Car Loans

[Snave]

jIM, we used our HELOC which is at prime - .25. We had the money to pay cash, but I really didn't want to drop all of it if I could find a good rate. We bought a 1 year old car that was still a good chunk of change. Now, with prime at 3%, we will be at 2.75% and can right off our interest. Migfht not be a bad idea if you know you are going to pay it off in 2 years. I don't see the rates shooting up in the near future and I can't imagine them going up several percent to where yo would be at the 7% mark you are getting now. Our back-up plan was just to pay the car off if the rates went up. We did this earlier in the year when our rate was several points higher. I know there are pitfalls to doing this, but I can't beat the rate and can pay it if I need to.

[creditcardfree]

Are you still waiting to August? These offers of 0% often rotate between different models in different months.

[Pitman]

My Credit Union is offering 5.9% on used car loans, but after the fed cut I'll try to get a lower rate at the dealer first before I went through my credit union. I may still wait until Feb - March to get a car, which leaves me more time to save, but I'm tempted to buy now, especially how "cheap" I see the car I want is going for.

[Angelasmith]

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