Current Mazda Credit Finance Rate? Options

[Redlinez]

These guys are awesome and I've done probably 5 car loans through them. www.capitaloneautofinance.com

[jspalmer01]

My beacon was pretty high a year or so ago, like 750. Is there somewhere in the MAC loan that says you must wait 90 days? If so, I wonder how much they're charging if anything, above the normal interest accrued for that time. My CU does 6.5 for 72mos.

^^^^ What he said...is there anything in the paperwork you sign with MAC that says you need to wait 90 days? I got the same line from them as well. I looked over all the Retail Installment Loan paperwork I signed and don't see anything. Is it really a game they play with no meat on the bones ...so to speak?

[Redlinez]

No because it doens't affect you, they slam the dealer for a grand. I asked someone who had no reason to tell me otherwise because I didn't even buy the car from him. Like someone said above, I will be going back there from time to time, don't want to be blackballed.

[Dante_]

Yeah, the capitalone is where I was seeing the 7.45% refi rate. Bankrate has a 7.05% through eloan. I might do that one.

7.99% is high but that was part of the rebate package. I got $1000 for the 7.99% rate. My real options as far as rates hovered around 6%. Borrowing $11,000 at 7.99% was better than borrowing $12,000 at 6% because the payment was similar and the 7.99% left me with less overall principal. I imagine my dealer just jacked up the rate through MAC to where it was barely worth it to finance through MAC and are pocketing the payout minus $1000.

If I could score a deal like the Navy Federal one listed above, I doubt the $1000 would've been enough to warrant the 7.99%. Trust me when I tell you that you're paying for that 0% one way or another. MAC or any other lender/broker isn't going to loan money at a loss. Payments and terms being equal, you're better off taking the higher interest rate because that leaves you with less principal to pay on. There are few situations where the 0% is actually worth it if they give you a rebate alternative. The only recent one I can think of is the $1750 rebate or 0% on 06 Jeep Wranglers. Paying $1750 to get a 0% rate on a $18000-$28000 vehicle is pretty much a no brainer unless you're putting an awful lot down.

[Redlinez]

I'll lose $150 or so of the $1000 rebate financing at 8.9 for 72, but my principle is what I'm looking at. When I refi at 5.0, I'll be golden.