Financing your Hellcat

Discussion in 'SRT Hellcat Purchasing' started by Mystoxup, Jun 18, 2015.

  1. Mystoxup

    Mystoxup Hellcat Member

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    I'm curious to know if anyone was offered competitive interest rate pricing from their respective dealership, and if so, if there were any additional incentives to do so.

    I wasn't planning on financing, but I did some research and ended up getting .99% APR for 48 months through PenFed. I didn't have an account with them, but filled out an online application, and before I knew it, the check was sitting in my mailbox. The check has been burning a hole in my pocket since my HC won't be delivered until next week.

    I don't see a reason to pay cash if you can finance for almost free!
     
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  2. Fionn MacCumhaill

    Fionn MacCumhaill Irish A'Hole - Wanna Fight About It!? Hellcat Car Club HCC Charter Member

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    You don't want to know the APR I got stuck with. It is terribad. But whatever, it was what I had to do to get my Hellcat and I plan to refi in Dec. hopefully that will bring my APR down to something less miserable than it is now lol.
     
    Last edited: Jun 19, 2015
  3. Tammie

    Tammie SRT Hellcat Moderator Staff Member Gold Supporting Member

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    Chrysler was able to offer a better rate than my bank. They had some great finance incentives. I did not get .99%, that is pretty killer. Congrats on your HC! You are going to have a blast. :D
     
  4. Mystoxup

    Mystoxup Hellcat Member

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    Ordered last October Tammie....it's about effing time!
     
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  5. Paladin06

    Paladin06 Have Guns Will Travel Staff Member Hellcat Car Club Gold Supporting Member

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    I guess the only point I'd like to make is, if you could pay $1 for something and own it today, why would you pay $1.50 and own it in two weeks? :confused: Essentially you pay much more for a financed car then a car you buy outright.
     
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  6. FLEX

    FLEX Gold Member

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    I got 2.49% from my bank but it was all arranged by the dealer. Reasonably happy with that. Total cost of borrowing over 5 years is about $3800; or $63/month averaged out. That's if I take the whole 5 years to pay it back, which I won't.

    It's an open loan so I can make additional payments whenever I want via online banking and I plan on doing exactly that. Goal is to pay it off in 4 years or less.

    Keep in mind these cars are much more expensive in Canada (MSRP on my SRT 392 was just over $60k) and add to that 13% sales tax in Ontario. I don't have that kind of coin just sitting around, so financing was the way to go.
     
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  7. JonWrong

    JonWrong Silver Member

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    I had planned on paying cash, but I got an e-mail from my bank, BOA. I ended up with 2.15 percent, so I financed $50k worth. I have perfect credit and qualified for an additional discount due to my balances. That being said, some credit unions are offering 2 to 2.5%.
     
  8. Link

    Link Silver Member

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    My credit union initially offered me 2.99 then dodge said they could give me 2.29. I notified my credit union and they said N?P we can give you 2.25%. Definitly not .99. I was a little short so making up the difference with a loan instead of waiting.
     
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  9. shaystoy

    shaystoy Silver Member

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    Just some quick Math here: Say he finances $70,000 for the 4 years at 0.99% He only ends up paying an additional $1424 in interest. If his savings or checking account where he keeps the money makes better than 0.99% interest on his money, then he is making more interest than what he is paying out in interest.


    And he has more cash on hand now for mods!! :)
     
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  10. Mystoxup

    Mystoxup Hellcat Member

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    As a financial advisor, this is one of the best arbitrage opportunities out there. In my lifetime, the S&P 500 has averaged north of 10% per year. Simple math says you pay 1% in interest and earn 10%, you net 9% compounded each year on 70k. That's almost $30k in your pocket before taxes.

    I don't think the market will give us quite that much between now and the next 4 years, but I bet it's in the 6-7% range. Paying cash will cost you $20k at least if you can finance competitively.
     
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  11. Paladin06

    Paladin06 Have Guns Will Travel Staff Member Hellcat Car Club Gold Supporting Member

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    To each his own. Like having my title framed on the wall. I can sell the car when ever I please. o_O With $1400 you mentioned in my pocket and not that of the greedy bankers.
     
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  12. Carnage

    Carnage SRT Hellcat Supercharged Moderator Staff Member Hellcat Car Club Gold Supporting Member HCC Charter Member

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    just make sure it is a simple loan where you dont get penalized for paying early or paying it off early.
     
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  13. B5 Blue

    B5 Blue Platinum Member

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    You are correct but my scenario is stocks didn't get touched and money was set aside a long time ago for this car so cash is easier and title in my name in case of a DRASTIC emergency. I'm not so sure the market will be that great in the short term and waiting for the correction to put more to work. Proly should've sold bonds since they are losing money short term;)
     
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  14. Hellcat83

    Hellcat83 Active Hellcat Member

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    I agree with you guys. Why would I pay interest on something I can just pay for AND let them put a lien on it? So the dealership can make a little more off the sale than they already have? So I have to remember to make payments on the car? Sorry, but the possible profit off of investing the cash elsewhere isn't worth it, IMHO.

    These finance guys, pushing this crap, should take their own advice. How about they go to the bank and mortgage their home; they can get a low interest rate, invest the money, and make more investing it than the interest they paid on their mortgage (which they can also write off, right?). Isn't that their logic? Let them turn the profit if it's such a great idea.

    The finance manager tried to get me to do the same thing when I told her I was paying cash. Why would I put a lien on my vehicle for the dealership to make money off the loan? No thanks, I prefer to have my title without a lien.
     
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  15. Paladin06

    Paladin06 Have Guns Will Travel Staff Member Hellcat Car Club Gold Supporting Member

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    So since I paid 65K and I can sell for 85K, I'm losing money? That must be the new math. :)
     
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