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What do we think the interest rate will be to finance?

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  • What do we think the interest rate will be to finance?

    If we had to guess, what do we think the interest rate will be on launch?

    What was the relationship to prime rate when the C7 was first launched?

    Will the rates be drastically different between Canada and USA? What about between financing and leasing?

    I will be financing most of the price and I'd like to set my expectations.

    My guess would be 5.99% over 60 months finance.


  • #2
    5.99% is pretty high. I'd be looking for something about half that.
    1966 coupe - Sunfire Yellow / Black
    2004 Z06 - Millennium Yellow / Black

    NCM Lifetime Member since 2003

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    • #3
      Just waiting for the you should never finance a car if you cant buy it outright spiel LOL .... Ill be financing most of it ... Right now figuring about 4.04% at 60 months or 4.29% at 72 ... Preferably I like to have cash liquid and not tied into the car so it's worth it for me to pay the extra interest on it.

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      • #4
        PenFed

        36 months, 2.49%

        Upcoming Vette:
        '20 Elkhart Lake Blue 2LT Coupe, Natural Interior, GT2 Two-Tone Seats, Performance Exhaust, Front Lift, Carbon Flash Wheels, Engine Appearance Package

        Current Vettes:
        '68 Lemans Blue 327/350 Convertible
        '91 Turquoise Convertible with Hardtop
        '14 Lime Rock Green 2LT Convertible, Black Top, Kalahari, 7-Speed, Performance Exhaust

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        • #5
          These responses are all encouraging. Thank you.

          I would be very pleased with a factory rate of 4% over 60 months.

          I cannot buy it outright, this is a midlife crisis gift to myself if I am being honest.

          (Torch red 2LT with high wing, red calipers, red seat belts, carbon flash open spoke)

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          • #6
            Originally posted by Mobius View Post
            PenFed

            36 months, 2.49%

            Thats a real good rate....i cant pull off 36 mos though lol....even 3.49% at penfed for 60 is pretty darn good

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            • #7
              Originally posted by Jljordann922 View Post

              Thats a real good rate....i cant pull off 36 mos though lol....even 3.49% at penfed for 60 is pretty darn good
              Yes, that's their "best rate" for those with an "excellent" credit rating.

              Like you, I'd rather take a loan and leave the money in the bank... I'm earning around 4.5% Fed tax-free on some muni ETFs, and I'd prefer to let that money grow at a rate higher than the loan interest rate.

              Yield on the 10 year Treasury note has fallen substantially in recent weeks. This can be expected to push down auto loan interest rates in the coming weeks and months.
              Upcoming Vette:
              '20 Elkhart Lake Blue 2LT Coupe, Natural Interior, GT2 Two-Tone Seats, Performance Exhaust, Front Lift, Carbon Flash Wheels, Engine Appearance Package

              Current Vettes:
              '68 Lemans Blue 327/350 Convertible
              '91 Turquoise Convertible with Hardtop
              '14 Lime Rock Green 2LT Convertible, Black Top, Kalahari, 7-Speed, Performance Exhaust

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              • #8
                I too can vouch for PenFed. Only once have I been able to top their rate through Bank of America.
                Rapid Blue/Jet Black 1LT, Z51, carbon flash open spoke wheels w/yellow calipers, competition seats w/blue seatbelts

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                • #9
                  The ONLY time there is a relationship between a specific model and an interest rate is with the manufacturers captive finance arms and how much these rates are subsidized for a particular vehicle. Historically Corvette's are not subsidized within the captive finance companies until you start seeing Corvette incentives across the board, don't expect them for a couple years. With outside companies like banks and credit unions they don't differentiate rates based on vehicle model, only on age and cost. Quite honestly, without a subsidized rate, Ally will rarely be the lowest rate someone with good to excellent credit can qualify for. Just because the dealership's finance department is brokering the deal doesn't mean its getting placed with Ally. In fact, most deals aren't placed with Ally but with local banks where the dealership gets a percentage on the deal. It's rare, if you have good credit, that the dealer can beat an aggressive bank or credit union.

                  https://www.bankrate.com/loans/auto-loans/rates/ is a good place to start but it doesn't include regional credit unions and other sources.
                  Mark

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                  • #10
                    The Fed is being pressured to reduce the interest rate even more than they did last month. The prediction right now is that they will reduce the rate at least a couple of times before the C8 Deliveries start. That should help car loan interest rates at least a little bit.

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                    • #11
                      GM will not be offering any special interest rates on the C8. Those are reserved for cars they're having trouble moving. And you will almost always get a better deal from a credit union, if one is available to you, than from a bank, the dealership, or the manufacturer. And trying to predict what the Fed will do is a fool's game.
                      SunKissed, my 2015 2LT, 7MT, Black over Daytona Sunrise Orange Metallic, Stingray convertible (One of about 40)

                      Purchased 5/2/2015,
                      >35,000+ miles

                      Proud member of the Old Dominion Corvette Club. Check us out http://www.olddominioncorvetteclub.org

                      Never grow up - It's a trap.

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                      • #12
                        Right now, intermediate term interest rates are plunging. I am hoping no more than 2.5 percent on a 60 month loan for someone with excellent credit.

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                        • #13
                          I have for forty years paid in full for every new car I bought ...yet with interest rates plummeting...even I might consider taking out a 2.5 percent loan..

                          its ridiculously low rates are like free money...

                          the indistry is set to collaspe by 2022 acording to the highly regarded automotive sector analysts..

                          they have predicted a SAAR in the USA of 13.4 million versus our recent 16.8 or 16.4...

                          thats what has so many large corporations like GM shutting plants being proactive before the supposed hit...
                          Torch Red exterior/ black interior z51 FE4 2LT or 1LT depending on when i get the call..Ill flip a coin at that moment..same for E60

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                          • #14
                            Yes, I could pay cash by withdrawals from my tax deferred retirement account. But then, I would have to pay both federal and state income tax on that withdrawal. Better to borrow at 2.5 percent and leave your retirement money in its accounts earning tax deferred capital gains and income.

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                            • #15
                              I usually keep a good sum of cash laying around in the local banks (besides investments etc blah blah blah ) with my sons special needs etc...non reimbursable expenses but with interest rates so low...even Im thinking of taking a loan...

                              i really wasnt until today when I heard the experts suggest that we could see three interest rate drops in the mear future.

                              the markets taken it in the shorts because of the administration is calling chinas bluff...

                              we will see who is bluffing but no politics on the forum keeps that discussion short.

                              mary Barra and many other leaders of this industry really are preparing for huge downturn in the automotive market within the next two years..

                              actually this has been long overdue...even before our current administration in the whitehouse..

                              its been too long since a downturn...

                              personally I think it will be a soft landing...with small decreases each year over the next seven...but heads of companies like GM and ford as well as bmw and mercedes etc...are preparing...

                              was it the dramatic occurance of 2008/9 or is it the threat of china mass exporting and undercutting everyones (meaning traditional manufacturers) price value capability...

                              maybe the threat of a rebuff of chinese dumping will slow down the economic automotive market crash meryll predicted.
                              Last edited by JB; 08-12-2019, 09:50 PM.
                              Torch Red exterior/ black interior z51 FE4 2LT or 1LT depending on when i get the call..Ill flip a coin at that moment..same for E60

                              Comment

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