On February 7, 2004, I bought my 2004 Honda Civic LX sedan from Honda of Hollywood. I put down 3500USD, got a 2.9% APR, and received a total financing cost of 1571.70USD. It was my very first car purchase. I went at it alone, and needless to say, I got slammed hard.
On July 25, 2004, I bought a 2004 Honda Accord EX sedan for my mom and sister from Norm Reeves Honda Super Store. I put nothing down, got a 3.9% APR, and received a total financing cost of 2733.43USD.
On October 22, 2008, I bought a 2008 BMW 335i sedan from Long Beach BMW. I put nothing down, got a 0.9% APR, and received a total financing cost of 1027.31USD.
Let’s just say that BMW Financial Services allowed me, at a considerably lower financing cost, to borrow twice as much money as American Honda Financial Services lent to me for my Honda Civic. I let a 0.9% APR offer from BMW expire on September 2nd, and saw how quickly the APR jumped to 4.9%. I had an idea of how much financing cost me at 2.9% and 3.9% for smaller financed amounts, and I could only imagine how much more significant the financing costs would be for a BMW at a higher rate. I was already planning to purchase a BMW 3-series sometime next year, but when another 0.9% APR offer was made available again in October along with a compelling purchase price from Long Beach BMW, I snapped up the deal.