Best loan rate for 2006 prius

Auto Club FCU...nevermind on that one. It's only open to membership for employees of the Auto Club and family members of employees. Bah!!

I'm going with Costco/Capital 1 (5.4% right now...5.3% if I become an Executive Member at an additional $55/year on the membership fees).

I'm tired of dealing with this credit union crap...the only 3 local (w/in 15 miles) CU's I've found that I'm eligible to join that also have competitive auto loan rates are Wescom (5.49%), LBS FCU (5.35%) and Eagle CU (4.95% w/10% downpayment, 25K max loan amount).

I don't want to have to open yet another account with yet another financial institution just to get a frickin' car loan. I'd much rather do the 'blank check' thing w/Capital 1 and Costco, both of whom I trust, rather than open an account and begin a loan with a company I know virtually nothing about. And when I'm sitting in the office at Toyota and financing comes up, I'll ask them if they can give me a better deal than the 5.4% (Toyota Financial's website shows a rate of 7.2% for folks w/credit score of 730+) and if they can, I'll go with them. If they can't, I'll use that blank check right then and there. :blink:

 

Thanks for sharing your loan efforts with us Rancid13. Good info... I am going to try Capital one too. E-loan came back with a 7% rate.

 

No problem...it can be harrowing at times, especially with watching rates rising over the last few months and knowing I can do nothing about it, considering my car won't arrive until January anyway. I just did some quick calculation on the Costco loan rate: if you pay the additional $55 to upgrade to an Executive Membership and get an additional .10% off the rate to a 5.3% rate, it will save you (based on a 60-month term, ~28K loan), an average of $3/month compared to the 'regular' rate of 5.4%. Not worth the upgrade, IMO.

 

Capital 1 called Sat. to ask how I wanted my blank check delivered. (When I said, " 'snail mail' will be good enough", the young man laughed and said, "Good one---never heard that before!")

Sooner you get approved, the better. If your car doesn't come in during the first 30 days, you can still "lock in" that rate for two 45-day extensions simply by calling them.

 

Awesome, thanks. I'm getting approved today.

 

My emloyer's credit union (Northrop Grumman FCU) offers 4.00%, but with a risky variable APR. They offer 4.75% fixed for four years. Those values have gone up a quarter point since I started in October. I also have an OCTFCU account, which is even lower at 4.50% for four years. Both of these are for members with above average credit.

It's important to note that most CUs require you to use an automatic deduction from the CU account to recieve the good rate. (Both of mine do).

Oh yeah,