Any suggestions on new cars and rates

[Anonymous]

Our lease is up on our car and if we refinance with the new high interest rates it will cost the same as just getting a new car. We want to put about 10 k down on a new SUV with third row seat. Does not have to be luxury - looking at Chevy traverse, Toyota Highlander, etc. any suggestions on how we can stay around a $400 per month payment ? These rates are awful - and used cars are so expensive

[Anonymous]

you're going to have to get a long loan to keep your payments under 400. 72 mo are not uncommon these days. That or up your down payment.

[Anonymous]

PP here: a 2023 base traverse is 37k. A 72 mo 4.39% loan payment with 10k down is still 476 per month. I think you need to look at cheaper cars for now and upgrade later if you want to have a 400 payment.

I'm looking for a used SUV so I'm in the same boat, but Id like to keep my payments under 450.

[Anonymous]

If you decide used, look at 2019-2020 Kia Sorento; Mitsubishi Outlander; Ford Explorer.

You're looking at keeping it 32k or under most likely.

[Anonymous]

Anonymous wrote:PP here: a 2023 base traverse is 37k. A 72 mo 4.39% loan payment with 10k down is still 476 per month. I think you need to look at cheaper cars for now and upgrade later if you want to have a 400 payment.

I'm looking for a used SUV so I'm in the same boat, but Id like to keep my payments under 450.

Op here - lmk what you find maybe I will do the same - it looks like we have a similar type budget thanks

[Anonymous]

What about a Mitsubishi Outlander? It seems like the most reasonable suv with third row?

[Anonymous]

Credit unions have the best rates.

[Anonymous]

I just bought at 6% interest. Better shop around. under $400 - better only borrow under 20k.

[Anonymous]

Im the first PP from 10/5. I just bought a used Subaru Forester. Got a 4.2% rate from Carmax. Higher than I’d like but a lot better than other rates I’m seeing.

[Anonymous]

Credit unions could give you rates as low as 3.5% (or even 3%) for up to 60 months.

[Anonymous]

Anonymous wrote:Credit unions could give you rates as low as 3.5% (or even 3%) for up to 60 months.

https://www.aplfcu.org/Rates

[Anonymous]

that last post is only for howard county residents or employees. Great rates, though!

[Anonymous]

Anonymous wrote:that last post is only for howard county residents or employees. Great rates, though!

You'll find similar rates at many other credit unions.

[Anonymous]

The $400 payment ceiling is absurdly unrealistic.

You’re either going to have to go with a used car with super high miles and/or 15+ years old, or go with 96 month payments. Or put more $$$$ down.

But you’re not going to get a decent used 3-row SUV for $400/mo. That’s not going to happen.

[Anonymous]

Anonymous wrote:Im the first PP from 10/5. I just bought a used Subaru Forester. Got a 4.2% rate from Carmax. Higher than I’d like but a lot better than other rates I’m seeing.

You should refinance. Carmax Auto Finance doesn't refinance, but try a credit union