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fartjuice | Am I getting a good auto loan rate? |
I'm taking out an auto loan for $32,000. My credit union has offered me 5.5% for 72 months. Is that a good rate? I have looked at several other places and they all want a minimum of 6.9%. My rate seems too good to be true. Is it?
By the way, I have excellent credit (FICO over 800 with NO debt).
Thanks!
Additional Details
It's a new car, but the there are no special financing offers because it's in high demand. I've read all of the fine print, and it seems fine. It's 5.5% 72 months and the payments are $510.?? a month. |
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sosezshe
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KUDOS to you for such a great credit score! Yes, 5.5% is a good rate however, it is for 72 months. Do you have the option of paying extra each month so that you can pay it off earlier? Are you required to keep a certain balance in your savings/checking inorder to keep this rate? Most credit unions offer lower interest rates however, many times thay come with strings atached.
Is the 6.9% based on 72 months as well? If not you are comparing apples to oranges. What are the details of the financing package, how do they comapre with the credit unions?
Just a few things to consider before you sign on the dotted line.
Best of Luck |
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meandnadine
 |
Sounds like a good rate.
A lot of dealers are offering really low rates if you finance with them.
I have recently seen 0% financing on select vehicles.
may be worth looking into. |
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markpwilms41m
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5.5% is an excellent rate, but I have another idea: Why don't you save the money, and pay cash for it. You could save almost $20,000, and you would have the satisfaction that you have now: that you don't owe anyone anything. I am almost 43, and have never had a car loan. I have always paid cash for my cars, and have no regrets. |
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jamocha almond fudge
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Absolutely a great rate. It's hard to find good rates like those these days |
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Scaredy Kat
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That's a really good rate. |
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mikeydee3937
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That's a good rate. But as others have said it's for 72 months. This is fine, but just pay extra on the months that you can afford too. Also, with your credit score comes greater bargaining power on your side. Use that to your advantage next time and demand certain incentives. Because I guarantee you that the dealership knows that you could go anywhere else and get just as good if not better deal and they we'll usually lower overall costs and rates to keep you on there lot. Congratulations and good luck with your new car!!
http://best-auto-info.com/loans.html Loan information, links and an easy loan calculator. |
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sami_sam
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You said something about making over 5.5% on your investments and thats why you wont pay cash for it, but just something else to think about:
inflation rises at about 4% a year. So unless you are really making over 9.5%, you wouldnt be benefiting from that. I'm suprised your financial advisor didnt tell you that! That was one of the first things mine pointed out to me... |
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donniebre
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It sound like you don't need advice. You have done your research. 5.5 is a great rate. I think 4.99 is the lowest. Your financial advisor should have admonished you however for paying any amount of interest, when there are suitable alternatives for 0%. But if you really like this car then yes 5.5 is great. Get it and enjoy it. |
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~Josie~
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It's a good rate if it's a used vehicle. If it's new, usually they offer 0% financing. |
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grgyssf
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that does seem to good to be true read the fine print |
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kate
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WOW , those are going to be some mongo payments and insurance bills .
Too bad none of that % is tax deductible ,
But if you gotta have it , 5.5% ain't bad .
> |
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