Subject	Re: I've never had a CU loan at a higher rate than
Posted by	Kenny on August 29, 2006 at 9:09 AM
	This message has been viewed 61 times.
In Reply To	I've never had a CU loan at a higher rate than posted by LordZ on August 29, 2006 at 08:42 AM
Message	The CU I'm a member of charges a full point higher interest on mortgages, construction loans, and vehicle loans vs. the local People's First and other larger bank branches. As a caveat to my original post, "larger" does not mean "lower interest rate" necessarily. A larger amount of operating capital just means that they are able to turn a profit with lower interest rates, not that they will actually charge lower rates. When I was shopping for a loan within the past month, Countrywide Financial provided one of the worst rates, comparable to my local CU. I found multiple other large institutions (Wachovia, Chase) that were able to beat CF and my local CU by 0.2% - 0.75%. The Wells Fargo rate was comparable to Countrywide Financial. If there is a moral to any of this it is: No matter what kind of loan you are securing, research all available options and take the best rate and terms you can find from a trustworthy banking/loan entity. There's no cut and dry answer to where to find "the best rate." Recursively Yours, Kenny... PETZ Member #5
Follow Ups	what banks has everyone used for a used car car loan? - suprakillinz 03:35:24 08/29/06 Pay cash. Or get home equity line of credit and - AzHeat 03:39:14 08/29/06 I am not a home owner, I rent, and dont have 29k - suprakillinz 03:48:10 08/29/06 Scary to use home equity to finance a depreciating asset... (n/m) - John P. 08:36:26 08/29/06 Yes. Yes. (n/m) - RSR 08:42:22 08/29/06 it depends. (n/m) - SactoTodd 08:51:35 08/29/06 On what? Just curious. (n/m) - ZJeweler 09:30:05 08/29/06 If you're going to purchase a depreciating asset anyway, - Dustin 09:55:58 08/29/06 A car forum is not the place for sound financial advice - SactoTodd 09:56:36 08/29/06 Okay. - ZJeweler 10:05:12 08/29/06 Except you wouldn't be upside down with the car since - Dustin 11:20:16 08/29/06 Touche' - ZJeweler 11:34:36 08/29/06 LOL! Yep. (n/m) - Dustin 11:38:52 08/29/06 Re: Okay. - SactoTodd 12:05:25 08/29/06 I totally agree. - ZJeweler 12:46:10 08/29/06 If you are going to purchase a car anyway why not - AzHeat 13:01:26 08/29/06 Technically you cannot write off interest on... - DangerHunter 11:29:37 08/29/06 If you use an equity line to purchase a car and you can't - Only1Z 20:24:58 08/29/06 formerly Peoplefirst.com... - Fuzznutz 05:14:59 08/29/06 I used them as well. They lend based on your credit - zgene4 09:20:33 08/29/06 credit unions...they dont have to pay taxes on the interest - Atl300zxTT 06:25:01 08/29/06 Credit Unions typically have higher interest rates... - Kenny 08:12:36 08/29/06 Well the one i use only allows the employees of my company - Atl300zxTT 08:25:48 08/29/06 Glad you found such a good rate =). - Kenny 09:02:23 08/29/06 I also thought they were usually lower because they are NFP. - Scotts94z32 09:47:31 08/29/06 That's the tax credit he initially referenced. - Kenny 09:53:38 08/29/06 Higher rates but will finance older cars as well. (n/m) - BigTDogg (MA) 08:36:40 08/29/06 I've never had a CU loan at a higher rate than - LordZ 08:42:37 08/29/06 Re: I've never had a CU loan at a higher rate than - Kenny 09:09:54 08/29/06 I've always used credit union because they had lower rates. (n/m) - Woody75 (Denver) 09:16:03 08/29/06 Same here. Never seen a CU with higher rates than a - just4kinks 12:10:49 08/29/06 3rd. My credit union is usually at least a full percentage - Swatsav 12:13:38 08/29/06 Credit unions are in a different tax bracket than - Red-Oct 10:17:04 08/29/06 Mine was lower way back then because of direct deposit - SeedyROM 17:35:44 08/29/06 stop. you have enough cars that don't run (n/m) - spyhunterTT(nj) 07:32:42 08/29/06 NO! He needs more!! LOL (n/m) - kryptonite729@VP (GT2871s) 07:52:58 08/29/06 94 jeep runs great;-) and my z runs just not insured - suprakillinz 13:32:56 08/29/06 I used capitaloneautofinance.com for my supra - kryptonite729@VP (GT2871s) 07:54:05 08/29/06 Borrow from your parents at a reduced interest rate (n/m) - spicyZ 08:13:11 08/29/06 Interest rates are up b/c the prime rate is up. (n/m) - boileralum 08:49:30 08/29/06 Come on now - you KNOW he knew that. ;-) (n/m) - Scotts94z32 09:45:26 08/29/06 I'm not one to assume Antonio and common sense have - boileralum 10:12:37 08/29/06 CapitalOne is good. I used them in the past but all rates - craigb 09:29:37 08/29/06 USAA.com (n/m) - SniPer SR71 (Dallas) 09:34:11 08/29/06 2nd. (n/m) - TT XTZ 10:38:52 08/29/06 3rd. - bobZtwin (NC) 10:56:13 08/29/06 age of car has a lot to do with apr. (n/m) - nemo1080 09:43:44 08/29/06 Not usually. It's either new OR used. (n/m) - Scotts94z32 09:45:49 08/29/06 At my CU it's either new, used, or really used. - Kenny 10:02:49 08/29/06 2nd (n/m) - BigTDogg (MA) 10:16:36 08/29/06 3rd - nemo1080 10:58:38 08/29/06 no (n/m) - zboost(tx) 10:50:00 08/29/06 It depends on what bank you're talking about. - Kenny 11:17:06 08/29/06 Well, in MY case - YES>> - Scotts94z32 11:38:26 08/29/06 Re: what banks has everyone used for a used car car loan? - Nadir(Detroit) 10:13:47 08/29/06 Big 2nd on the credit union. - ZJeweler 10:57:41 08/29/06 Hibernia is a great one! - aquariuscsm 11:11:12 08/29/06 A few loan facts from experience setting APR rates: - The Devils Z 11:13:01 08/29/06 I used Brianna Banks for my car loan... (n/m) - BigTDogg (MA) 11:37:58 08/29/06 And I'm sure that's all you used her for.... (n/m) - ZJeweler 12:00:34 08/29/06 She used me. For real, gave me a work out! (n/m) - BigTDogg (MA) 12:09:03 08/29/06 Never borrow money to purchase a depreciating asset IMO. - 240Z FeO2 12:48:12 08/29/06 thats any car though, so if I go out and buy a new - suprakillinz 15:15:55 08/29/06 What car has a rissing price? (n/m) - Scotts94z32 17:14:48 08/29/06 Ferrari F40 & Mazda 323GTX, dhu (n/m) - SactoTodd 17:25:19 08/29/06 supra, they just keep going up and up and up - suprakillinz 18:59:34 08/29/06 No offense, but the Supra crowd is old and tired... - Only1Z 20:28:32 08/29/06
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