Used car loan with better interest rates?

[serialkiller]

So I have excellent credit and so far I am able to pull a 20k loan for 4.7% for 30 months from my credit union. Anything longer then 30 months jumps to 5.5%. I was wondering if there were other places to get a lower rate loans given the fact that I have excellent credit. I live in Texas if that makes a difference. Thanks in advance for any help.

Jorge

edit: There its credit union now, you happy? =)

 

[Shame]

Originally posted by: serialkiller
So I have excellent credit and so far I am able to pull a 20k loan for 4.7% for 30 months from my credit union bank. Anything longer then 30 months jumps to 5.5%. I was wondering if there were other places to get a lower rate loans given the fact that I have excellent credit. I live in Texas if that makes a difference. Thanks in advance for any help.

Jorge

Your credit union probably gave you a higher rate for calling them a "credit union bank"!

 

[serialkiller]

Originally posted by: Shame

Originally posted by: serialkiller
So I have excellent credit and so far I am able to pull a 20k loan for 4.7% for 30 months from my credit union bank. Anything longer then 30 months jumps to 5.5%. I was wondering if there were other places to get a lower rate loans given the fact that I have excellent credit. I live in Texas if that makes a difference. Thanks in advance for any help.

Jorge

Your credit union probably gave you a higher rate for calling them a "credit union bank"!

Oops, well..... they are a bank.... but anyhow, is there a way to get a lower interest rate?

 

[compuwiz1]

What you are experiencing is typical. When you increase the term, the rate generally goes up. There's a credit union I deal with frequently who gives 5.99%, as an example up to 60mos, but when the term increases to 84 mos, the rate may be as high as 7.8%

 

[serialkiller]

is there a way I can get a loan where the rate stays around the 4's or lower even with a over 30 month loan period?

 

[VirginiaDonkey]

credit union almost always has the best rate. If you are buying from a stealership, ask them to beat it...if they cant, use the CU

 

[Yzzim]

Originally posted by: VirginiaDonkey
credit union almost always has the best rate. If you are buying from a stealership, ask them to beat it...if they cant, use the CU

how flexible are the dealerships? Most of them say something similar to "the loan center quoted me x.x%"

Is the sales person/financial adviser able to just write in their own interest rate?

 

[compuwiz1]

Originally posted by: Yzzim

Originally posted by: VirginiaDonkey
credit union almost always has the best rate. If you are buying from a stealership, ask them to beat it...if they cant, use the CU

how flexible are the dealerships? Most of them say something similar to "the loan center quoted me x.x%"

Is the sales person/financial adviser able to just write in their own interest rate?

Dealerships use banks, and most are connected to the Credit Union Direct Lending system. Banks are not lower than credit unions. The only rates lower are going to be factory subvented rates, where the factory provides a bought down interest rate thru a bank, or the factory finance co, ie., Ford Motor Credit Company, offers an "incentive" interest rate for buying a new car.

I am a finance manager at a dealership. I can assure you the sales / finance people have no ability to just pull an interest rate out of the hat. They do however have the ability to mark up some bank rates, up to 2 points. In most cases, that is not happening, when a customer has excellent credit and own financing options. The dealer wants to be able to meet or beat the rate, because controlling the financing insures speedy funding to the dealership.
Where I work, we don't want to wait a week or two for the customer to bring their own money in, so we will do everything in our power to be competetive, so we avoid delay and inconvenience to the customer and ourselves. It's just good business.

 

[serialkiller]

awesome, thanks for the advice guys. I will take a look into some cars at the dealer to see if they can offer me a better interest rate.

 

[imthebadguy]

search google, lotta companies show up