interest rates banks charge for new vehicles?

insidious76 · Postby **insidious76** » December 13th, 2013, 2:09 pm

Does anyone know whats the average interest rate banks charge when someone purchases a new vehicle?

SMc · Postby **SMc** » December 13th, 2013, 2:17 pm

have you called the bank or checked on thier websites for said information?

eg http://www.rbtt.com/cid-276776.html

insidious76 · Postby **insidious76** » December 13th, 2013, 2:26 pm

yup, checked their websites and nobody has info on what are their interest rates. I guess they'll hit you that piece of news when you done start paying back for it.LOL!!

SMc · Postby **SMc** » December 13th, 2013, 2:54 pm

what? doh bother with taking a loan if you dont negotiate and agree on terms prior to taking one. I have never heard anyone take a loan and then find out about the intetest rate when they start paying it back.

Soul Collector · Postby **Soul Collector** » December 13th, 2013, 3:01 pm

OP yuh really playing d good arse....

kual · Postby **kual** » December 13th, 2013, 3:05 pm

OP I just borrowed and I don't know how much I will pay back until my first payment in March next year. I hope is not 100% interest. if you find out let me know please

[X]~Outlaw · Postby **[X]~Outlaw** » December 13th, 2013, 3:33 pm

They don't tell you until your first installment...its to keep things interesting

*$kїđž!™ · Postby *$kїđž!™ » December 13th, 2013, 6:51 pm

interest rates are what.... about between 7 - 9.5% these days.....APR

insidious76 · Postby **insidious76** » December 13th, 2013, 10:20 pm

kual wrote:OP I just borrowed and I don't know how much I will pay back until my first payment in March next year. I hope is not 100% interest. if you find out let me know please

That is WHY I created this post to enquire about these interest rates!some people on these forums really have you thinking about their intelligence level!?!(Not meaning you Kual).Its just something that have you thinking about the way banks rope in their customers to take a loan and then they tell you after the loan is approved and you already sign and everything.something to think about

Gladiator · Postby **Gladiator** » December 13th, 2013, 10:24 pm

FCB and Scotia - 7.5%

insidious76 · Postby **insidious76** » December 14th, 2013, 7:37 am

Gladiator wrote:FCB and Scotia - 7.5%

Hmmm,that's not bad.interesting,I guess republic and royal May also be around that same rate as well.thanks!

platinumedition · Postby **platinumedition** » December 21st, 2013, 6:57 am

RBC 6.99%

Allergic2BunnyEars · Postby **Allergic2BunnyEars** » December 21st, 2013, 8:18 am

Not sure I understand. To me when you go for a loan you ask the officer how much the interest rate is BEFORE taking the loan. I knew mine was 7.5% two years ago before even purchasing a vehicle. That was at FCB.

SMc · Postby **SMc** » December 21st, 2013, 1:18 pm

insidious76 wrote:
kual wrote:OP I just borrowed and I don't know how much I will pay back until my first payment in March next year. I hope is not 100% interest. if you find out let me know please

That is WHY I created this post to enquire about these interest rates!some people on these forums really have you thinking about their intelligence level!?!(Not meaning you Kual).Its just something that have you thinking about the way banks rope in their customers to take a loan and then they tell you after the loan is approved and you already sign and everything.something to think about

You do realise Kual was making fun of you...nobody in their right mind takes a loan without knowing what interest rate is

Sky · Postby **Sky** » December 21st, 2013, 3:08 pm

it depends on a couple things. Loan sale, season, competition, your history with them.
Like I got a 6.5% because I drop a huge downpayment.
Go in and talk to them nah.

*Єʋρнoяιa* · Postby ***Єʋρнoяιa*** » December 21st, 2013, 7:07 pm

IBL is currently offering 4% with a 10% deposit, if anyone wants a contact there you can pm me as I don't have all the details

AdamB · Postby **AdamB** » December 21st, 2013, 11:58 pm

Ansa Merchant Bank is an option but don't know the rates now. It's really a lease to own financing. They also have similar option to compare with commercial banks but the bank's rates may be lower.

sharkman121 · Postby **sharkman121** » December 22nd, 2013, 8:03 am

SMc wrote:
insidious76 wrote:
kual wrote:OP I just borrowed and I don't know how much I will pay back until my first payment in March next year. I hope is not 100% interest. if you find out let me know please

That is WHY I created this post to enquire about these interest rates!some people on these forums really have you thinking about their intelligence level!?!(Not meaning you Kual).Its just something that have you thinking about the way banks rope in their customers to take a loan and then they tell you after the loan is approved and you already sign and everything.something to think about

You do realise Kual was making fun of you...nobody in their right mind takes a loan without knowing what interest rate is

i was waiting to see how long OP took before he realised. But at his rate i dont think he wouldve.