Can I get a Personal Car Loan around $18,000 better than a 14% APR?
I am helping out my fiance by hunting down a better interest rate than what her current personal (used) car loan is offering. Can anyone direct me to someone that can beat a 14% APR with the following specifications? - Loan Amount: $18,000 3-5/year. - Annual Income: $43k (at 1 year, 4 months Buyer's Assistant. engineering industry) - Credit score >600 - Currently lives with parents She has had a few dings in credit ratings resulting from funding an unsecured loan for a family member. This is purely to save money by paying off an already existing loan (that is in good standing through her bank and has had higher than minimum payments made on it since origination) and beginning payments on a lower interest loan so that she can have more money to spend on the principle. I'm trying to whip our finances in shape for '08 and just seeing what's out there, I am researching other alternatives like Other banks, Prosper.com, etc. but got turned on to private lending on the net
Public Comments
- Cripes, that's high. Auto loan rates should not be that much higher than mortgage rates, unless the car is a real piece of junk or if it's really old. 14% is wayyy higher than all of my credit cards, for that matter. When I went researching rates for my motorcycle loan, I found a cheap promotional rate on my credit card convenience checks. Look into balance transfers between credit cards.
- Stay away from prosper and those "alternative" banks, please. Do either of you have a credit union close by..? They are usually the cheapest.
- Auto finance is what I do for a living and actually for someone with a 600 credit score with a few dings 14% is not high. You have not provided near enough information to give a accurate answer, so I will simply say their best bet will be their own local bank or credit union.
