Originally Posted by
pizzaguy
My local little bank will finance any car I want for about 4.5% - note has be to 36 months or less - that is their only concern.
The guy told me that my credit score is what it is all about, not the car's value. And again, 36 months is it.
4.5% is actually about 2 points high for used car loan money right now. What I was alluding to is banks and credit unions loan based on value. If that car ends up selling for say 15k the bank will most likely lend the money for only 10k , the cars NADA value, or raise the rate to say 4.5% to fund the loan minimizing risk by charging a higher rate.
BTW both my bank and credit union are offering new and used car rates for up 60 months at less than 2.5% right now.
I have payed cash for the last 10 years on my vehicle purchases so my interest rate has been 0%