jmcrtp

I was just curious so I checked my credit unions webpage and they're offering car loans at 4.75%. I was paying 6.5% from when I bought the car a year ago. It was hassle free, only had to sign a new contract. Pymt went down 25 bucks per month just continuing the current terms (4 more years). Just a friendly reminder to see if you all can get a better deal with current rates being low.

Oh yeah, before anyone chimes in with their 2.9% from acura or whatever, I did not have the Beacon score to finance through Honda at the time. Traditional banks were higher than 6.5% at the time also.

-Jon

6mt

i used home equity line of credit. i'm paying about 3.49 and that's tax deductible. on the top of that, the only payment i'm required to make is the interest alone, so if i'm broke due to buying mods, all i have to pay is roughly $90/month. obviously i always pay more, but it's good to know that the option is there if i need it.

jmcrtp

Nice... I just bought a new home and have an 80/15/5, the 15% is a home equity loan. Once I pay it down some I plan to fully take advantage of that line of credit being tax deductable.

6mt

another thing i do is refinance "chunks" of my loans with 0% credit card offers. it's the best b/c it's like borrowing for free and it brings down an average apr. it's the easiest to do with a home equity line of credit because as the 0% offer expires you can just write them a check for the remaining amount and put it back with your original loan. i love doing it as it's my way of paying back to the credit card companies for raping me during my college years