Looking to buy an Insight

[egads]

Honda runs very low finance programs all the time. I think there is one running right now. (just checked, Insights are not among those currently eligible) Our Insight was financed through Honda at .09% which I consider practically free money.

But in general terms, a new Honda can often be had cheaper than a used one. This is especially true when one has to pay a higher interest rate on a used vehicle.

[shade_tree]

I just bought an Insight this past week. The best Honda could offer is 3.76% @48months for tier 1 credit (above 750 score or so). My credit union was offering 2.76% but the dealer matched it with their own lender.

[kchunk]

A couple of comments. I financed mine through Honda. Honda's rate was a little higher than my credit union, but they offered me a $750 down payment assistance if I used their financing. It might be something to ask your dealer. When my account info finally arrives (just bought the car Nov 4) I'll check to see if I can pay the Honda loan off early and refinance with my credit union.

Also, Willie, your scenario is no way accurate. For example, a $20k loan at 5% for 60 months, your total finance charge is only $2,645.48. Nowhere near double the price of the car. In fact, considering your scenario again, it might actually be cheaper to buy the car now and eat the $2600 in financing or risk the sticker price increasing (or more likely, the value of a dollar decreasing) over the next 3 years while you're saving, making waiting a more expensive option. Just a thought...