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Discussion Starter #1
I was wondering what the options are for financing, specifically in Canada (Ontario). The rates from RAM dealerships here are 3.99%

Reading posts here it seems like our friends in the states are getting rates as low as 1.5% or so. Are these American banks an option for us Canucks? Seems like our Banks are not competitive with car loans for some reason.



Thanks for the help.
 

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I would doubt that those american banks are open to Canadians, usually when it comes to stuff like that, they have already thought out how best to have you keep your dollars on the canadian side where you will be spending more.
 

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I was wondering what the options are for financing, specifically in Canada (Ontario). The rates from RAM dealerships here are 3.99%

Reading posts here it seems like our friends in the states are getting rates as low as 1.5% or so. Are these American banks an option for us Canucks? Seems like our Banks are not competitive with car loans for some reason.
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3.99 is the deal that Chrysler Canada has made with one Canadian bank. That's the rate I just got 3 weeks ago. You will see other rates on other cars, for instance I think GM has 0% right now on trucks, but be careful, their ad says 0% financing or $8,000 discount. The entire cost of my loan by the end of the term is $5,400. And I got a $13,500 discount.

I think you'll pay 7% or 8% if you just walk into any bank and say you want a loan for a car so the 3.99 doesn't seem to bad. Especially on the hottest selling truck at the moment.
 

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Hi, don't be scared of the 3.9%.

Calculate what 3.9% is over the term and compare it to how much they offer in incentives, etc.

Normally if they offer 0% financing, they drop the price less. If they offer 3.9% they'll drop the price more. Sales tactics.
 

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you can always bring your own financing to the table, when the dealer gives you a rate it always has their take baked in. Difference between buy rate and sell rate is their cut, if you have good cred you can beat that for sure...
 

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you can always bring your own financing to the table, when the dealer gives you a rate it always has their take baked in. Difference between buy rate and sell rate is their cut, if you have good cred you can beat that for sure...
Good info, something to arm yourself with before stepping in.
 

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Discussion Starter #9
The problem is the dealer already knows our Canadian banks can't beat it! Even though the dealer finances through the same institutions.
 

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I was offered 0% financing, but I deferred for 3.5% financing to get a 3000 dollar rebate. The loan will only have $2100 in interest so I will net 900 dollars. This was on $29500 financed.
 

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I was offered 0% financing, but I deferred for 3.5% financing to get a 3000 dollar rebate. The loan will only have $2100 in interest so I will net 900 dollars. This was on $29500 financed.
This is the math everyone has to do at the table. Arm yourself with information about bank rates before you and be prepared to through this step.

Bank rates, and dealer financing rates vary wildly between areas, manufacturer, time year, and even what model car/truck you are looking.
 
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