How are folks buying Slates? Financing / loans?

[fxrdr31]

I asked Slate about financing details, and sure enough they're *coming soon*

Well hopefully sooner rather than later to help people make the best decision for their situation. If they could get 1.99 % for 60 months that would be amazing but hopes and dreams

 

[Trace26]

I'll see if my credit union has a low rate, less than 4%, otherwise I'll be paying cash.

 

[fxrdr31]

My location Credit union has 4.74% for up to 60 months not horrible but still more than my last 2 vehicles

 

[kotaKat]

The curiosity will be if they link up with Carvana not just for delivery but for financing. They will typically shop it out to other lenders like Ally if you're high enough, but if you're low enough they'll kick it "in house" (but not really) to Bridgecrest at either a ~12.49% or a 24.99% APR with a down payment requirement.

(Bridgecrest is Carvana and Drivetime's lender underneath both of them.)

27k @ 12.49% for 60 months would be ~$600 which... yeah. It's bad, but some people will pay it for 'new' and still certainly be happy, especially if that's still an affordable-new-car-price to them in their budget. 84mo would kick that down to $484 if someone was really in the sticks...

I'm currently in a rebuilding credit phase (fortunately no longer in a car payment, though definitely feeling it in the maintenance grind!) and I'm realistically expecting a $500-600/mo Slate payment (and budgeted for it).

 

[Rocks]

The carvana fine print:

> *This estimated payment is based on a 6.99% APR for 75 months. Includes $0 cash down and a $10/mo auto pay discount.

Then opening the "more details" box:

> Estimated financing terms and monthly payments are for illustrative purposes only and are based on a well-qualified buyer with a minimum annual income of $160,000. Estimated payments include estimates of taxes and fees. Estimates generally reflect current credit pricing rules and are not offers of credit. Actual terms—including APR, monthly payment, and loan amount—may vary based on credit profile, income, vehicle selection, and are subject to credit approval.

TL;DR: you ain't getting 6.99%.

 

[LevelHeaded]

I will be paying cash for the Slate

 

[GrizzlysGhost]

I will be paying in exposure.

 

[Mike]

I might trade in or Finance it directly with Slate, I haven't decided yet. If it was tomorrow, I would trade in.

 

[FloppaEnjoyer8067]

I could buy it in cash, but my cash is for a down payment on a house. I’ll probably either trade in my car or sell it on marketplace and use that as a down payment. Then, it’s only like a $200/month loan.

 

[Sertao]

Getting rid of all my Trump currency. Cash.

 

[Docster]

So very curious, how are the majority of people actually buying these? How are folks getting loans, financing? Assuming most buyers aren’t rich folks paying cash outright. what options are out there for mere mortals?
Thanks.

Cash (even if I can only buy a Blank Slate to start.)

 

[TPL]

Telling the boy to graduate from college in 3 years instead of 5.

 

[SailorDan]

CASH is king.

Unless they offer something better. The Jeep my wife and I bought 6 1/2 years ago, we were going to pay cash, but they offered 60 months at 0%. How can you not take that, and leave the cash in the market, making 5% a year at a minimum?

We are old folk, over 70, with savings and retirement income, so suddenly we feel rich, when we always felt a little poor before. Go figure.

 

[Luxrage]

I'll try to put a few grand down and finance. I was planning on keeping all of my other cars but my Element decided to eject a fender liner on the highway and chew up the front door with it bangin around, so it's not on my good side right now. Might end up private selling it if the Element hype stays up and roll that into the Slate.

 

[Imhotep]

Been saving up since the day I heard about it. Q1 is coming up fast, but I hope to have enough for a blank Slate and wrap, barring some unforeseen major expense.