Re: New Car - Where to get the loan from?
My credit union is always having specials on car loans. For instance, when I bought my new saturn in 1999, they were running a "Bring Your Car Loan Home" special - if you transferred a new car loan from another lender they would reduce your rate by 2.5%, so I financed my car thru the bank with the lowest rate (8.1% at that time) and then applied to the CU to transfer the loan, so I only paid 5.6% on my loan (which was extremely low for that time period).
Another example, my sister just bought a new mustang this summer. The CU special at that time was a reduction of the loan rate from 0.5% to 3.0% based on your credit score. Because her credit score was in the highest tier, she now has a new car loan at 2.0%!
It is definitely worth it to look around at all the banks and credit unions around you and ask about loan specials they may be offering now or starting in January. Good luck!
|