what interest rate are members paying on their loans?
04-21-2004 | 11:44 AM
#41
Team Anthracite Member
Joined: Apr 2004
Posts: 2,366
Likes: 0
From: NJ
Nope. Dealer was dancing around me with all sorts of rates, but would not come lower or close enough to Capital One rate. Its another part of the process that they rape people.
Originally Posted by xpditor42
The rate is set by the financial institution and it is based on your personal profile. They put a lot of weight on a "Beacon Score" (credit). This takes a lot of factors into consideration. Think of it as a computer statistical analysis of everyone who has financed anything, considering such obscure facts such as your marital status, the type of car, your education, - etc. It's all valid business factors in deciding how you predict this person is likely to be problem free. Then, you give the best rates to whom you feel are the best trouble-free profiles.
Credit Bureaus will give you a copy of your report and your Beacon Score for a few bucks if you contact them online. One is www.experian.com. There are three main ones and each of them will sell you a package of all three reports. They also tell you WHY your score is what it is and what you can do to improve it.
I think the top is 800. They look favorably on anything over 650 (I have heard). In many cases, financing is approved by a computer in a matter of seconds and the rate is based on said Beacon Score.
Credit Bureaus will give you a copy of your report and your Beacon Score for a few bucks if you contact them online. One is www.experian.com. There are three main ones and each of them will sell you a package of all three reports. They also tell you WHY your score is what it is and what you can do to improve it.
I think the top is 800. They look favorably on anything over 650 (I have heard). In many cases, financing is approved by a computer in a matter of seconds and the rate is based on said Beacon Score.
04-22-2004 | 09:11 AM
#43
Instructor
Joined: Dec 2003
Posts: 140
Likes: 0
From: Raleigh
I got a home equilty line of credit for 'Prime + 0%'. Prime is currently 4%. Considering the line of credit is tax deductable, that effectively makes my interest rate about 3%.
However, soon after I got the car, I transfered the entire loan over to my 0% mastercard. I'm going to pay off as much as I can on the Mastercard until Feb2005 (that's when the 0% runs out).
Come Feb2005, I will transfer whatever is left back over to my Prime + 0% line of credit.
I dig playing the numbers game. All in all, I bet I will only save about $200 in interest tho, heheh.
However, soon after I got the car, I transfered the entire loan over to my 0% mastercard. I'm going to pay off as much as I can on the Mastercard until Feb2005 (that's when the 0% runs out).
Come Feb2005, I will transfer whatever is left back over to my Prime + 0% line of credit.
I dig playing the numbers game. All in all, I bet I will only save about $200 in interest tho, heheh.
04-22-2004 | 05:21 PM
#44
My name is RL.
Joined: Feb 2004
Posts: 244
Likes: 0
From: North by Northwest
Those are MY few cents.
Originally Posted by TBone2004
wow, in NJ they were way higher than that - then the day of the deal, they tried to come close to the rate I got online, but were still higher - 3.59. The guy tells me, oh, its only a few cents more - yeah, exactly knucklehead - so why don't you at least match my quote! Odd, because for my '02, they matched with no questions asked. Is it dealer discretion or something?
04-22-2004 | 09:10 PM
#47
Racer
Joined: Aug 2003
Posts: 432
Likes: 0
From: Lake Hartwell, SC
Started at 4.25 for 60 months with my CU. Dealer beat this with a 3.95. I went with this rate in December, but my CU came out with a special in January of 3.25 for 60 mo. Refi-ed with them and saved a little more. (I made sure on the bank loan that there were not any prepayment penalties or other "gotyas" so I could refi if I found a better rate.)
04-23-2004 | 07:37 AM
#49
Cruisin'
Joined: Apr 2004
Posts: 23
Likes: 0
My credit rating has taken a 100 point beating in the last 9 months from buyin a house, two other cars, moving and credit checks for utilities, trying to buy another house that fell through at the last momoment. My credit union was going to give me 5.25% 
What a joke.
Acura finance guy got me 3.25% with any time period upto 60 months with pretty much any amount financed. I told him I would just use my HELOC to buy the car since interest rate was deductible and the flexibility to pay it off fast or pay less per month since it would be based on 15years.
I put a lot down so he didn't make as much and wasn't to happy. I guess I could have got it lower but I am happy enough.
What a joke.Acura finance guy got me 3.25% with any time period upto 60 months with pretty much any amount financed. I told him I would just use my HELOC to buy the car since interest rate was deductible and the flexibility to pay it off fast or pay less per month since it would be based on 15years.
I put a lot down so he didn't make as much and wasn't to happy. I guess I could have got it lower but I am happy enough.
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