Loan Rates
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Professional
Joined: Nov 2006
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From: Northwest Fl, Eglin Air Force Base
Will keep in mind.
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Professional
Joined: Nov 2006
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From: Northwest Fl, Eglin Air Force Base
Thank you.
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Professional
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From: Northwest Fl, Eglin Air Force Base
I've got an interesting related story.
Less than a week ago, I bought my (first) Dodge Ram. Before that, I was shopping loans with a couple banks.
My own bank, offered me a loan with a 72 month term at 12.9%. I don't have stellar credit, so this didn't phase me much. I was actually willing to use that loan, until I made a couple more calls.
I called another big bank, and they offered me a 60-month loan at 4.7%. They said I had better-than-average credit.
As I was closing the deal at the Dodge dealership, I asked the finance-guy if he could beat the 4.7% loan. I think the finance guy's computer was broken, because he ran a quick credit check on me and offered a 60-month loan at 3.5%.
I check my credit report about... once a month or more. Trust me, if I can get a 3.5% interest rate on $15,000 loan -- there is hope for us all.
Oh... Hello everyone! I've been lurking for a few weeks.
Less than a week ago, I bought my (first) Dodge Ram. Before that, I was shopping loans with a couple banks.
My own bank, offered me a loan with a 72 month term at 12.9%. I don't have stellar credit, so this didn't phase me much. I was actually willing to use that loan, until I made a couple more calls.
I called another big bank, and they offered me a 60-month loan at 4.7%. They said I had better-than-average credit.
As I was closing the deal at the Dodge dealership, I asked the finance-guy if he could beat the 4.7% loan. I think the finance guy's computer was broken, because he ran a quick credit check on me and offered a 60-month loan at 3.5%.
I check my credit report about... once a month or more. Trust me, if I can get a 3.5% interest rate on $15,000 loan -- there is hope for us all.
Oh... Hello everyone! I've been lurking for a few weeks.
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Professional
Joined: Nov 2006
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From: Northwest Fl, Eglin Air Force Base
Wow man!
Record Breaker
Joined: Mar 2008
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From: Oregon
I got my loan from a credit union here in Oregon, and I got my rate at 4.49% and I'm only 20 years old. Its all about how well you have used your credit and your income to debt ratio along with your worth to debt ratio.
Over time I've earned myself a 700 plus credit score which puts me above nearly 50% of Americans only at 20 years old. Of course at 20 years old I also earn more than the average American household right now, but still, I know a lot of people who earn a lot of money, and get themselves way over-extended.
Over time I've earned myself a 700 plus credit score which puts me above nearly 50% of Americans only at 20 years old. Of course at 20 years old I also earn more than the average American household right now, but still, I know a lot of people who earn a lot of money, and get themselves way over-extended.
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Professional
Joined: Nov 2006
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From: Northwest Fl, Eglin Air Force Base
I got my loan from a credit union here in Oregon, and I got my rate at 4.49% and I'm only 20 years old. Its all about how well you have used your credit and your income to debt ratio along with your worth to debt ratio.
Over time I've earned myself a 700 plus credit score which puts me above nearly 50% of Americans only at 20 years old. Of course at 20 years old I also earn more than the average American household right now, but still, I know a lot of people who earn a lot of money, and get themselves way over-extended.
Over time I've earned myself a 700 plus credit score which puts me above nearly 50% of Americans only at 20 years old. Of course at 20 years old I also earn more than the average American household right now, but still, I know a lot of people who earn a lot of money, and get themselves way over-extended.
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Joined: Feb 2010
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From: Monterey, CA
I got my loan from a credit union here in Oregon, and I got my rate at 4.49% and I'm only 20 years old. Its all about how well you have used your credit and your income to debt ratio along with your worth to debt ratio.
Over time I've earned myself a 700 plus credit score which puts me above nearly 50% of Americans only at 20 years old. Of course at 20 years old I also earn more than the average American household right now, but still, I know a lot of people who earn a lot of money, and get themselves way over-extended.
Over time I've earned myself a 700 plus credit score which puts me above nearly 50% of Americans only at 20 years old. Of course at 20 years old I also earn more than the average American household right now, but still, I know a lot of people who earn a lot of money, and get themselves way over-extended.
One of the credit unions think I'm a big risk, and the other thinks I'm golden. It gets even screwier.
Some of the banks have weird systems about offering ultra-low financing. Some of them will give one person a day per branch a great rate and nobody else for the rest of the day (this told to me by a friend who works at BofA). Then, maybe the next day, or maybe not, someone else will be the lucky person to get that killer 1.9% deal all because they happened to show up at a particular time of day. They do this so they can truthfully advertise ultra-low rates-- even though only a fraction of applicants will get them.
Then there's just having the luck of finding a good deal on a car at a dealership that really wants/needs to make a sale. This was definitely my case, where they offered a hugely better loan than what I had based off of a credit score (and my stated income). If they had looked any deeper, there's no way it would have happened. I don't think they wanted to find anything bad, they just wanted to make a sale.
Of course -- you're not very likely to have much "luck" with a bad income to debt ratio/etc.etc.
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Joined: Jun 2009
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Last year My sister got a 5yr loan at 12% for a Chevy 2500. Later in the year she claimed Chapter 7 and completely discharged $60K in debt and voluntarily surrendered the truck for repossesion. About 3 months after the discharge she bought a brand new(0 miles) $40K car, She got a full loan 7year and 5.45%.
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Professional
Joined: Nov 2006
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From: Northwest Fl, Eglin Air Force Base
Last year My sister got a 5yr loan at 12% for a Chevy 2500. Later in the year she claimed Chapter 7 and completely discharged $60K in debt and voluntarily surrendered the truck for repossesion. About 3 months after the discharge she bought a brand new(0 miles) $40K car, She got a full loan 7year and 5.45%.