Car Loan over the Internet

[PricklyPete]

Well I finally purchased a "new" used car and got a loan rate of 6.95%. I used to have a rate of 5.95% on my old truck, but I had bought that new and I realize that you get better rates for newer vehicles than used vehicles. My "new" vehicle is a '99 Mazda Millenia S with just 29K miles on it. Everyone I have talked to has said that I got a really good rate at 6.95% on a '99, but I would like to see if I could get better rate on the internet since so many sites advertise really low rates. I went to PeopleFirst and E-Loan already. I am waiting on the quote from E-Loan and the quote from PeopleFirst was 7.95%. Are there any other online load agencies that I should try?

Thanks.

 

[RossMAN]

If you are a member of a credit union check with them first.

For instance my CU is offering rates starting at 4.4% and higher for new and used auto loans, of course certain restrictions apply.

If you aren't a member of a CU then you should join one.

 

[PricklyPete]

Side question: In all honesty, I don't really understand the benefits of a Credit Union over a bank and why I should be a member of one. What are the benefits?

 

[Armitage]

I have my car loan through PeopleFirst. I found they were very competative for new car loans, but high for used.

 

[Doggiedog]

Originally posted by: ergeorge
I have my car loan through PeopleFirst. I found they were very competative for new car loans, but high for used.

Same here. I tried eloan first but they only offer loans to specific car dealerships and the one I got my car from wasn't on their list.

 

[JeffreyLebowski]

Online Car loans area joke. I tried it and they all said, nope sorry. I went to a dealership and they were like here ya go, you're approved for 20K

 

[PricklyPete]

Just and update:

I ended up joining a Credit Union associated with the Hospital my father works at. For making a 5 dollar deposit in an account, I was able to get a loan for 5.25% on the Millenia. This is great because it it saving me quite a bit over the long run ($800).

Anyone getting a car loan on a used car, definitely look into a CU. Thanks for the advice Rossman.

 

[iamwiz82]

i got a 6% loan for a 1993 Grand Cherokee, but it was paid off within a month. Had to have teh money ASAP, though.

 

[radioouman]

Originally posted by: PricklyPete
Just and update:

I ended up joining a Credit Union associated with the Hospital my father works at. For making a 5 dollar deposit in an account, I was able to get a loan for 5.25% on the Millenia. This is great because it it saving me quite a bit over the long run ($800).

Anyone getting a car loan on a used car, definitely look into a CU. Thanks for the advice Rossman.

I agree with Rossman. I have been a member of a credit union as long as I have been making money. They always have better deals on loans than other sources. One of the reasons is that CUs are non-profit, so there isn't anyone at the top getting fat and rich. It is more-or-less member owned.

 

[StageLeft]

Originally posted by: iamwiz82
i got a 6% loan for a 1993 Grand Cherokee, but it was paid off within a month. Had to have teh money ASAP, though.

How the hell did u get that?

 

[RossMAN]

Originally posted by: PricklyPete
Just and update:

I ended up joining a Credit Union associated with the Hospital my father works at. For making a 5 dollar deposit in an account, I was able to get a loan for 5.25% on the Millenia. This is great because it it saving me quite a bit over the long run ($800).

Anyone getting a car loan on a used car, definitely look into a CU. Thanks for the advice Rossman.

Congrats and here's why Credit Unions are BETTER than Banks.

Nice rate BTW.

 

[iamwiz82]

Originally posted by: Skoorb

Originally posted by: iamwiz82
i got a 6% loan for a 1993 Grand Cherokee, but it was paid off within a month. Had to have teh money ASAP, though.

How the hell did u get that?

we had the money to actually pay off the loan in savings.