02-03-2010, 04:54 PM | #1 |
CGM is the Best! Thx GM
Drives: 2010 2LT RS Camaro, Auto + Sunroof Join Date: Jul 2009
Location: MA
Posts: 513
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Loan Shopping/Rates Help....
Im putting $14 grand down on my 2LT/RS with auto:transmission and sun roof on my Camaro thats quickly approacing. Tomorrow i start looking for loans and its the first time ive really had to (school loans dont count)
Im looking to get a $18,000 dollar loan. I havnt decided if i will get a 60 or 72 month loan yet but from what i can figure out there is a $935 or so difference in the total loan payment for the extra year (am i right on this?) How would you go about getting your loan, i have a 740 credit score and dont know if i should just apply a lot, or go with a select few?? AAA has 60 month 3.49 72 4.49 capital one has 60 month 4.25 72 5.25 Credit Union has 60 month 4.75 72 5.5 Those are all ive looked at so far. Any other comments or questions would be great! Thanks
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Proud Owner of a CGM 2 LT/RS Auto Transmission w/Sunroof and Spare Tire Last edited by Patfan1987; 02-03-2010 at 05:15 PM. |
02-03-2010, 05:09 PM | #2 |
Drives: 2010 Black SS Join Date: Dec 2009
Location: Sacramento
Posts: 49
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You must mean 840 not 940 since the 850 is the highest FICO score you can get. When I was shopping for loans I didn't see a 3.49% interest rate (I have an 849 score and got 4.5% for a 60 month term) so definitely go with that if you can make the monthly payments.
Good luck, Heelhook |
02-03-2010, 05:16 PM | #3 | |
CGM is the Best! Thx GM
Drives: 2010 2LT RS Camaro, Auto + Sunroof Join Date: Jul 2009
Location: MA
Posts: 513
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Quote:
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Proud Owner of a CGM 2 LT/RS Auto Transmission w/Sunroof and Spare Tire |
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02-03-2010, 05:21 PM | #4 |
Drives: 2010 Chevrolet Camaro Join Date: Feb 2010
Location: Warner Robins, GA
Posts: 13
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I know Bank of America has 3.4 (up to 60) and 3.84 (61-72). My TPW is the same and I'm gonna try to go with BofA. My credit score is around 760.
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02-03-2010, 05:31 PM | #5 | |
Drives: 2010 Camaro 2LT RS Join Date: Jan 2010
Location: Aloha, OR
Posts: 75
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Quote:
Use this calculator http://partners.leadfusion.com/tools...uto05/tool.fcs Enter purchase price, loan term, interest rate (you can zero out the other fields, purchase price being the amount of your loan). Click get your results, then click on the "tables" tab. At the end of the table, you will see cumulative interest paid. Looks like the difference between 60 and 72, for an $18K loan at 4% is about $400 In your case, it looks like AAA gives the best rate, see if they will give you a pre-approved loan. This locks in the interest rate for something like 30 days. Then at the dealership, after you negotiate the price and value of the trade, ask them if they can beat AAA's rate. I've made three purchases in the past two years, they always try to beat it (I'm sure they get some sort of kickback from getting the loan so they have some incentive). In my case, they beat my credit union 2 of 3. Another thing to consider, you can always refinance your car if you find a better rate or want to change the length.
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02-03-2010, 06:57 PM | #6 |
synergy-green with envy
Drives: Cam....ry :-( Join Date: Dec 2009
Location: Douglas, MA
Posts: 280
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around 3.5% is a really good rate these days . . . but personally 60 or 72 months is too long for a car loan, 48 months max or 36 even better, but that's just personal preference . . . I don't like to be paying for a car for that long, and with the shorter term loans you pay a lot less total interest and it's pretty much impossible for you to be "upside down" (owe more than the car is worth) at any point during the loan
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02-03-2010, 07:36 PM | #7 | ||
CGM is the Best! Thx GM
Drives: 2010 2LT RS Camaro, Auto + Sunroof Join Date: Jul 2009
Location: MA
Posts: 513
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Quote:
Quote:
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Proud Owner of a CGM 2 LT/RS Auto Transmission w/Sunroof and Spare Tire |
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02-03-2010, 10:53 PM | #8 | |
Drives: 2010 Camaro 2LT RS Join Date: Jan 2010
Location: Aloha, OR
Posts: 75
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Quote:
So for me, there really was no payoff penalty other than having to provide a 10 or 15 days of interest to allow them to process. You can also make principle only payments, sometimes this appears on the payment coupon, you can add money to the payment. Others might have you send a check with a note saying its a principle only payment. Anther thing about loans, the interest is front loaded. If your monthly payments were $400/month, the very first payment might be $350 principle and $50 interest. The next might be $352/$48. The last could be $400/$0. So your early payments will include more interest. just a disclaimer, there may be loans that have prepayment penalties and might have principle payment restrictions - I have never come across them. I imagine there are different state laws in play as well. If you talk to a bank, ask question about paying off the loan early and principle only payments.
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02-04-2010, 08:10 PM | #9 |
Drives: CBR1000RR Join Date: Jun 2009
Location: New York
Posts: 88
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Chase
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