Finance Loan Rate ?

not bad, that's what i got on oct on my refi with an 'excellent' credit rating.

we didn't get GAP at all, will not be upside down for more than a couple more weeks.

 

It sounds good to me. I got lower, but that was way back in April. I think those are the rates my Credit Union is currently offering.

I bought gap for the first time for this car. I thought it was worth it, others might not.

 

Sounds pretty good, but not excellent. Darn rates have been creeping up. :angry:

My CU is holding a 60 monlth 5.25% loan for me thru January. Optional gap is $250.
There was another thread about loan rates, and, as I recall, some people may be doing a little better, but that was a while ago, and rates have been inching up.

I know some places that I contaced will be raising rates on Jan 1. If you haven't, you might check to see how long your 5.24% is good for. Some will freeze the rate for you, and some won't.

 

Here's a recent thread about loan rates:

http://priuschat.com/index.php?showtopic=13211&hl=loan+rates

 

That's about par just now. My 4.94% thru Capital One is good only up to 36 mo, but the original commitment is good for 45 days, with two possible 60-day renewals. I always pay 'em off inside a year and a half, anyway, so a half-percent doesn't matter that much to me.

 

I'm paying an 'obsolete' 4.8%. As of Friday my CU was charging 5.15% for new cars up to 60 months, so not bad.

 

That's a very good rate, especially considering that I've been watching loan rates creep up over the last few months and managed to get approved a few weeks ago at a decent rate thru Capital 1 via Costco (5.9%).

I'm also thinking of doing some part of the transaction with my credit card, like putting 10K down, since they're offering me these blank balance transfer/purchase checks at 1.9% until the balance is paid off and I have about 15K limit. It would definitely save me $ in interest over 4-5 years (I plan on a 60-month loan, but paying it off in ~4-4.5 years), just need to decide if I want to add some unsecured debt....what to do what to do.

 

techcu in northern california is offering a home equity auto loan at around 5.7%, but with all the various discounts the rate can be as low as 4.7%. they put a lien against your house though.

 

I just checked with my credit unions.

Caltech Credit Union

100% Financing 4.95% 60 months
100% Financing 5.75% 72 months


University of Southern California
36 months 4.24 5.34
48 months 5.34 5.49
60 months 5.49 5.64
72 months 5.99 6.24

UC Berkeley
Up to 84 months 4.24% to 17.84%

 

Just financed through Costco Auto Program/Capital One Auto Finance at 5.54%, which I felt was good. My local CU offered me 6.1%

The shorter answer: Yes, looks pretty good.

 

That's a real good rate. Searched the internet and I got 5.35% from E-Loan through Sam's Club, must be a member to get the discount from the normal E-Loan rate. Costco which goes through Capital One was slightly higher.

Alex

 

I don't mean to be a smart***, but what ever happened to saving and earning interest until there was enough to pay cash? The total cost of the car would be much less and no debt. I suspect that we would be better shoppers too, cause it would be harder to let go of $20,000+ at one time. Many would probably buy a 1 or 2 year old car and still have several thousand in the bank. In todays market, all we worry about is what is the monthly payment and most don't even know how much total interest is paid.

In another month, we will be completely debt free with our retirement secured. As I look at the past 40 years, I could have saved many tens of thousands of dollars if I would have saved more like my parents and paid cash when I bought things like cars, boats and motorcycles. Our home and business were the only two purchases that payments and interest were justified. I guess learning later is better than never.


Doug

 

Hi~ Good rate! I too have excellent credit and am getting the same. Why r u paying $275!? U can get a home equity line if u own a home and the interest is DEDUCTable!!!!!!!!!!!!!!

Good luck!
Barry

 

that sounds the norm...good job.

i got 48 month loan for 4.85 (with direct deposit) through my credit union (western/trw). You can join if you are a Surfider Member

 

i don't mean to be a smart*** either, but money has a cost. if you can earn more with the money than you are paying for it, then you should borrow money.

this is how you get rich.

this is a wash, and i still have to pay insurance, but my CU is offering an 18-month CD at 5.1% and an auto loan at 4.7%. so for 18 months i can have the car "free", and out-of-pocket is just the monthly principal that i have to pay.

 

Eh, eh, Eh! Because of our system we are allowed the opportunity to live w/more desirous needs and ENJOY the moments. Great that u have the future financially stable/secure! Sounds like u did it the best way u wanted and seems pretty "right" to me!" Personally it's afforded me comforts I do not regret and because of investments I'm more financially secure in the long run. LEt go of the regret. As a wise friend shared with me..."When I was told I couldn't take it with me...I responded: "I ain't going!"

 

Except you'll have to pay taxes on the 5.1% you earn on the CD, and you won't be able to deduct the 4.7% you pay on the loan. I don't know your tax situation, of course, but I suspect you'll lose money on the deal, though you'll have to run your own numbers to quantify it.

Joe

 

if i werent in the tax situation that i'm in, i could deduct the auto loan interest because its actually an auto/home equity loan.

i plan on paying off the car before the crossover point. i was already looking for a place to park some cash so this was just a bonus for me.

the right thing to do is just go invest the loan money in the market, but i already have enough exposure there

 

I use my CU Pentagon Federal Credit Union (penfed.org) as a benchmark, since they tend to be very competitive, and often the best rates around.

5.29% for 60 months.

BTW, non military members are welcome. You just have to contribute a couple dollars to some para-military support org as a gesture. Details on the website.