Canadian dealer asked what colour Type R I want

[Midnight-VTEC]

I would agree.

damn, my money is going to mortgage instead of my car payment

Yeah this is why I am kind of okay waiting a little longer to use more cash and finance as little as possible.

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[ILX6SPEED]

Im anticipating another 0.75% hike which sucks but I dont plan on financing more than half of this car if I can ever get one. BoC wont stop until we start to see inflation coming down drastically.

 

[Robert.C]

My guess is 8.5% rate. My suggestion, if you're thinking of financing with Honda, try to find alternative ways, at least as a back up.

In my experience, financing through my bank tends to be a better option than through the dealer/manufacturer's in-house option.

 

[katch922]

I think best rate you can find atm would be prime + 1%. Anyone find better?

 

[ctrc2022]

I think best rate you can find atm would be prime + 1%. Anyone find better?

which bank/CU if you dont mind, i still haven't asked around. im 4th at my dealership, so likely won't even see the car this yr.

 

[katch922]

I'm with bmo but most banks will do prime + 1 with secure line of credit. Another option is home equity line with your mortgage bank.

Another thing to keep in mind. All the cars I've financed I have paid off sooner, which sucks because you pay off your financing with car dealership in 4 yr or 7, you still end up paying the full interest agreed upon during your financing process. So I need to look into this further this time. Maybe if you ask for variable rate, it would be different? Something to def look into, I want to have an option to pay off sooner without having to pay interest for 7 yrs for example.

 

[ILX6SPEED]

I'm with bmo but most banks will do prime + 1 with secure line of credit. Another option is home equity line with your mortgage bank.

Another thing to keep in mind. All the cars I've financed I have paid off sooner, which sucks because you pay off your financing with car dealership in 4 yr or 7, you still end up paying the full interest agreed upon during your financing process. So I need to look into this further this time. Maybe if you ask for variable rate, it would be different? Something to def look into, I want to have an option to pay off sooner without having to pay interest for 7 yrs for example.

This isnt true. The payment you pay per month has an interest component thats spread out over the entire finance term. If you pay it off early you will save on interest. I always pay my cars off early as well this one will be no exception. Also please please please dont take out financing over 7 years! 5 years should be max, preferably < 4.

 

[katch922]

This isnt true. The payment you pay per month has an interest component thats spread out over the entire finance term. If you pay it off early you will save on interest. I always pay my cars off early as well this one will be no exception. Also please please please dont take out financing over 7 years! 5 years should be max, preferably < 4.

Really? I just had my Golf R paid in 2 yrs instead of 7 and they said full interest for the 7 yr term.

 

[ILX6SPEED]

If its an open loan which almost all car loans are then they are wrong. If you had paid your payments for the full 7 years only then would you of paid all of the interest on the loan.

Congrats btw thats awesome you paid it off in 2 years

 

[Midnight-VTEC]

This isnt true. The payment you pay per month has an interest component thats spread out over the entire finance term. If you pay it off early you will save on interest. I always pay my cars off early as well this one will be no exception. Also please please please dont take out financing over 7 years! 5 years should be max, preferably < 4.

this is accurate, loans from any bank, credit union, or dealership financing interest is calculated based on your balance owing for that specific payment. Paying it off early means less interest, this is standard lending practice unless you go through some 3rd party lender or it’s a government student loan (unless they finally addressed that).

 

[katch922]

If its an open loan which almost all car loans are then they are wrong. If you had paid your payments for the full 7 years only then would you of paid all of the interest on the loan.

Congrats btw thats awesome you paid it off in 2 years

No need for congrats, I paid it off because someone hit it while it was parked in front of my house. It was total loss. I had new car replacement and well black value is high atm so I got a decent payout.

 

[katch922]

this is accurate, loans from any bank, credit union, or dealership financing interest is calculated based on your balance owing for that specific payment. Paying it off early means less interest, this is standard lending practice unless you go through some 3rd party lender or it’s a government student loan (unless they finally addressed that).

Maybe im mistaken. That's good to know!! Thanks

 

[katch922]

Won't be parking CTR on the street.

 

[ILX6SPEED]

Damn my bad, how tf do people drive into parked cars blows my mind

 

[Midnight-VTEC]

Ouch

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