Current Interest Rates

[Reels]

Curious what people are seeing for current rates in December since the last fed cut?

 

[2024 White Tahoe]

Curious what people are seeing for current rates in December since the last fed cut?

Loan or savings?

 

[Padraig]

I am guessing that he is interested in auto loan rates.

 

[Doubeleive]

anywhere from 4.88 to 7.48, or higher depending............
you are probably better off getting pre approved thru your own means, credit union or existing creditor

 

[Bigburb3500]

You can find 4.xx% at most banks for new vehicles. This is highly based on credit scores but auto market does not directly reflect Fed rates like mortgages. Usually more based on demand and what banks decide are their risk tolerance.

I do agree and recommend to ALWAYS get pre-approved prior to going to the dealership. Remember, if a CU offers some special on a new vehicle, you cannot refinance for that special because as soon as the paperwork is signed it’s a used vehicle.

 

[ReaperHWK]

Way too many variables. I just financed mine for what made sense to me. 6.9% for 96 months is what I got from the dealer. And no I’m not going to take 96 months to pay it off. I like the freedom to pay the min or more as I see fit.

Also the new tax bill allows you to deduct new car interest of up to 10k a year; keep that in mind if you make less than 250k a year. Over that it is phase out to zero.

 

[Bigburb3500]

Way too many variables. I just financed mine for what made sense to me. 6.9% for 96 months is what I got from the dealer. And no I’m not going to take 96 months to pay it off. I like the freedom to pay the min or more as I see fit.

Also the new tax bill allows you to deduct new car interest of up to 10k a year; keep that in mind if you make less than 250k a year. Over that it is phase out to zero.

Isn’t the interest only deductible if the vehicle has a certain percentage manufactured in US and you have to have enough deductions to itemize?

Update: Final manufacturing location must be US. Vehicle purchase must be after 12/2024. It is an above line deduction so applies even if you take the standard deduction.

 

[BigdawgR6]

4.25 @ 60 months for a used Denali with a credit union here in Houston.

 

[ReaperHWK]

Isn’t the interest only deductible if the vehicle has a certain percentage manufactured in US and you have to have enough deductions to itemize?

Update: Final manufacturing location must be US. Vehicle purchase must be after 12/2024. It is an above line deduction so applies even if you take the standard deduction.

Yeah it’s a good deal. Only other limitation is if you make over 250k (household income) it’s eliminated. I unfortunately do not qualify but if you do it’s a great deduction.

 

[LegalBrief]

And the interest deductions sunsets in 2028

 

[Reels]

Thanks everyone. I got some quotes from my local banks and it ranged from 5.25% for up to 84 months to 6.1% for 60 months. Much better than when I checked in October, they where high 6's to low 7's.

 

[Reels]

4.25 @ 60 months for a used Denali with a credit union here in Houston.

That's a really good rate quote!

 

[BigdawgR6]

That's a really good rate quote!

I thought so too which is why I jumped on it right away. It was with First Community Credit Union.

 

[Protect1989]

5.34% for 84 with Capital One (will pay off long before then).

Hopefully rates come down even more for a refinance

 

[Bigburb3500]

Thanks everyone. I got some quotes from my local banks and it ranged from 5.25% for up to 84 months to 6.1% for 60 months. Much better than when I checked in October, they where high 6's to low 7's.

Odd that 60mo is higher than 84mo?

 

[TxVet33]

Curious what people are seeing for current rates in December since the last fed cut?

THIS IS in the grey area about being 'political', but here goes, the fed is being driven into the ground by PQTUS. Which I'm all for, all in. As far as auto loan rates v home loan rates. Will someone tell me what the "risk" the 'banks' take loaning money¿
The past shows the American public the [banks] don't have risk as they are too big to fail.

Until the [fed] goes away, the American public are debt slaves . full stop, but we do get to enjoy motoring down the road in luxury ")

MAGAA1st awaits the fall of the [fed]
11b

 

[2024 White Tahoe]

THIS IS in the grey area about being 'political', but here goes, the fed is being driven into the ground by PQTUS. Which I'm all for, all in. As far as auto loan rates v home loan rates. Will someone tell me what the "risk" the 'banks' take loaning money¿
The past shows the American public the [banks] don't have risk as they are too big to fail.

Until the [fed] goes away, the American public are debt slaves . full stop, but we do get to enjoy motoring down the road in luxury ")

MAGAA1st awaits the fall of the [fed]
11b

What risks do banks take? Borrowers that do not repay their loans. Borrowers that make late or partial loan payments. Borrowers that do not maintain their collateral (structures, vehicles, etc.).

Since the 1970’s, more than 90 banks in the USA have failed, with more than one billion dollars in assets - all insured by the FDIC: https://en.wikipedia.org/wiki/List_of_largest_bank_failures_in_the_United_States

No organization is too big to fail.

 

[TxVet33]

Respectfully ‘too big to fail’ means tax payer money is used to bail out a chosen few. See 2008. Not here to argue but banks never lose. They just resale Sir.

 

[2024 White Tahoe]

Respectfully ‘too big to fail’ means tax payer money is used to bail out a chosen few. See 2008. Not here to argue but banks never lose. They just resale Sir.

I agree with your first sentence - it is not fair. It has happened with a select few banks.

Most banks that failed had their depositors money returned from what assets were left - plus payments from the FDIC fund (which is paid via a tax on banks).