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poopshovel again
poopshovel again MegaDork
4/9/18 4:36 p.m.

I’ll throw in another vote for penfed, and thank those here who recommended them!

BoxheadCougarTim GRM+ Memberand MegaDork
4/9/18 4:39 p.m.

Ah yes, forgot to throw in a vote for Penfed myself.

frenchyd GRM+ Memberand Dork
4/10/18 9:56 a.m.
NGTD said:

She owns her house? Line of Credit then. That's what I did and paid 1/2% over prime. Way cheaper than a car loan and no lien or anything like that.

I’m sorry but using your home equity to finance a car is foolish.  While you might get a cheap rate you put your home at risk.  

Life is not predictable stuff happens. Including loss of job and loss of spouse.  Losing a car because you can’t keep up the payments is a setback. Having a home foreclosed is much much worse.  

szeis4cookie Dork
4/10/18 10:05 a.m.
old_ said:

Look into lightstream as well

Lightstream tends to want 700+ credit scores for best rates. (I used to work for SunTrust, right around the time they launched it.)  That said, they will finance darn near anything so might be worth looking into.

Knurled. GRM+ Memberand MegaDork
4/12/18 9:03 p.m.
nutherjrfan said:

I used to work for a credit union that took maybe a half or full % off the loan if you put 50% principle down.  I'm not much into loans either as I weirdly like roadworthy but could do with minor fixes cars and am always aware that I could lose my job with every table I wait on. smiley

I have a $3700 loan for teh R through a credit union.  The interest rate was something like 1% for a Car Loan (they have the title) or 3% for a general purpose loan, over 36 months.  The difference in monthly payments was less than ten bucks, so I have the title.  I think my monthly payment is supposed to be around $130 but I just throw $150-200 every month at them since they have no early pay penalties.  

If I lost my job, i could sell it for way more than $3700.  So no risk to me or them.


crankwalk (Forum Supporter)
crankwalk (Forum Supporter) GRM+ Memberand SuperDork
2/9/22 7:39 p.m.
Travisty said:

Up in Canada, there is an app called carbeeza that can trawl all the major financial institutions for financing offers so you could compare and contrast. It can do the same for dealerships and their vehicles as well. Could be better than going to banks or Credit Unions or dealerships individually. Take a look if you want, it will be awhile before they come south to the US though.   Carbeeza.

Outside of Carbeeza, down stateside, its been awhile since I've had to buy a vehicle, but for my car, I searched for one in my cash-only price range, to avoid financing entirely. For the truck, I was young at the time, so my father paid for that, and I paid monthly to him, it worked but that is definitely not available for everyone, nor does it really build your credit which as a young person, I had no care about, but now I might have done it differently. For boots on the ground, I'd likely avoid dealerships, they're already getting money for my vehicle and I suspect the rates aren't that favorable most times.  For banks, I'd go with a CU first, on paper at least CUs are to work for the benefit of their union members rather than profit margins for brokerages.

I noticed you joined today to post that sage advice but on a 4 year old thread. Hopefully they paid off the sub $10k car loan in the time since 2018. Are you aware if Carbeeza finances canoes?

No Time
No Time SuperDork
2/9/22 8:55 p.m.

Definitely shop around the credit unions to make sure you get the best rate.

I belong to 2 credit unions, and one is much more relaxed on their credit score requirements and as long as you are approved you get the published rate. The other one has better rates if you have good/excellent credit, but the rates go up quickly for lower credit scores. 

On edit: I really need to look at the dates to avoid commenting on zombie threads. 

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