How Will the "Financial Meltdown" Affect your C8 Corvette Purchase?

[Shepherd777]

Okay, so anyone who owns stocks knows the stock market is downright scary now.

If you're not paying cash for your C8, how will this affect your auto loan? Do loan rates climb in a financial meltdown, or do they raise?

Will some people be completely locked-out from obtaining a loan?

I am fortunate enough to be able to pay cash for my highly optioned C8, if necessary. But I was gonna put down $50k and use the banks jing for the balance.

The good news is that with oil currently at 30 bucks a barrel, down from over $60 a barrel a few weeks ago, premium grade 93 octane gas will hopefully be close to, or a little over, $2.00 a gallon.

[DavidM]

The market crashing will not impact my purchase. I plan on paying cash but it sounds like interest rates are crashing also. If you have good credit, and the income to debt ratio is good I would think banks and credit unions would be looking to make loans to great customers.

[Shepherd777]

Here are the Bank Rate auto loan rates since early December. They have been headed down since then.

Evidently, they only check the averages once a week. Curious to see what tomorrows rate will be.

[DavidM]

Credit unions will beat those rates.

[cregar]

Pulled all of my "fun" money out of my brokerage account about 2 weeks ago, didn't hold through the entire fall. Retirement accounts won't be touched for 35 years so not an issue. Fun money was going to allow me to put 50% down and finance the rest. Not an issue. Don't touch your retirement to get a car fellas!

[Turbo Bob]

Some banks have been so overwhelmed with loan apps. that they have stopped taking new loan apps. or have raised their rates to discourage people from applying.

[Shepherd777]

Credit unions will beat those rates.

But of course. But since the name of that site is Bank Rate, they are taking the average loan rates from banks.

[Vette2102]

I guess nothing to talk about Corvette, now we talk about finance. Will not affect my buy at all.

[jagtoes]

Cash is king so no problem here.

[Herb Smith]

My C8 is paid for and gas prices are dropping! No issues here!

[John]

My C8 is paid for and gas prices are dropping! No issues here!

Exactly our situation too (been saving for five years and it was all put aside a year ago in a no-risk account).

[jackfrostpdx]

I feel lucky to have timed this market and funded my C8 with a company stock sale, compared to where I would have been at today holding it.

Not sure if I am going to end up financing some if the rates are super-attractive in 6 weeks when I expect delivery. I'll be waiting and watching.

[bzabodyn]

Some banks have been so overwhelmed with loan apps. that they have stopped taking new loan apps. or have raised their rates to discourage people from applying.

This is completely untrue on many levels. Rates on all product segments are down vs a month/six months/year ago and the market for loans - both consumer and commercial - is more competitive than ever. I’m a senior VP of a publicly traded bank in Texas fwiw.

BZ

[MikeT]

USAA has great rates for current/former military. Currently 2.59%.

Although I was never in the military they still allow me to be a member since I am a Marine.

[bpost22]

I had half stashed in money account and was going to pay other half with some stock sale. After crash, called USAA and got approved and a check in about 15 min at 2.59%.
When stock market recovers will probably just pay off loan then.