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Interest Rate on Van Loan.

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  • Interest Rate on Van Loan.

    I spoke with WGNT today and was quoted 8.9 % on a 60 month term. It seemed kind of high to me. I was curious as to what others were able to obtain as far as interest rates on similar vehicles.

  • #2
    thats probably bout right. Have you checked on leasing one? (through a leasing company)?

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    • #3
      I bought a 2006 WGNT for 1% interest in January you might ask if they have any 2006 models left.

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      • #4
        I'm not sure, but I think the interest rate also has to do with your credit rating.

        When I was financing mine, I thought the rate quoted was too high as well and I checked how much it was to finance through my bank instead and it was considerably lower. I went back to the finance company with my bank's quote in writing and not only did they match it, but I got my first three payments waived so I didn't have to start paying until the conversion was finished and I was actually open for biz and making $$.

        I hope that helps

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        • #5
          Hi when I bought my first van three years ago I got a 0.1 percent interest rate and purchased another last year with a 7.5 interest rate.Things sure have changed before they did not have a cap on the loan amount.In order to get the 3 percent interest you had to put ten or fifteen thousand down.Ouch! I did not have that kind of money.If you are thinking of refinacing after you buy the van make sure you can get a loan for the full amount of the van.If I would have know I was going to do well I could have bought two vans for the payment I am making on my new van with a high interest rate.I have good credit by the way.They do have older vans for sale sometimes.

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          • #6
            Thanks for the replies. My credit score is over 800 so I don't think that's the problem. I currently work for a large automotive group that happens to have a Ford commercial department. I'm having one of the guys check with Ford to see what's up.

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            • #7
              They often run those 1% financing specials in the last third to quarter of the year to move the older models and make room for the new ones. You might want to investigate on the timing issue. If you can wait, it would suck to get a loan now at that percent and then see they have a special promo later. I have seen that 1% or 1.9% for at least two of the last three years, and maybe all three. It makes a HUGE difference.

              I just bought a new personal vehicle and the bank was offering 7% interest and the motor company came up with 6.5%. So, the rate you are talking about is a bit higher...but could be due to the conversion aspect?

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