Where to get a loan

Hey guys,

Where would I be able to get the lowest rate on a long 60 or 72 month term new purhcase?

 

toyota?

 

Nope either a Ford or GMC

 

junk yard because they know its coming home to them soon

 

I'm not sure how it is in the states, but up here the absolute best rates are always from the manufacturers. For example, Toyota might offer 4.9% for 60 months, but the absolute best a bank can do, even for an excellent customer with perfect credit would be around 9%, maybe 8.5% if you have a mortgage etc. with the same bank.

Thought I'd throw that out there.

 

Either a "special" rate from the manufacturer or a credit union.

 

Credit Union......both our vehicles financed at CUs.......lowest rates we could find.

 

Toyota is 3.9 right now 60 mos. on tacomas. My 60 month loan with them was 2.9

 

Any credit union? Which CU's are probably the lowest or how can I find this out

 

Unfortunately that special rate won't apply to me because I will be getting all the rebates off of the price etc.

 

Just refi'd my house on a 5/1 ARM. 3.640 APR.

 

Our Nitro we bought in 07.....the Dodge dealer brought back interest rates from like 4 sources & a small CU has a deal with that dealership. It was the lowest so we took it.

My Tacoma is financed through a CU I've been a member of since I was 18 and back then they may have had 300 members. The manager there I've known for 15yrs & now she's my neighbor.....every little bit helps

Just call a CU and ask for the new car rates.

 

Is there any regulations as to how long I am a member of the CU?

 

I would talk to the dealer first about that. When I bought my truck it was either 3.9% or 1000 cash back. They will calculate and tell you which would be better for you depending on how much downpayment you put and how long you plan on financing for. I put 10K down and financed for 3.9% for 36months. I ended up saving more than 1000K in the long run, so I would check that out before you think getting rebates will save you more.

 

All these credit unions that I am finding rates for online are like 5.7% fixed

 

Nothing at all wrong with that rate. Mine is 5.5% But I bought mine in '07.

 

Arms are scary, especially right now with interest rates set to explode upwards (that's the only thing that can happen since we will see high inflation due to the massive govt (over)spending). Plan your income around payments based on an APR of 5.64% and you should be fine.

 

Credit Unions are usually the lowest? What's your FICO score?

Lowest rate I have seen around Central CA is 3.99% thru Educational Employee's Credit Union. Max term is 72 months. But I think you have to be a 750 FICO or above.

My FICO is 720 and I am no longer considered Tier 1. Most bank and credit unions have raised their Tier 1 score to a minimum of 750. I talked to a local credit union recently and their Tier 1 is now 780 and above! With the credit market tightening up it is a lot hard to get qualified for any type of loan. Your FICO is everything and everyone should know what their's is.

 

my high score is like 760's but my mid is 730's I could pay down a credit card and probably squeeze some more points i think.

I am going to look up that credit union that is really low!