Hey, I'm planning on getting the Evo8, I only need a 11,000 loan. I'm curious if any of ya'll have any ideas.

 

I would check with a local credit union. I would be you could get under 4% if your credit is good.

 

school loan....haha don't ahve to pay interest until you graduate...

 

You cant take a school loan for a car!!! lets be serious here, dont post if you dont know what your talking about please

 

yeh you can....they give you a certain amount for scoo and then u can spend the rest on whatever you want....it is possible...

 

with 11,000 yeah thats not obvious

 

Get the rates from your bank/credit union and use that as the leverage. Most dealers will beat the best rate you can get outside. That is, if your credit supports it.

 

Precisely. Credit Unions have the best rates so if you can, get a quote from them, then take that to your dealer and see if they can do better. Often they can, sometimes not.

 

I would let your dealership shop around for you. They were able to get me a much better rate then my own bank would or I found on the internet. They can act as a broker of sorts and contact many local loaning institutions.

 

most interest rates are so low you'd have to be an idiot not to find a great deal, even with the dealer searching. you should be able to get less than 4%.

 

I went to the local bank, and they gave me 5.75% for 3 years

 

That doesn't sound too good unless your credit is poor. My credit union is doing 3.95% on new cars and 4.25% on used cars. Their requirement is generally that you have to pay 10% down + TTL, which you would have no prolem with.

Many other credit unions in my area offer similar rates. And most usually have a way for you to get in, even if you don't qualify with their standard criteria. Like you have to make a donation to a local organization, which makes you a member of that organization, which makes you eligible to join the credit union.

Edit: And a shorter term, like 3 years, could help get a better rate too. My rates above were for up to 60 month loans.

 

I dont know where the credit unions are around here, and I would be putting 21,000 down and only a 11,000 loan. I've been looking and that is the best I found. I even looked into my Army benefits and they gave me 6% . My aunt in Las Vegas is going to see if she can do better with her banker. I do not have bad credit.

 

You could look in the phone book. If credit union isn't a special category in the yellow pages, then just look up banks. I bet 99% of the credit unions will have the words "credit union" somewhere in their name.

Don't be deterred by the name... I've had loans through 3 local credit unions: Public Employees Credit Union, Austin Area Teachers Federal Credit Union, and Austin Telco Federal Credit Union. I didn't satisfy any of the main requirements to join any of those, but, like I said, some should have a "backdoor" in by donating to some local organization. Some will not... but it can't hurt to call and ask if you can join if they have good rates, it could save you a couple hundred bucks after all.

 

Then by all means have the dealer shop a rate for you.