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Car loans

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Juddog

Juddog

Diamond Member
I know people have mentioned in here that they have received loans from their credit union or some such, but I'm not part of a credit union and do all my banking through HSBC, which I don't think they have an auto-loan program (or I think they used to but canceled the program).

What's the best way to get an alternate loan rate on a used car?
 
I don't know what an alternate loan rate is, but my advice is:

Join penfed, pay 2.49% for up to 60 months.
 
Why can't you join a credit union? My last loan (CU) was less than 3.7% on a used car.
 
You can get just as good of rates from a dealer as long as you know what to expect. If you're buying from a dealer and just want to get a good rate then pm me. If you're buying from an individual and need to get a loan from a bank then el fenix's suggestions look good. Also, you can go into a local bank and apply for a regular loan if you don't like the terms that the online companies offer.
 
Pantoot said:
I don't know what an alternate loan rate is, but my advice is:

Join penfed, pay 2.49% for up to 60 months.
Click to expand...
Joined penfed last week for their 5% gas card (the only reward card I've found that matters) and noticed their auto rates even on used cars, very low!
 
A bank that doesn't do auto loans? Call and ask them. Banks make money lending money (your money). Seems crazy they wouldn't do auto loans.
 
Ok thanks for the heads up. The stealership was offering a loan at 8.5% which was a bit ridiculous. At that rate I'd be better off just buying a new car with 0% APR, which is what I did last time.
 
Just so you know, a car loan interest is not tax deductible on your IRS return. But the sales tax would be. If you must take out a loan, a short home equity loan would be best, as you can deduct the interest you pay on that.
 
bruceb said:
Just so you know, a car loan interest is not tax deductible on your IRS return. But the sales tax would be. If you must take out a loan, a short home equity loan would be best, as you can deduct the interest you pay on that.
Click to expand...

Sales tax was deductible in 2009, but not in 2010.
 
bryanW1995 said:
You can get just as good of rates from a dealer as long as you know what to expect.
Click to expand...

Every car I bought I was able to get better rates at the dealer than I could from a local place. And the local rates were already pretty competitive. If you have good credit you can get some pretty crazy rates.
 
PSECU ($20 to join) has 36 month loans @ 1.49%

With that said, it's just as easy to join Penfed (also $20 to get started total) and get their 60 month 2.49% rates. They also have other great products and very good support staff. The fill in the blank check for auto loans is also a huge plus to me (get check and then buy whatever car (within limits you set) from whatever dealer that you want).
 
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