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1stTimeCaller
6/28/2006, 11:46 AM
I'm having trouble getting in touch with the guy at the bank from which I borrow money for things. He's been on vacation yadda yadda yadda.

Does anyone know what the interest rates for used cars are at these days? I've got a guy that will loan me the money and he sys that he can beat the bank I just need to know what the bank will charge me. I was thinking 7% for some reason.

Yes, I know the exact rate is dependent upon credit score, and other factors I was just needing a hypothesis here.

TIA
Vaevictis
6/28/2006, 11:47 AM
http://www.bankrate.com/brm/rate/auto_home.asp
?
XingTheRubicon
6/28/2006, 11:54 AM
7% is a very good used car rate right now.

Keep in mind that used car rates go up slightly the older the vehicle is.

It's usually 2 year increments, such as '06 and '05, then '04 and '03 and so on going up at least a 1/4 point each time.


The best thing to do if your guy is gone is call the bank and talk to anybody in loans and they can tell you. Local Banks usually have a set rate for everybody and they should be able to quote you.
yermom
6/28/2006, 11:57 AM
here are the ones for the OU credit union...

http://www.oufcu.com/html/quickRates.htm
Mjcpr
6/28/2006, 11:57 AM
This guy sounds like he might hate your kneecaps if you're late one month.
1stTimeCaller
6/28/2006, 11:59 AM
thanks guys. This goes back to me being a dumbass and leasing this car and now putting crazy miles on it. I should have 16k and I have 28.5k on it. I figured the best thing for me to do in my situation was to just buy the car.
1stTimeCaller
6/28/2006, 12:01 PM
This guy sounds like he might hate your kneecaps if you're late one month.

nah, it's my brother. It's win-win-win.

I get a better rate than the bank would give me, I pay him more than his CDs are paying.
XingTheRubicon
6/28/2006, 12:04 PM
here are the ones for the OU credit union...

http://www.oufcu.com/html/quickRates.htm


Wow, those are damn good. Similar to TTCU. Bank of America's rates are 7% and Crapitol One starts out at 8.05% for 60 months.

Most BANKS are at least 7%

http://www.bankofamerica.com/military/index.cfm?view=DETAIL&category=LOAN&product=CARLOAN
KABOOKIE
6/28/2006, 12:30 PM
4.125% That was last year on 2001 vehicle.
Hamhock
6/28/2006, 12:35 PM
Dave Ramsey says....

nm
oumartin
6/28/2006, 12:41 PM
6.5% was the last i was told about a month ago on spotless credit.