need a loan...
Joined: Apr 2004
Posts: 2,897
Likes: 1
From: Cherry Hill, NJ
No way.
The only way to beat that rate is to move the loan around on low interest credit cards, assuming you can find a good offer.
If you get a card that gives you a fixed rate of 2.9% on balance transfers, that would be a good deal. I just got that offer recently.
The only way to beat that rate is to move the loan around on low interest credit cards, assuming you can find a good offer.
If you get a card that gives you a fixed rate of 2.9% on balance transfers, that would be a good deal. I just got that offer recently.
Only a few manufacturers are offering rates below 5% for 60 months.
Registered User
Joined: Dec 2005
Posts: 10,106
Likes: 5
From: Connecticut
He's refinancing.. so used car. My credit union gave me 5.07% back in March on a refinance of 36 months, although the rate was good for up to 72.. Their current rate is 5.55%. 5.2% is excellent.
Joined: Oct 2003
Posts: 11,949
Likes: 474
From: MAHT-O-MEDI
The current new car rate at my bank is 6% for 60 months and 5.6% for 48 months.
What pisses me off is that the fed has dropped rates twice now without any movement in those by my credit union.
These loans are however a new product called a "tax advantage" auto loan where it is classified as a home equity for tax purposes but the car title is still the collateral. In other words, tax deductable making them about 4% effective rate for home owners.
My credit union also gives you "loyalty points" for interest earned, paid, and other things. I have earned enough to knock .5% off my next loan.
They also let you classify a one or two model year old car as a "new" car for refinancing.
I bought an 07 at 6% for 60 months. In January when I have 48 months left, I will refinance as new at the 48 month rate of 5.6% minus my .5% discount down to 5.1% for an effective rate after taxes of about 3.35%.
Its Affinity Plus Federal Credit Union if anyone likes the rates and owns a home to qualify for the product. You need to keep a $10 checking account balance and have direct deposit of the loan payment in order to get those rates. Loans are generally pretty good, but the interest they pay on money market accounts is LAUGHABLY low. Around 1%.
What pisses me off is that the fed has dropped rates twice now without any movement in those by my credit union.
These loans are however a new product called a "tax advantage" auto loan where it is classified as a home equity for tax purposes but the car title is still the collateral. In other words, tax deductable making them about 4% effective rate for home owners.
My credit union also gives you "loyalty points" for interest earned, paid, and other things. I have earned enough to knock .5% off my next loan.
They also let you classify a one or two model year old car as a "new" car for refinancing.
I bought an 07 at 6% for 60 months. In January when I have 48 months left, I will refinance as new at the 48 month rate of 5.6% minus my .5% discount down to 5.1% for an effective rate after taxes of about 3.35%.
Its Affinity Plus Federal Credit Union if anyone likes the rates and owns a home to qualify for the product. You need to keep a $10 checking account balance and have direct deposit of the loan payment in order to get those rates. Loans are generally pretty good, but the interest they pay on money market accounts is LAUGHABLY low. Around 1%.
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Registered User
Joined: Nov 2006
Posts: 1,023
Likes: 0
From: San Francisco, CA
Originally Posted by DiamondDave2005,Nov 8 2007, 06:45 AM
No way.
The only way to beat that rate is to move the loan around on low interest credit cards, assuming you can find a good offer.
If you get a card that gives you a fixed rate of 2.9% on balance transfers, that would be a good deal. I just got that offer recently.
The only way to beat that rate is to move the loan around on low interest credit cards, assuming you can find a good offer.
If you get a card that gives you a fixed rate of 2.9% on balance transfers, that would be a good deal. I just got that offer recently.
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