dealer never put the financing through and just caught it a few weeks ago. Now the rate on 2016 7 series is 0.9. Worked out to a savings of over 4k.
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Interest rate

03-05-2019, 10:41 AM	#10
eeyuu Enlisted Member 25 Rep 33 Posts Drives: 2016 X5 xDrive35i w/ MPPK Join Date: Jan 2019 Location: East Coast iTrader: (0)	Dealer definitely held some pts. I am looking to refinance with a different bank shortly.
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03-05-2019, 12:13 PM	#12
RED_Y_ Colonel 1054 Rep 2,511 Posts Drives: 2014 X5 3.5d Join Date: Sep 2017 Location: SF Bay Area iTrader: (0)	Did not see you are in Canada, not familiar with rates over there but it does sound high. It also depends on how much money you put down, and financing term, usually if you go with 48-60 month you get best rate.
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03-05-2019, 01:58 PM	#13
deiselpwr Private First Class 75 Rep 169 Posts Drives: 2018 BMW X5 35D M Sport Join Date: Feb 2019 Location: Maple Ridge bc iTrader: (0)	We wanted a lower payment. $84000 out the door. So it is for 7 years.
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03-05-2019, 03:25 PM	#15
HydroStream6 Second Lieutenant 88 Rep 276 Posts Drives: F15 X5 50i M-Sport Join Date: Aug 2016 Location: Upstate New York iTrader: (0)	I just got 4.7% on a 2014 for 60mo. You should shop around a bit. For a new car, I wouldn't take anything over 3%.
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03-05-2019, 03:42 PM	#16
markymarc1979 Banned 269 Rep 2,534 Posts Drives: 16 G12 + 15 F06 + 17 F15 Join Date: Feb 2008 Location: Oakville, Ontario iTrader: (4) Garage List 2009 BMW E93 [0.00] 2012 BMW 750xi [0.00]	2018 X5 here in Canada are 6.9% BMW Canada wants you to buy the 2019 or pay straight cash. I was going to buy a 2018 but settled on a 2017 instead. Exact same truck.
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03-05-2019, 06:33 PM	#19
daytonaviolet OEM CSL Whore 1250 Rep 1,476 Posts Drives: 2017 F85 X5M Join Date: Dec 2006 Location: Bay Area, CA iTrader: (1)	used car rates are going to be higher then any new car. last November i got 3.49%/60mo on my '17 from Patelco. today i just looked and it's up to 3.54% APR for used car loans. Last edited by daytonaviolet; 03-05-2019 at 06:38 PM..
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