[USER]

Is there any trick to getting a low interest on a car loan? I am looking at a 2022 Acura mdx

I promise I tried to run my current car into the ground. I have had my 2011 jeep grand cherokee since 2013 but it is gonna give up on me any day now.

Already stalled on the road and today it didn’t want to start.

I have two small kids now.
I didn’t want a new car loan but I also don’t want to jump from car to car maybe.

I like the space a bigger car has. I have a tall partner 2 carseats and a medium sized dog. So I’m not inclined to do a regular car right now.

I have 12k on a 0% interest card that I should be done paying in a year. I wanted to wait until then but I have to prepare just in case this car stops.

I make about 130 k and my expenses are about 3600 per month.

I truly didn’t want to get a new car. But here I am. The interest rates are ridiculous. Back when I got my old car it was 4% lol.

the car I’m looking at is about 30k. Site says about 8% interest. I’d put in about 10k down.

Any suggestions?

[Tolga]

You could buy a AAA membership, put aside potential car payments to a HYSA, continue driving your current car. It might be years by the time your current vehicle completely dies.

In that timeframe, you could save enough to buy a new vehicle out right.

You can’t get a lower rate, but you can control how much you borrow.

Added bonus rates are supposed to come down in the next 6-12 months. This is the FIRE answer IMO.

[Jule]

Look at credit unions but know that usually rates are higher on used cars.

[Bo]

Just fix the jeep and drive it. You should be able to get at least 10-20 more years out of a 2011.

Unless of course the repair costs are more than the jeep is worth.

I’m guessing it’s worth at least 7K.

[Mandi]

Brand new cars offer lower rates usually from the manufacture. I wouldn’t look luxury brand, because of higher purchase price and depreciation.

But if you’re already looking to spend $30K … I would look at Honda or Toyota and see how much a new SUV would be.

A 60 month term on a $30K car (8%) is $6500 interest paid. You’re not likely to find 0%, but I think you could still find under 4%.

It’s also got the warranty for 2-3 years on anything which is peace of mind AND perfect time to hit it hard to get it paid off early.

If you keep vehicles a long time it’s worth considering. Especially pricing the cost per mile.

[Keith]

There are much cheaper alternatives then an acura. Some new cars have lower rates. Honda accords new 1.9%.

Not what your looking for but there are deals out there.

[Sang]

You don’t have to get a new car. You can pay cash for a used Toyota. Get a used Toyota 4runner and it will run almost forever.

My 23 years old GX470 has way fewer issues than any newer cars that my friends have.

[Rob]

You have a good income to expense ratio. Why can’t you pay cash? Car payments are the downfall of the middle class.

[Lisa]

I just bought an Acura MDX 2022. We got a loan from the dealership for 5.76%.

This is my 2nd MDX & love this car!

The finance department at Acura said they have about 40 lenders they can search for the best rates! Also, $30k for a 2022 is a good deal!!

[David]

Acuras are solid but you will get better value with a Honda or Toyota. Pilot would be similar to mdx.

No secret to getting a low rate, just shop around. Call your bank, another bank, and a 3 local credit unions.

Credit unions sometimes run specials. If you have a excellent credit score you shouldn’t have to do an application for them to give you a rate.

Just ask them what is their best rate on an auto loan if you otherwise qualify and have excellent credit.

Some credit unions will have rates on their website.

How many miles on the jeep? Best option financially would probably be to fix it and keep driving it.

[Author]

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