Financing a Subaru

[axis008]

How is everyone planning on financing their Subaru? Down payment? How many months? I don't know much about buying a car (not lease) so if anyone could help me that would be great... Thanks! Also, does anyone have information about the College Graduate Program offered by Subaru? "Subaru Motors Finance now offers a College Graduate Program. This program provides recent and future graduates the ability to finance or lease a new Subaru vehicle on their own. All qualified applicants are automatically eligible for any special lease or retail offers currently available. Visit your local Subaru dealer for complete program details and eligibility."

[7stars]

[url]http://www.investorguide.com/igucarintro.html[/url] check that out Graduate programs usually qualify those that are going to graduate within 2 years or have graduated in the past 2 years. It sounds like it makes you automatically eligible, regardless of credit, for any special lease or financing available. There is currently no special financing for the 2005's. It's a good idea Subaru has, but most automakers give a $500 rebate for their college programs. Let's say you borrow $20,000 and you have little credit. You get a rate of about 8.9%. Don't be afraid to haggle with the APR. Over 60mo's, you'll pay $411/mo, equaling $24660, so you pay $4660 in interest. If you wish to go with a 48mo loan, you'll pay $497/mo, equaling $23856. I personally would never recommend paying over $400/mo for a car, because you're going to have so many other expenses, like rent/mortgage/college loan. If you happen to get a great paying job, you can decide to pay more each month without penalty, but I wouldn't recommend that unless you can actually pay at least $200 more per month. This will reduce your total payments to the equivelant of a 60mo lease at 4.9%, saving you almost $2500 over 5 years. Paying an extra $100/mo will only save you about $800 over the same time.

[labowbow]

According to "http://www.investorguide.com/igucarintro.html" It is better not to finance a car if possible.

[Drift Monkey]

[quote name='labowbow']According to "http://www.investorguide.com/igucarintro.html" It is better not to finance a car if possible.[/quote] Which is true. Unfortunately, most people don't have the propensity to save and would rather pay more over a longer period of time than less up front.

[Th3Franz]

I won't be financing, yay.

[brady_bunch]

[quote name='Th3Franz']I won't be financing, yay.[/quote] Must be nice! :)

[Th3Franz]

[quote name='brady_bunch'][quote name='Th3Franz']I won't be financing, yay.[/quote] Must be nice! :)[/quote] Also means less cash for mods, but oh well.

[Drift Monkey]

[quote name='Th3Franz']Also means less cash for mods, but oh well.[/quote] I guess you'll be fininacing mods. :lol: They'll always get you somehow!

[SUBE555]

Very interesting 7 stars. I will probably be using the Subaru financing. I am sure my credit is at least decent, while I don't have a house, I have some regular payments like Plastic, Cell Phone and paid off my last loan (about $16k) in about 2/3 of the required time period. I plan on paying off the new one sooner as long as I can flip for extra large payments (which shouldn't be that huge of a deal come January and school will be done.) I will also work towards the graduating college deal as well. I'm wondering what kind of financing rates I can lock into.