Car Loan- Apr?

Hey guys, so I purchased a new vehicle this past weekend and was wondering what kind of APR you guys have been getting.

I went into dealership and they were giving me hard time about my SSN being so new in comparison to my age. They said they can probably approve my loan with a 10% I told them no thanks. They ended up offering me 6.9% which I didn't take and went to credit union instead. Credit Union offered 5.3 which I accepted. It was a bit high ( was aiming for lower than 4%) but I guess we have to start somewhere.

So, how has it gone for yall?

I won't even touch a car unless I am financing it out of pocket.

That is not bad. What year is the car? I got a 4.9% which was the lowest they offered for my car's year. I have an 04 Maxima. Credit Unions are the way to go, especially for people like us.

I got a 2014 Honda Accord Sport. Ya it wasn't ideal but Ill pay it for a year and then refinance.

You did a good thing going with a CU. 5.3% is a very good rate. Congrats

Not sure how low your rate could go if tried refinancing later...

We will see what happens.. Hopefully I can bring it down to at least a 4. I could have gotten a much better rate with a cosigner but opted just to do it on my own to build my credit faster.

Not sure which credit union you used but I heard really good things about PenFed. Currently their going rate is 1.99 for 60months but it used to be 0.74%. IIRC they hold specials during different times of the year.

BTW when were you approved? I've been meaning to buy a new car but kept pushing the date since I didn't really need it. I plan on making the purchase next month but my license expires next October and wasn't sure if the dealership is going to give me beef about it. I think I'm going to go with the 2014 Honda Accord EX-L coupe so want to know how Honda will react to the short expiration date.

Thanks.

Their reaction: nothing. They won't even notice the expiration date. They are there to sell vehicles, they don't care if you would drive illegally or not. They only care about your credit and your ability to pay. That's it.

I,myself, am looking at buying a car too. But because my credit file is thin right now (and the fact that I'm two weeks before a full license) I am looking at perhaps December.

I hope so. I remember reading someone was turned away right before signing the paperwork because the dealership saw that the license is marked with "temporary" with an expiration date before the loan pay off date. My license has the ugly red "temporary" as well.

The date I'm shooting for is around December 31st. I'm pretty sure they're going to hold another 0% apr like they did for Halloween. Honda is such a jerk when it comes to interest rates. Toyota and Hyundai offer 0% year round D:< I don't like the way Toyota Camry drives though and I was advised on not getting a Hyundai due to resell value. BTW if you're planning on financing the car next month then don't apply for anything that might pull your credit report. MyFICO csr told me to just apply for anything I needed after the purchase.

EDIT: License says "limited term driver license"

Here are some observations,

Do not show your EAD; a lot of folks were denied because they showed it at the dealership. I say, if they aren't CBP or potential employers, don't even take it with you.
Same goes for the Soc. Sec. Card with the DHS authorization; you don't need the card at the dealership for anything. Just remember your number and give it to them when they ask for it.

Your DL will show temporary issue on it. Sellers are only looking for the name and address so they can plug in to do a credit check and when they fill out other paperwork. If they ask, tell them you're waiting for a green card and that this is temporary. They won't check afterwards, plus it's not lying.