marnes

I just learned that if you factory order an Audi, the finance rate is unknown and applied when the car actually arrives. I find this unusual and maybe other car manufacturers do this, but I have not experienced this before.

Don't know if many people really pay attention to that detail, but getting a Q7 is reasonably going to end up as a $60k+ loan. The finance rate could make for a huge difference in total cost ($6-8k in interest at 3.9%), so I would want that % rate to be as low as possible.

I was told that if I ordered one now with DAP, I could expect the car in February. But nobody knows what the interest rate will be and they won't lock it in at the time of order.

The ideal time for me to purchase a car is spring next year, and that's when the new 2018s will come out. Or I can just wait until there is a low finance rate, negotiate away for something in stock.

At this point, there could be changes in the MY 2018 that would make me want to get one.. but I'd probably be very happy getting a good deal on an outgoing 2017 too. I think my option wants are pretty simple. I'd probably get a Black exterior/interior Technik with DAP, maybe S-Line. Could live without either of those. Apparently DAP is generally factory order only...

Financing cars in Canada is stupid expensive compared to the USA as banks aren't even a real option (7-8%+). When I lived in America, I'd just get a credit union loan, then buy a car for cash and never have to deal with the interest rate as a factor, making negotiation a whole lot simpler. And if in the US, I could finance for 66 months at 2.9%. In Canada, 3.9% for up to 60 months.

Just wondering what strategies other people use?

dhc8guru

A good credit car loan from a bank is 3.2%.
I am getting 1.89% from my credit union on 60mo but would get the same rate up to 72mo.

marnes

Let me guess, you are in the US? Not Canada, right?

tzchang

If you are in US, my Credit Union can do 0.74% for up to 36 months term...

adamvincent617

If you are in the US, Lightstream (SunTrust Bank) will do 1.74% for 60 months, possibly lower as they will beat credit union rates. Our loan was unsecured, so the proceeds were deposited in the bank and we wrote a personal check for the purchase. No title or purchase order was required.

marnes

Specifically, wondering about Canadians.

It seems to be impossible to get bank/credit union auto loan rates that can even approach competing with the cruddy 3.9% rate Audi offers.