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Old 02-07-2019, 12:31 PM
 
Location: Morrisville, NC
29 posts, read 17,724 times
Reputation: 33

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I am looking for lower interest rates in area for 60 months term. I have credit score of 770 and annual income of 2.5 times the loan amount. So I assume I would be able to score lowest interest rate.

I used this to search

https://www.datatrac.net/rates/auto/...archTerm=27560

Best I found was 2.99% at R T P Federal Credit Union.

Any recommendations?

Edit: Local is not important.

Last edited by Ruturaj001; 02-07-2019 at 12:57 PM..
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Old 02-07-2019, 12:50 PM
 
9,265 posts, read 8,280,555 times
Reputation: 7613
Any specific reason why you want to stay local?

2.99% seems like a pretty decent rate for a bank/credit union. You may be able to get a lower rate through the dealer, but you know how that goes - give/take.
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Old 02-07-2019, 12:57 PM
 
Location: Morrisville, NC
29 posts, read 17,724 times
Reputation: 33
Quote:
Originally Posted by m378 View Post
Any specific reason why you want to stay local?

2.99% seems like a pretty decent rate for a bank/credit union. You may be able to get a lower rate through the dealer, but you know how that goes - give/take.
Not any particular reason. Just thought it would be nicer to have bank nearby. I do have BOFA though.

My car is on lease and I am planning to buy it, so dealer is not an option.
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Old 02-07-2019, 12:58 PM
 
9,265 posts, read 8,280,555 times
Reputation: 7613
Just checked my credit union, their 60 month rate is 3.69 and they're usually pretty reasonable. I think 2.99 is a good rate.
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Old 02-07-2019, 02:30 PM
 
Location: Morrisville, NC
29 posts, read 17,724 times
Reputation: 33
Thanks, I will check Woodforest National Bank and R T P Federal Credit Union as both show 3.0% APR. I still have to wait for a month.
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Old 02-07-2019, 03:28 PM
 
Location: Apex NC, the Peak of Good Loving.
1,701 posts, read 2,591,863 times
Reputation: 2709
Quote:
Originally Posted by Ruturaj001 View Post
Any recommendations?
https://www.penfed.org/

APRs as low as 0.99% on New and 1.99% Used Cars

"As low as" could be misleading.

I have had an account with PenFed for years and like them a lot.

.
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Old 02-07-2019, 03:35 PM
 
Location: Morrisville, NC
29 posts, read 17,724 times
Reputation: 33
Quote:
Originally Posted by danielbmartin View Post
https://www.penfed.org/

APRs as low as 0.99% on New and 1.99% Used Cars

"As low as" could be misleading.

I have had an account with PenFed for years and like them a lot.

.

There 60 months is 3.74% and lowest is 2.49 for 36 months. Where did you see 0.99? Did they send you member offer or similar?
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Old 02-07-2019, 11:06 PM
 
3,395 posts, read 7,775,808 times
Reputation: 3977
Quote:
Originally Posted by Ruturaj001 View Post
My car is on lease and I am planning to buy it, so dealer is not an option.
Just to be clear, you are going to buy out your current leased car with a 60 month used vehicle loan?
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Old 03-11-2019, 09:03 PM
 
Location: Morrisville, NC
29 posts, read 17,724 times
Reputation: 33
Quote:
Originally Posted by Dire Wolf View Post
Just to be clear, you are going to buy out your current leased car with a 60 month used vehicle loan?
Yes, My car has been on lease for 3 months. So it's more like I am getting just a 5 year loan.

Last edited by Ruturaj001; 03-11-2019 at 09:14 PM..
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Old 03-11-2019, 09:27 PM
 
13,811 posts, read 27,462,794 times
Reputation: 14250
Used car loans typically are higher than new car.

Bank of America shows me 2.79% for new and 2.99% for used, 60 month term. Are you an honors member?
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