Bank/Credit Union with Best rates

[CuzzinOlaf]

My girlfriend just bought a new car and now we're shopping rates. She is doing it as an 84 month loan to keep the payment manageable and plans to pay it down when she has extra money or with her tax return (at least $2k to the loan every April). That said, her credit isn't great and we currently have a 4.2% rate on the table from Dodge that we're trying to beat. Any suggestions on where to look is appreciated.

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[EmersonHart13]

try penfed

It is suggested here all the time.

 

[Yaj Yak]

myconsumers.org

what'd she get

 

[Mook]

 

[Bru]

Who do you currently bank with? Chase takes .5% off if you have a checking with them and set up automatic payments.

 

[CuzzinOlaf]

Consumers and Penfed are either higher or don't offer a term that long. She picked up a 2015 Dodge Durago Citadel. She is with Chase and that is who the dealer loan is through. She is a member there and on her way there right now to see if they can do better.

 

[EmersonHart13]

84 is so long, I didn't really think about that.

try bankrate.com ?

 

[wombat]

Dupage Credit Union always has like 1.49 (36) or 1.99 (60) for new cars

 

[CuzzinOlaf]

84 is so long, I didn't really think about that.

try bankrate.com ?

It is, but she has a payment in mind and that is the driving factor. She can pay more but plans to use her tax return to make up the difference as if it was a 60 month loan.

 

[Chester Copperpot]

84 * 743.99 = 62000 from a 10k loan.

 

[Bru]

Why not buy something less expensive? Interest rates for that long of the loan are going to seriously raise the overall cost, which is what she should be looking at for budgeting instead of monthly payment numbers. And typically, the longer the loan the higher the interest rate.

 

[EmersonHart13]

[MENTION=12]Bru[/MENTION] dropping truth bombs as usual.

 

[OffshoreDrilling]

if an 84 month loan is needed to buy it and the credit isn't there to get a better rate, time to reevaluate priorities. Plenty of great cars out there for $10k or less that can be financed for a shorter period of time at a low payment

 

[wombat]

Why not buy something less expensive? Interest rates for that long of the loan are going to seriously raise the overall cost, which is what she should be looking at for budgeting instead of monthly payment numbers. And typically, the longer the loan the higher the interest rate.

if an 84 month loan is needed to buy it and the credit isn't there to get a better rate, time to reevaluate priorities. Plenty of great cars out there for $10k or less that can be financed for a shorter period of time at a low payment

qft

 

[Yaj Yak]

i think you guys are getting a lil off track here...

 

[CuzzinOlaf]

Why not buy something less expensive? Interest rates for that long of the loan are going to seriously raise the overall cost, which is what she should be looking at for budgeting instead of monthly payment numbers. And typically, the longer the loan the higher the interest rate.

Trust me, I get all of this, but she wants what she wants LOL. She doesn't have a ton of debt now so I can easily see her paying it off early regardless of the tax return. As of now, with the rates as they are she is paying around $4k in interest. With her current plan she'll be paying it off in 5 years.

Her credit score isn't the greatest so I'm sure this is hurting her somewhat. I'm not co-signing on it so it is what it is.

 

[EmersonHart13]

Good plan on not co signing, been there and it didn't go well.

 

[OffshoreDrilling]

i think you guys are getting a lil off track here...

options have been offered and he has already checked them. Time to start looking beyond saving half a percent of interest.

it's easy to say you'll put the tax return money toward it and even easier to not do it.

this is the internets, where everyone gets to pitch in their $.02

 

[CuzzinOlaf]

i think you guys are getting a lil off track here...

I get it, I'd probably say the same stuff. She traded her car in that was paid for because she wasn't getting any help from Honda. Supposedly there was a recall for the V6 burning oil and them swapping in a new short block. It is burning oil and they're giving her the run around about it still. Her warranty is about to expire and she had her old car for over 6 years and wants new. She can afford the payment as-is or even at 60 or 72 months but would rather have the safety new of a lower payment. Like I said, she'll be paying extra towards it and putting a nice amount of her tax return towards it as well.

 

[CuzzinOlaf]

options have been offered and he has already checked them. Time to start looking beyond saving half a percent of interest.

it's easy to say you'll put the tax return money toward it and even easier to not do it.

this is the internets, where everyone gets to pitch in their $.02

She'll definitely put the tax return towards it; I'm not worried about that.

 

[Bru]

Good luck but I wouldn't expect a very low interest rate with that kind of term. Have her apply online for a 60-month loan with Chase and see where it lies, which is a good indicator of how her interest rate will stack up because it's a more common loan term. They can go as low as 2% with good credit for 60 months. They get back to you in a day and it's only a pre-approval so you can let it expire.

 

[blakbearddelite]

2% is what I got thru Chase on my Mustang. I bank there too, so I got a better rate like Bru said with an automatic payment also set up.

 

[EmersonHart13]

New car rates are so good.

 

[sickmint79]

jebus

didn't know you could even get a loan that long for a car

 

[Yaj Yak]

iirc 96 months exists.