Interest Rates
Thread Starter
Joined: May 2005
Posts: 31
From: Columbia, TN
Interest Rates
What kind of interest rates has everyone gotten on your GT's? I decided to not go through the dealer, and since the car is about 2 weeks away I went on and applied for my loan at my credit union today. I got 3.65% for 60 months, which I thought was pretty good for a 22 year old guy on my first new car out of college...with only my name on the loan.
2nd Gear Member
Joined: Apr 2005
Posts: 259
From: Yonkers, NY Westchester County
RE: Interest Rates
THATS A SWEET INTEREST RATE MAN...GOOD JOB YER FICO SCORE IS PROLLY ABOVE 720...KEEP IT THERE...AND WHENEVER POSSIBLE SEND IN MORE THAN THE MINIMUM MONTHLY PAYMENT 
PAY THAT SUCKER OFF EARLY....HOWS YER MONTHLY PAYMENTS...MAYBE YOU SHOULD TRY FOR A 48 MONTH LOAN IF YOU CAN HACK THE PAYMENTS...REMEMBER SHORTER IS BETTER (wELL IN THIS CASE IT IS)
PAY THAT SUCKER OFF EARLY....HOWS YER MONTHLY PAYMENTS...MAYBE YOU SHOULD TRY FOR A 48 MONTH LOAN IF YOU CAN HACK THE PAYMENTS...REMEMBER SHORTER IS BETTER (wELL IN THIS CASE IT IS)
Thread Starter
Joined: May 2005
Posts: 31
From: Columbia, TN
RE: Interest Rates
My score was a 754. Payments run about $480 a month and believe me I'm not planning on having the loan for 60 months...hoping it will be paid for in 24 or 36 months at the most. I could have put more down but I want to save that for the "extras" on my new ride. I live at home with my parents for now so this and insurance are really my only bills so I want it paid off before I have to many more bills to pay.
2nd Gear Member
Joined: Apr 2005
Posts: 342
From:
RE: Interest Rates
My Credit Union is holding at 5.25% (my credit is spotless - don't know the number but well over 700).
The advice of "paying extra" and "paying off early" is quite sound. Unless you got the X-plan, you are upside down when you drive off the lot.. that means you owe more than it is now worth (generally). Which kills trade value IF you trade often.
If you are like me... it just means you get out from under payments quicker. I'm looking at putting a few grand down and my payment will be about $450 or so for 60 and I'll pay it off in 36 or so. 
At one time, I was paying $750/mo on a Tahoe (NOT counting insurance). That sucked!
I'll have to check on what the dealer is offering... but my CU usually beats them. So - you got a GREAT deal dude!
Jealous in Huntsville[sm=jawdrop.gif]
The advice of "paying extra" and "paying off early" is quite sound. Unless you got the X-plan, you are upside down when you drive off the lot.. that means you owe more than it is now worth (generally). Which kills trade value IF you trade often.
If you are like me... it just means you get out from under payments quicker.
I'm looking at putting a few grand down and my payment will be about $450 or so for 60 and I'll pay it off in 36 or so. At one time, I was paying $750/mo on a Tahoe (NOT counting insurance). That sucked!
I'll have to check on what the dealer is offering... but my CU usually beats them. So - you got a GREAT deal dude!
Jealous in Huntsville[sm=jawdrop.gif]
2nd Gear Member
Joined: Mar 2005
Posts: 209
From:
RE: Interest Rates
The answer to this question is all relative to what your credit rating is and what you can afford to pay. I would never finance a car over 36 months - and then pay it off early. But, then again, it's all realtive.
