guys, i know alot of you buy cars not just with cash. So help a man in need of a car loan and help me find the best provider for my car loan. Person to person. Its not a dealer used car. I just cant seem to find the rates that im looking for so i figured id make a post out there hoping for some luck. Thanks alot.
-Marshall

 

Rates are not good, they are rising in general. Just like the price of oil has nothing to do directly with the price of unleaded gasoline, neither does the Fed's raising of rates have anything to do with mortgages or car loans. But just like gas, at the mere mention of oil going up, so do loan rates when the Fed raises the Fed funds rate, that which banks charge each other overnight.

Rates are so high now, I wouldn't borrow. You're talking nearly 6 for used car from a dealer, and 7.5 for used private sale. Those are the cheap internet rates. If you want to check them out try bankrate.com or eloan.com. Not sure what your financial situation is, but you may want to check out what incentives are available for new instead. For example, you could get a brand-new Subaru with 1.9% for 36 months. First, since there is an incentive you know here is wiggle-room on the selling price. Then, you borrow at 4-5% less, so your money is going towards the car, not the interest. my .02. Good luck.

 

If your credit is good Capital One is offering 6.95% on used person to person, 60 months. http://www.capitaloneautofinance.com...OVMTC=standard

You may also want to look into a credit union loan if you belong to one as they typically offer better rates than banks. If you own a home, maybe take a home equity loan out for the amount of the car. As the above poster has said, rates are going up.

 

With credit unions you can get rates as low as 4.5%. It is assumed that you have 730+ fico score...

Try this site. it lists all the Credit unions in CT and shop around...

http://www.creditunionsonline.com/st...tate=CT&page=0

 

well my dad is basically taking the loan and he has exact perfect credit and we are cosigning, but its under my name and he is co signing so ill have nop problem getting the lao so i just need to find the place to get the loan from. Thanks guys, keep up the feedback!!

 

+1 on the credit union route. I got 5% for 4 years

 

Credit unions rock. My wife and I joined one specifically for this (picked it up today).




4.48% for 5 years. . . .

 

you guys got great rates from your credit unions. i got like 7% for 3 years on my TA...

 

www.penfed.org has 3.9% on used up to 5 years (depending on price)- they're primarily a military/government credit union , but you can join one of their affiliates for $20 and become a member (it's what I did).

 

Nice car!

 

If you can't find the rate you're looking for, you could always take the high interest 5 year loan. Pay on it for a year. Then, refinance for a 4 year loan at a much better rate. It will give you a chance to build up a little credit. I got my car at 14% interest and refined it down to 7% after a year.

 

Thanks. She's a thirsty goat, that's for sure. I'm not used to 30 or 40 miles making the gas needle move. . . . .

 

Is that an '04?? If so why not the '05, you get 50 more horses...I hear alot of the people who bought '04's are pretty pissed becuase they wish they would've waited for the '05 because they're supposed to be ALOT better...Either way that's a super tight car, wish I had one...

 

$10,000.

This was used, a guy traded it on an '05. Honestly 350 is more than enough for me. Using a tuner, you can get about 25-30 whp on the LS1 anyway.

 

you're neglecting the fact that today we're in a rising interest rate environment, thanks to Mr. Greenspan. Who knows how high the 4-yr loan rates will be in a yr.

 

3.9% for 4 years (knocked a year off!)

Credit Unions will offer you the ability to pay a little every week which significantly reduces compunded interest...PLUS they automatically debit my account so I don't have to worry about paying late!

 

Kinda sounds like the 5th and 5.5 gen Maxima's!