car loan

[DaVortex]

My parents recently bought a 2004 Mercury Grand Marquis. They got a 60month loan at 7.9% and have 52 payments remaining.

My mother just called me and asked if I can find a place that will give a less %. I am not too familiar on where to look, was wondering if someone can help me out.

Also do you think its possible to get a lower % then 7.9.

 

[RossMAN]

Originally posted by: DaVortex
Also do you think its possible to get a lower % then 7.9.

Yes it's possible but it depends on their credit.

What city/state are you in?

 

[DaVortex]

Bergen County, NJ


If they get a lower % I plan to put it into my name since they dont have such good credit.


Has anyone tried e-loan?

 

[RossMAN]

I would join a local CU such as Paragon FCU which offers vehicle loans as low as 4.49% APR.

We financed our new 2002 Honda Accord through the dealership for 10.50% (I didn't care I was just happy to be approved). After making on time payments for 1 year, we re-financed with a local CU at 4.75%.

 

[Yax]

If you have good credit, here's a trick that many people don't consider:

Call your Bank one credit card company or open an account if you don't already have one and increase your credit limit.

Use your Bank one credit card check to pay off the loan and get the 3.9% fixed APR for the life of the loan. Don't use that cc again till the loan's paid off.

Then, just ensure that all your payments reach bankone on time (maybe setup automatic epayments) and you're good to go.

😉

BTW, if you're going to do this, you should also cancel all other credit cards that are remotely associated with bankone. That way you don't default on any of them and bankone doesn't have any reason to increase your interest rate.

 

[sygyzy]

Definitely use a local CU. 3.95% here.

 

[DaVortex]

Originally posted by: RossMAN
I would join a local CU such as Paragon FCU which offers vehicle loans as low as 4.49% APR.

We financed our new 2002 Honda Accord through the dealership for 10.50% (I didn't care I was just happy to be approved). After making on time payments for 1 year, we re-financed with a local CU at 4.75%.

RossMAN,

Is it a rule that you have to pay ontime each month for 1 year?

 

[woowoo]

Local credit union is usually the best.

 

[RossMAN]

Originally posted by: DaVortex

Originally posted by: RossMAN
I would join a local CU such as Paragon FCU which offers vehicle loans as low as 4.49% APR.

We financed our new 2002 Honda Accord through the dealership for 10.50% (I didn't care I was just happy to be approved). After making on time payments for 1 year, we re-financed with a local CU at 4.75%.

RossMAN,

Is it a rule that you have to pay ontime each month for 1 year?

No, I was just extra cautious since this was our very first new car loan.

I've gotten so used to being declined that I was mentally and emotionally prepared for the CU to decline us but they approved us instead 🙂

 

[JulesMaximus]

7.9% on a Mercury? Jeezus that's high. They have bad credit or something?

 

[Kev]

jesus christ, i got 2%

 

[DaWhim]

Originally posted by: JulesMaximus
7.9% on a Mercury? Jeezus that's high. They have bad credit or something?

2nd'ed

penfed?

 

[archcommus]

Problem with a CU is you have to have an account there. So what do you guys do if you aren't a member already, open an account with the minimum balance and then say "Okay, now I'd like a loan."?

 

[RossMAN]

Originally posted by: archcommusSo what do you guys do if you aren't a member already, open an account with the minimum balance and then say "Okay, now I'd like a loan."?

Yep and it cost me a WHOPPING $5 savings account deposit (no monthly fees) to open an account.

CU > Corporate Banks

 

[archcommus]

Originally posted by: RossMAN

Originally posted by: archcommusSo what do you guys do if you aren't a member already, open an account with the minimum balance and then say "Okay, now I'd like a loan."?

Yep and it cost me a WHOPPING $5 savings account deposit (no monthly fees) to open an account.

CU > Corporate Banks

That's pretty good, I was just thinking they'd be less likely to give you any kind of good deal if you just opened an account that day. :roll:

 

[RossMAN]

Originally posted by: archcommus

Originally posted by: RossMAN

Originally posted by: archcommusSo what do you guys do if you aren't a member already, open an account with the minimum balance and then say "Okay, now I'd like a loan."?

Yep and it cost me a WHOPPING $5 savings account deposit (no monthly fees) to open an account.

CU > Corporate Banks

That's pretty good, I was just thinking they'd be less likely to give you any kind of good deal if you just opened an account that day. :roll:

Nope as long as you're eligible for membership, open an account the same day with a small deposit.

I even asked if I could apply for a car loan BEFORE JOINING AS A MEMBER and they said yes. So after we were approved, we opened a small savings account, signed the loan docs and they paid off our previous lien holder.

 

[DaVortex]

my parents have bad credit because they filed for bankruptcy a little less then 10 yrs ago so I guess thats the jist of it.

I went to lendingtree.com and filled out the forms and said 4 companies are looking into it, then I got declined by them all. I put my mother as co-signer.

I guess I am going to have to put everything in my name instead.