for a used car loan?

5/18/2006 5:35:18 PM

unfortunately right now it is

assuming you have decent credit / going through a bank / 48mo-60mo loan

[Edited on May 18, 2006 at 5:37 PM. Reason : .]

5/18/2006 5:36:15 PM

I thought so

This is with USAA. I'm assuming I'll be hard-pressed to find anything better.
36mo is what I'm going to ask for. Yes to decent credit

5/18/2006 5:37:19 PM

unfortunately? that's always a great rate on a used car. oh, it's usaa, no wonder it's so low. i imagine it'd be more like 9 at most banks even with good credit

[Edited on May 18, 2006 at 5:39 PM. Reason : usaa]

5/18/2006 5:38:32 PM

this time last year you could get 5.5% pretty easily

a lot of banks are giving ~8% right now for used cars - dealerships will probably give you lower assuming they have in-house financing

[Edited on May 18, 2006 at 5:40 PM. Reason : .]

5/18/2006 5:39:17 PM

It's a fair rate. SECU has 6.25%.

5/18/2006 5:57:34 PM

I'm part-time, so I'm not eligible for the payroll deduction req'd for that rate.

5/18/2006 6:06:45 PM

i got mine in june/03 and it was like 4.7 then

5/18/2006 6:09:44 PM

I picked up 6.0% on a 48 month loan from Truliant about 2 months ago. Check their website, they usually have great rates.

5/18/2006 8:31:28 PM

i got 4.5% couple years back on mine from secu. now you're looking at 6.25%

5/18/2006 8:45:12 PM

Quote :

"I'm part-time, so I'm not eligible for the payroll deduction req'd for that rate."

The payroll deduction thing isn't true. I got the lower rate and they just deduct it from my checking account. If you are eligible otherwise, you should ask about that.

5/18/2006 10:28:52 PM

my car loan has a 4.3% interest rate

5/18/2006 11:44:26 PM

It's a good idea to get that now, rates will rise in the future. DUH!

5/19/2006 12:01:39 AM

i got 5.45% on a new car for 60 months

i'd say 6.65% is pretty good if the car is older than 3-5 years or so

5/19/2006 12:11:12 AM

unless it's a "newer" old car, IMO, you're better off taking a 0% APR credit card cash advance or something...I know some credit cards will give you upto $10k if you have a decent history.

But then, if you have to get a loan to get a sub $10k car, then maybe you're better off getting something cheaper.

5/19/2006 12:16:23 AM

Quote :

"he payroll deduction thing isn't true. I got the lower rate and they just deduct it from my checking account. If you are eligible otherwise, you should ask about that."

So it's automatic withdrawl, and not payroll.

Quote :

"'d say 6.65% is pretty good if the car is older than 3-5 years or so"

Quote :

"unless it's a "newer" old car, IMO, you're better off taking a 0% APR credit card cash advance or something...I know some credit cards will give you upto $10k if you have a decent history. But then, if you have to get a loan to get a sub $10k car, then maybe you're better off getting something cheaper."

Gargs, APR on cash advances (on my card) is 18%. I don't recall ever having seen 0% APR on cash advances, even for promotions. Balance transfers, and new accounts, yes.
Anyway, there's absolutely no reason for me to be spending anything near 10K on a car. Even if I had the cash, I wouldn't spend that much.

Quote :

"my car loan has a 4.3% interest rate "

:green: my student loans are at 4.7 . GG

5/19/2006 1:01:27 AM

whoa

18% is bad.

I did get 0% APR on cash advance many times...

5/19/2006 1:21:42 AM

this reminds me that i need to refinance after i get the home loan

5/19/2006 2:32:06 AM

Quote :

"So it's automatic withdrawl, and not payroll."

Yes. For me at least. There may be other requirements (state employment?, credit history?).

5/19/2006 7:46:29 AM

USAA was offering like 4.3% a few years ago when I got mine. Course this is better than the guys I met who had like 4% interest rates COMPOUNDED DAILY. (Apparently, the car dealerships thought they could get away with putting that in really really fine print). Plus, from what I've known with everyone who's dealt with USAA, you're getting people that will work with you on your loan. Plus the fact that they automatically deduct it from your bank account every month makes things so much easier than mailing stuff in.

[Edited on May 19, 2006 at 9:15 AM. Reason : .]

5/19/2006 9:14:00 AM

Quote :

"Gargs, APR on cash advances (on my card) is 18%. I don't recall ever having seen 0% APR on cash advances, even for promotions. Balance transfers, and new accounts, yes."

with Citi (and a couple other CC issuers), you can balance transfer a check to yourself and get the promotional rate (0% for a year, blah blah).

I should know, I'm currently earning interest on $$,$$$ of Citi's money.

5/19/2006 9:17:34 AM

I got 6% on a new car just last week. Right now, secu is offering the lowest at like 6.25%

So yea, that's about market rate you're getting.

5/19/2006 10:08:00 AM

man, I'm glad i bought last year.

we got a new car (2005 jetta tdi) at 2.9% and a used car (2004 4runner) at 4.4% just a year ago.

5/19/2006 10:39:44 AM

Quote :

"unfortunately? that's always a great rate on a used car. oh, it's usaa, no wonder it's so low. i imagine it'd be more like 9 at most banks even with good credit"

please read all the replies now

5/19/2006 10:47:29 AM

USAA is the greatest. Thanks, Dad.

5/19/2006 3:32:43 PM

i put my Jeep on a credit card at 2.9%. As long as I didn't make a late payment it would stay at 2.9%....but one single late payment and 11.9%.

I paid it off and still have the 2.9%.

5/19/2006 3:40:40 PM

How did you go about putting it on your credit card? I imagine this was at a dealership?

5/19/2006 4:20:19 PM

i bought a motorcycle on a Suzuki credit card one time...that's how the dealer financing worked.

Quote :

"But then, if you have to get a loan to get a sub $10k car, then maybe you're better off getting something cheaper. "

not necessarily...opportunity cost


I'm getting ready to buy a new car and probably a jet ski. I'll prob pay cash for the jet ski, but finance the car, because I can get a better than 6.5% return on that money elsewhere.

5/19/2006 4:28:42 PM

All I am saying is that paying 6% interest on a sub 10k vehicle doesn't make sense.

5/19/2006 4:35:11 PM

It makes perfect sense, and I'd rather pay something like 6K on 2K, than any %age on 10K.

5/19/2006 4:40:46 PM

or you could just save 2k before thinking about buying a car and not have to pay any interest.

5/19/2006 4:46:04 PM

Quote :

"or you could just save 2k before thinking about buying a car and not have to pay any interest."

Yeah, I have been. In an ideal world, I could buy my car outright; however, life doesn't always consider how much you have saved before making personal transportation a necessity.

In my opinion, the ~$300 I end up spending to borrow the money is an acceptable cost to the benefits of having a car now, rather than later. You're welcome to disagree. I don't really care what you think about my personal finance decisions.

I didn't ask for anyone's judgement on my decision - just if my impression was correct.

5/19/2006 4:51:56 PM

then don't band sense and emotions together.

5/19/2006 6:01:37 PM

financing isn't the devil. like i said, i'm about to finance a car that i could easily pay for outright in order to free up more money for investing, because while I'm paying 6.5% interest on the car, I'll be getting a greater return than that with the extra money that I didn't use to buy the car.

5/19/2006 8:04:24 PM