Sport or Touring? Can't go over the budget! - Page 3 - Mazda 6 Forums : Mazda 6 Forum / Mazda Atenza Forum
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post #21 of 42 (permalink) Old 06-05-2013, 10:46 AM Thread Starter
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Very shack, ExB5.

Sadly, my budget is $300/mo. So to make it work, the OTD can't be any bigger than $23000 or so, because I have a $4000 trade-in to bring down the financing to ~$19000. I am STILL waiting for my damn CU to get back to me on what rate they can get me on a 72mo loan. Initially they quoted me a whopping 7.49% (and I have a 827 credit score). So I looked into getting a co-signer. (ugh)
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post #22 of 42 (permalink) Old 06-05-2013, 12:10 PM
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Very shack, ExB5.

Sadly, my budget is $300/mo. So to make it work, the OTD can't be any bigger than $23000 or so, because I have a $4000 trade-in to bring down the financing to ~$19000. I am STILL waiting for my damn CU to get back to me on what rate they can get me on a 72mo loan. Initially they quoted me a whopping 7.49% (and I have a 827 credit score). So I looked into getting a co-signer. (ugh)
You need a new credit union . . . I bought my MS6 about a year ago, and have a worse credit score, put $1500 down, and got like 3.49% or something . . .


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post #23 of 42 (permalink) Old 06-05-2013, 12:34 PM Thread Starter
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You need a new credit union . . . I bought my MS6 about a year ago, and have a worse credit score, put $1500 down, and got like 3.49% or something . . .


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Well, I called up the CU because the lady I was dealing with STILL hadn't gotten back to me, but she pulled my record and said "We see she made a note of the current request."

Pre-approved for 18,000 on a 75mo loan at 2.99%

Of course, I had told her I needed pre-approval for 23,000, and that I would be putting 4,000 immediately against the loan (finance it at 23k-4k = 19k). Plus she assumed I was taking advantage of their 3-month deferred first payment (where interest accrues), which is why she listed 75-month instead of 72. What I WANTED was the numbers on:

Pre-approval for 23,000 on a 72mo loan at ???% (Would love 2.99 or lower)

Of course, I only got the rate quoted so far with a freaking co-signer.... I just don't get it. I guess it wouldn't hurt to see what kind of rates I could get by going with Mazda's financier, Chase bank. As long as doing so does not skew the numbers or add any fees/charges...
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post #24 of 42 (permalink) Old 06-05-2013, 12:57 PM
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2.9 seems like you should get that for a 800+ credit score without a co-signer...which credit score is that? Any fico score over I'd say 700-750 should get you the lowest interest rate with Mazda (1.9% for 60 mo?). You should really look into 60 month or lower. Lower rates plus you don't want to be paying 300+ a month for your car when its worth pennies. Mazda capital financing is very good, no fees and no penalty for paying early. If you finance 19k you should be paying around $325 a month. If you can't afford the extra $25 a month, you prolly shouldn't be buying a new car

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post #25 of 42 (permalink) Old 06-05-2013, 05:52 PM Thread Starter
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Finally, she got back to me! $23,000 pre-approved. She said if I finance 20K or more, the rate is 2.74%. If less than 20K, the rate is 2.99%.

Well, even though I have 4K to put on the loan immediately:

20,000 (with 1K extra in bank) @ 2.74% over 72mo = $301.55/mo (a tad over my $300/mo budget)

19,000 (all 4K applied on loan) @ 2.99% over 72mo = $288.59/mo (Houston, we have a winner!)

So I'll just do the latter. I contacted Mazda and they stated 1.9% goes up to 60mo, and their 72mo raises the rate to 2.9%, so for the convenience of staying with my bank who can auto-withdrawl from my account each month, that 0.09% difference is fine by me.

When I state $300/mo is my budget, I COULD afford $500/mo car. I'd have to make my dollar stretch, but it'd still be feasible. I just didn't want to blow massive amounts of money in this sale. I feel I'm getting a great car for a great price, so I'm a happy camper. You guys have been very helpful.
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post #26 of 42 (permalink) Old 06-05-2013, 06:10 PM
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Originally Posted by Aegis View Post
Finally, she got back to me! $23,000 pre-approved. She said if I finance 20K or more, the rate is 2.74%. If less than 20K, the rate is 2.99%.

Well, even though I have 4K to put on the loan immediately:

20,000 (with 1K extra in bank) @ 2.74% over 72mo = $301.55/mo (a tad over my $300/mo budget)

19,000 (all 4K applied on loan) @ 2.99% over 72mo = $288.59/mo (Houston, we have a winner!)

So I'll just do the latter. I contacted Mazda and they stated 1.9% goes up to 60mo, and their 72mo raises the rate to 2.9%, so for the convenience of staying with my bank who can auto-withdrawl from my account each month, that 0.09% difference is fine by me.

When I state $300/mo is my budget, I COULD afford $500/mo car. I'd have to make my dollar stretch, but it'd still be feasible. I just didn't want to blow massive amounts of money in this sale. I feel I'm getting a great car for a great price, so I'm a happy camper. You guys have been very helpful.
You are better off taking a loan for 20k and then making a first months payment with the extra 1000 added in to that first payment! Lower interest, and assuming no prepayment penalties. 13 bucks extra a month no biggie! This does sound fishy though that a higher loan amount gives you lower interest rate...usually it is opposite. Also, Chase let's you auto deduct from a different bank account for free, so that wouldn't be an issue.

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post #27 of 42 (permalink) Old 06-05-2013, 06:15 PM Thread Starter
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I did the math, and the difference between the interest paid between 20K @ 2.74 and 19K @ 2.99 was like $80. Glad to know that Chase isn't looking to make bank off the transaction though. I used their online loan calculator and got the exact same numbers.

The CU I went through stated that "At 20,000 financed, the co-sign rate is 2.74" I guess it's their way of enticing bigger loans, but the small $1000 difference, and the 2.74 to 2.99 interest difference really makes for, as you noted, a rather small difference in the monthly cost.
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post #28 of 42 (permalink) Old 06-05-2013, 06:43 PM
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Originally Posted by Aegis View Post
I did the math, and the difference between the interest paid between 20K @ 2.74 and 19K @ 2.99 was like $80. Glad to know that Chase isn't looking to make bank off the transaction though. I used their online loan calculator and got the exact same numbers.

The CU I went through stated that "At 20,000 financed, the co-sign rate is 2.74" I guess it's their way of enticing bigger loans, but the small $1000 difference, and the 2.74 to 2.99 interest difference really makes for, as you noted, a rather small difference in the monthly cost.
Well sounds like you got it figured out. Good luck with the dealer! Can't wait for pics of the new ride!

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post #29 of 42 (permalink) Old 06-05-2013, 06:54 PM Thread Starter
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Well sounds like you got it figured out. Good luck with the dealer! Can't wait for pics of the new ride!

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You got it buddy. Gonna see if I can get a coworker who's damn good with a camera to get snappy snappy on my zoom zoom.

In the event he cannot capture the essence of beauty, I will throw his camera to the ground and say "NO! NO! Try again! And this time, don't embarrass yourself!"
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post #30 of 42 (permalink) Old 06-05-2013, 08:30 PM
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i was torn between them, sport was cheaper and the 17"s are much cheaper to replace tire wise, but the touring was what I really wanted and i decided to just do it and not regret it later. so yup, no regrets on the touring
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