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Old 04-13-2014, 10:03 AM   #1
oldfriend


 
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Interest rate

Looking around for numbers and have an offer at 2.24% minus .25 in same bank acct and another .25 discount for automatic payment
This will get me to 1.74% , it beats what GM is offering ( 3.90% )
What are you guys/girls are seeing around about this thing ?

Last edited by oldfriend; 04-13-2014 at 10:27 AM.
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Old 04-13-2014, 10:52 AM   #2
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I paid 0%. Cash deal.

1.74% is very good. Even if you were to take a LOC on a home mortgage and write off the interest as a tax deduction, you couldn't beat 1.74%. That assumes a 3% LOC rate and 38% tax rate.
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Old 04-13-2014, 10:56 AM   #3
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How long is the term? At rates like that I think it makes sense to finance and protect your cash.
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Old 04-13-2014, 11:01 AM   #4
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Thats great interest rate. I thought 1.9% from schoolsfirst was the lowest.
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Old 04-13-2014, 11:02 AM   #5
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I got 1.1% on my car and 0% on our van.


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Old 04-13-2014, 11:22 AM   #6
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Quote:
Originally Posted by ratfinkharley View Post
I paid 0%. Cash deal.

1.74% is very good. Even if you were to take a LOC on a home mortgage and write off the interest as a tax deduction, you couldn't beat 1.74%. That assumes a 3% LOC rate and 38% tax rate.
I have my place paid off , don't want to have nothing over it
And yes , my tax rate is right there
I think that's a good rate too
Chase is giving those loans at the moment



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How long is the term? At rates like that I think it makes sense to finance and protect your cash.
Well , I saw the 2.25% , and I went on to do the application and at some point they ask for the length , I picked a 54 months , but I think that's all the same up to 72 months
They just have a minimum ($$$) for shorter loans
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Old 04-13-2014, 11:24 AM   #7
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Originally Posted by Ryanbabz71 View Post
I got 1.1% on my car and 0% on our van.


Ryan
Just curious when , and from who you got that 1% loan ?
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Old 04-13-2014, 11:26 AM   #8
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Be careful with Chase. They told me the same thing about the interest rates. That is until the actual application was processed and the rate went up.
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Old 04-13-2014, 11:46 AM   #9
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Yup. I had a problem with Chase, also. Their initial quote of 2.1? doubled.

Luckily caught it and I'm financed through BMO Harris at 2%. I knew I should have checked locally first!
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Old 04-13-2014, 11:53 AM   #10
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easiest thing to do is let the dealership find you the best rate. they typically have 50 or more banks that they regularly deal with. they'll just shop it out and see who comes in lowest.
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Old 04-13-2014, 12:15 PM   #11
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Be careful with Chase. They told me the same thing about the interest rates. That is until the actual application was processed and the rate went up.
I will get that check from them first , or at least have all the papers signed before heading to the dealer
Thanks for the heads up
I will not wait until the last minute , then they have you where they want
Not going to happen

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easiest thing to do is let the dealership find you the best rate. they typically have 50 or more banks that they regularly deal with. they'll just shop it out and see who comes in lowest.
That could be the case , but the dealers also have a cut on it , so , if they can get you to sign on a higher rate , they won't blink



Quote:
Originally Posted by shibbs View Post
Yup. I had a problem with Chase, also. Their initial quote of 2.1? doubled.

Luckily caught it and I'm financed through BMO Harris at 2%. I knew I should have checked locally first!
It always help to have some time on hand , just in case one needs , being extra care full never hurts
Those guys do that all day long , and they know how to make smoke in front of mirrors , it's a magic thing
But not on that day
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Old 04-13-2014, 12:24 PM   #12
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easiest thing to do is let the dealership find you the best rate. they typically have 50 or more banks that they regularly deal with. they'll just shop it out and see who comes in lowest.
That would only work if you have bad credit and the dealer really wants to sell you a car ... best thing is to shop around with your own banks/credit union and go there with a pre-approval in hand. If they can get you a better rate than that, then take it.

My credit isn't excellent (low/mid 700's) and I went in with 2.49% from my CU, dealer was able to get me 1.99% through another local CU ... took it and added gap unsurance.

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Old 04-13-2014, 12:48 PM   #13
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1.74% is EXCELLENT. My CU is currently offering 1.74% on new and used vehicles.

Just an FYI for all the younger buyers out there: with this type of low rate, you ALWAYS finance and get the cash-back and other incentives that the vehicle (and you) qualify for and do NOT finance at 0%.

You'll be paying a couple of thousand LESS over the life of the loan (usually 60 months) at 1.74% than financing at 0% and not receiving any cash-back or other incentives (0% almost always means no cash incentives).
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Old 04-13-2014, 01:37 PM   #14
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My dealer found a 1.49% rate with Wells Fargo. The only catch was I had to agree to a 60-month term. This was not part of any dealer incentives, it was what my credit score qualified me for. No early payoff penalty, so I'm on pace to pay it off in 3 1/2 years, which will knock even more off the interest.
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