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Old 12-14-2017, 06:29 PM  
BWillie BWillie is offline
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Used car loans

I have 829 credit score. Only had one used car loan years ago for 8k. Going to buy at a non affiliated dealership. Best rate I can get is 5.09%. WTF? Ive heard of ppl getting 2.5% on used cars. Went into my bank and they only gave me 5.3%.

Anybody online any good? Looks like you usuallly get a shitty rate if you buy private party or unless its specific dealerships
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Old 12-14-2017, 06:33 PM   #2
displacedinMN displacedinMN is offline
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I have nothing to offer-but yeah, that sucks.
Not any different that Dodge telling me my credit is so good that they do not give me the best rate. If I had a credit of 579, it would be a better rate.
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Old 12-14-2017, 06:33 PM   #3
scho63 scho63 is offline
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Used car loans are much riskier for lenders, hence the higher costs to borrow. I know that people pay 21-26% on used car loans.

Same reason 2nd mortgages and vacation properties carry higher rates than primary home.
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Old 12-14-2017, 06:33 PM   #4
TambaBerry TambaBerry is offline
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what car are you buying? like how old
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Old 12-14-2017, 06:36 PM   #5
lewdog lewdog is offline
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Quote:
Originally Posted by TambaBerry View Post
what car are you buying? like how old
I think that's true too. Taking a car loan on an older car, they usually charge higher interest?
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Old 12-14-2017, 06:42 PM   #6
Miles Miles is offline
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My understanding is that low interest rates are for used cars that are only a couple of years old.
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Old 12-14-2017, 06:43 PM   #7
Jewish Rabbi Jewish Rabbi is offline
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Why get a loan?
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Old 12-14-2017, 06:52 PM   #8
BWillie BWillie is offline
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Quote:
Originally Posted by TambaBerry View Post
what car are you buying? like how old
2015
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Old 12-14-2017, 06:57 PM   #9
cosmo20002 cosmo20002 is offline
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Originally Posted by displacedinMN View Post
I have nothing to offer-but yeah, that sucks.
Not any different that Dodge telling me my credit is so good that they do not give me the best rate. If I had a credit of 579, it would be a better rate.
yeah, ok
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Old 12-14-2017, 07:07 PM   #10
Miles Miles is offline
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Quote:
Originally Posted by BWillie View Post
2015
Might be that its more than 3 years old. Check with your bank on a 2016 and see if it drop below 3%.
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Old 12-14-2017, 07:17 PM   #11
BWillie BWillie is offline
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Quote:
Originally Posted by Jewish Rabbi View Post
Why get a loan?


Well. You don't want to get in a habit of buying expensive things in cash.
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Old 12-14-2017, 07:20 PM   #12
TribalElder TribalElder is offline
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What is your listed occupation? Is it potentially high risk when it comes to getting money back to the bank?
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Old 12-14-2017, 07:46 PM   #13
hometeam hometeam is online now
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This is whack. You need to check different banks and especially local credit unions.

You can get a rate around 2.9% right now from a strong lender.
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Old 12-14-2017, 07:52 PM   #14
eDave eDave is offline
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Well. You don't want to get in a habit of buying expensive things in cash.
Aren't you rich in Bitcoin?
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Old 12-14-2017, 07:52 PM   #15
Buehler445 Buehler445 is offline
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Is there Golden Plains Credit Union up there? They gave me a 2.0 on our car. But that was in 2013

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