Financing rates?

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Mark94

Member

• Sep 13, 2002

• #1

Hi everyone,

I went last night to put a deposit down on a MSP and I ended up walking away without leaving a deposit.

They are selling the MSP at MSRP but my deposit would have been non-refundable ($500) and there are NO incentives to buy whatsoever. He explained that if my credit was great - above 720 - then the best financing rate they could hope for was 5.9%. To me that was just a little too high considering that everyone is offering 0% APR for 60 months. I understand that the car is a limited production and you have to make sacrifices to get a limited car but I still think I could have been offered a better rate.

I mean I was going to put down $10,000 - I own two other cars and I own a home.

Basically I just wanted to ask you guys if you were offered a better rate. If not, then I'll probably head back there and hand over my deposit next week.

Thanks for taking the time to answer!

Mark

 

L

LinuxRacr

Contributor

:

2001 Mazda MP3

• Sep 13, 2002

• #2

Keep in mind that a lot of Credit Unions (mine) have thier lowest rates somwhere around 6%. If you get below that, you are doing pretty good. I got my MP3 at 6.25%.

 

Last edited: Sep 13, 2002

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NC_MSP

Member

• Sep 13, 2002

• #3

That 5.9% is just something they were throwing out there. A dealer is not allowed to quote an interest rate without pulling credit.......I've been a car salesman for 2 years and from my experience as long as you have good credit the interest rate should be decent....and for you information....it doesn't matter how much money you are putting down. You could put down 15 Grand and all it does is make your payments lower. The reason everyone is offering 0% for 60 months right now is to get rid of their left over 2002 stock. It's not because they are wanting to be nice. It's to get rid of the stock and get people in the door....plus that 0% is not that easy to get...well..if your like me and have had some credit problems. If you like the car and want it....I would suggest just going in and puttting the deposit down and not worry about the interest rate until they run your credit. Anways...thats my 2 cents.

 

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big_ben

Member

Contributor

• Sep 13, 2002

• #4

You are not going to get te 0% for the MazdaSpeed. There is just too high of a demand for them. If they give you the 5.9% you should take it. That is a damn good rate! You will kick yourself if you don't buy the MazdaSpeed while you have the chance.

 

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andr3w

Member

• Sep 13, 2002

• #5

PeopleFirst.com gave me 5.49%. This is the best rate I have found, I have flawless credit.

One thing you could is get a HELOC with a variable rate south of prime (approx 4.5%) but anticipate this interest rate will rise but that's OK since you can deduct the interest if you itemize on your tax returns since it is a loan to yourself from equity you hold on your home. FYI, you do not get the entire interest back, depends on your income and other deductions. For simplicity I may go with the PeopleFirst offer unless something else crops up.

cheers!
Andr3w

 

M

Mark94

Member

• Sep 13, 2002

• #6

Thanks for answering everyone.

I didn't expect to get a 0% APR at all, I just thought it would have been a little better than 5.9%. I've never bought a new car, just used so I'm not too familiar with available rates.

If you guys are saying that 5.9% will probably be the norm pending my credit scores come back in good order then I'll probably head back there on Monday.

Thanks again.

Mark

 

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big_ben

Member

Contributor

• Sep 13, 2002

• #7

Put it this way, I have EXCELLENT credit and I got 6.7% back in sept.01. So 5.9% is a steal.

 

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Prophet

Member

• Sep 13, 2002

• #8

Put it this way, I have flawed credit, and I got a higher rate. I am still getting this car and hoping I can re-finance later. I would take it at that rate! The deposit on the other hand...I would drive to another dealer.

-Jeremy-

 

M

Mark94

Member

• Sep 13, 2002

• #9

Yeah, the deposit was the main reason why I walked out. I just don't like being locked in without even seeing the car or driving it. If all the hype is correct, I'm sure I'll love the car, but it would be comforting to know that I could back out and get my money back if need be.

Thanks for the advice on the HELOC Andr3w. I got your email

Mark

 

B

blynzoo

Member

Contributor

:

'02 Red P5...BUT AS OF 1/31/08 an '08 Silver SPEED3!!!

• Sep 13, 2002

• #10

Now is the time to re-finance through another dealer!!!! I got in during the 4.9% APR for 60 months last fall after Sept. 11th. I'm heading out tomorrow probably to re-finance at another dealer in town, maybe get 2.9, 1.9, or whatever they'll give me. A dealer wants your money, they dont care if they sold you the car or not.

 

S

slug420

:

07 F150 HD

• Sep 13, 2002

• #11

the mazda 0% jobber is for 2002s.........

I went to the mazda site and built my own mazdaspeed online and there was some box there to check for an interest rate of 3.9%, not sure what u gotta do to get that rate, but if i dont, ill use my credit union's 5.9%