YACT: What's a good rate?

[toekramp]

I put in a bid at lendingtree and was offered 6.5%....seems kinda high, what's a decent rate?

 

[ggnl]

6.5% could be considered a decent rate since it could be as high as 19%. A good rate is 0-3% depending on where you're buying from.

 

[Mr N8]

A local lender most likely won't beat 6.5%. Used car rates are always higher than new. My last used car rate was 7.25% for 36 months.

 

[toekramp]

well i'll be buying from an auction, so i need to find something independently

 

[Mr N8]

I see. I hate that about my local bank. I have to have the car already picked out before I can get a loan on it.

Do they have a minimum loan amount on it, like Capital One does?

 

[FrustratedUser]

I was down to 5.2% on mine.

 

[AmigaMan]

I just bought my new truck, http://forums.anandtech.com/me...8&threadid=1424260, and got 4.14% on a 2002 for 60 months. I originally went through Lending Tree and was offered 4.79 by several banks (Capital One and a couple others). I told the finance manager this and he ran some numbers and came out with 4.14 from BofA. I also bought an extended warranty too, the premise being if he scratched my back, I was going to scratch his. Only came out to about $8 more a month on the payments so thought it was a good deal.

 

[toekramp]

Originally posted by: MogulMonster
I see. I hate that about my local bank. I have to have the car already picked out before I can get a loan on it.

Do they have a minimum loan amount on it, like Capital One does?

35 grand

 

[PricklyPete]

More info man. How old is the car (new, used 1 year old, used 5 years old), do you have decent credit, etc.

I bought a used car (4 yrs old) at a 5% from my local credit union.

 

[WannaFly]

I got 4.5% from my CU

 

[Ausm]

0% if you can find it

Ausm

 

[toekramp]

k, got 5% from my credit union...

2003 BMW Z4, from the auction should be able to get it for around 30,000

 

[JulesMaximus]

Originally posted by: ggnl
6.5% could be considered a decent rate since it could be as high as 19%. A good rate is 0-3% depending on where you're buying from.

Good luck finding a rate that low on a used car.