Turbo6PGT

The link provided above with the ohio credit unions had some good rates. BUT in order to join the credit unions you had to qulify in certain ways, like being an employee of the company be related to someone who is. Was yours like that as well? I looked briefly and didnt see anything about membership requirements.

Nick06tC

Nope no requirements. I was at scion and told them what i could get rhough another bank, they said they couldnt beat it but would look locally. The lady pulled out a book and asked my Credit score. I told her and she said 4.25%, ran a credit check to confirm my credit score (it was higher than I told her even) and I was financed. it was easy.

FromThisSoil

Wow, what's going on with interest rates now?

I got my car in July with $2500 down for a 48 month term and my interest rate is 5.35%, which is great considering the fact that at the time my FICO credit score was only 608. It has since gone up about 30 points since I've paid off a lot of credit debt.

I was considering refinancing next July, but now that I see this, I might not be able to get a better rate!

All I can say is just look around. I got my financing from Toyota at that rate. My credit union wanted 6.25% and my bank wanted 6.50%.

Also, the smaller the term, the less your rate will be. If you can afford it, try for a 36 month loan - it'll be a hell of a lot more money saved on interest.

Nick06tC

actually the longer the term the lower the rate.

Turbo6PGT

As for the shorter term lona thing, I was planning to go as high as 6 years just to keep the payments in my budget and then in 2-3 years pay it all off. That way I get a nice payment for a couple years and then I can affod to pay it off later on.

emiller

I got 4.25 & 36 months from Toyota Financial. Couldnt get under 5.75 anywhere else.

FromThisSoil

From my bank's (Bank of America) website:

New Car
Up to 36 Months (%) 6.04
37 - 60 Months (%) 6.29
61 - 72 Months (%) 7.14

From my credit union's (TFCU) website:

up to 36 4.99%
37 to 60 5.49%
61 to 72 5.49%
73 to 84 5.99%
85 to 144 6.74%
145 to 240 7.49%


Care to rethink that statement?

SSH_Motorsport

FromThisSoil Wrote:
I agree, Yeah, I work for a bank. The shorter the term, the lower your rate. Its simplistic and is true all across the board when it comes to banks.

Nick06tC

opps my bad. Sorry about that. Ihad it backwards

Turbo6PGT

Credit unions mean nothing to me right now, I've searched everywhere and nobody has a credit union that I can join due to me being self employed. Its looking more and more like CapitalOne's 6.19% is the best I can do. Maybe in a couple years I can refinance or something. *shrug*

FromThisSoil

Is anyone you know in a credit union? Usually you can join through them as a reference.

I'm a member of Teacher's Federal Credit Union.

I'm a member through my sister, who is a member through my mom, who is a bus driver for a school district. Anyone can join a Credit Union, you just need to know someone else who is a member.

Turbo6PGT

My parents were the only ones I knew that were members of one, Diebold. But their 72-month loan is 6.4% so in tha case capitalOne is better. Im going to apply on E-Loan.com who claims I could get a 5.99%. Halves of a point arent going to get me any less payment really so Im ready to accept I can only get 6-6.2% for now. In a couple years I could always try to refinance.