# Loan Rates? **URL:** \ **Category:** NYSpeed Automotive\ **Created:** [December 29, 2008, 12:27pm UTC](https://forums.speedlife.net/t/loan-rates/60440 "2008-12-29T12:27:50Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![boxxa](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boxxa/32/5045_2.png) [@boxxa](https://forums.speedlife.net/u/boxxa)\ **Post date:** [December 29, 2008, 12:27pm UTC](https://forums.speedlife.net/t/loan-rates/60440/1 "2008-12-29T12:27:50Z")
Did the prime go up on used car loans? Seems like anything I am looking at is over 6% on a 60-72 month loan. Anyone got local suggestions? I work in Tonawanda, Rent in the city, and have a permanent residence in Rochester so any of the areas where I can become a member would be great. ---
**Author:** ![Static](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/static/32/7340_2.png) [@Static](https://forums.speedlife.net/u/Static)\ **Post date:** [December 29, 2008, 12:49pm UTC](https://forums.speedlife.net/t/loan-rates/60440/2 "2008-12-29T12:49:55Z")
Try a credit union. They got me the best rate. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [December 29, 2008, 12:55pm UTC](https://forums.speedlife.net/t/loan-rates/60440/3 "2008-12-29T12:55:30Z")
how old is the car that you are trying to finance? that plus other factors can influence. ---
**Author:** ![boxxa](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boxxa/32/5045_2.png) [@boxxa](https://forums.speedlife.net/u/boxxa)\ **Post date:** [December 29, 2008, 1:07pm UTC](https://forums.speedlife.net/t/loan-rates/60440/4 "2008-12-29T13:07:43Z")
> [@Static](#): > > Try a credit union. They got me the best rate. I have been looking at the few in Tonawanda since I work in Tonawanda but they all seem to be 6.75% and higher on 60 month loans and don’t offer 72 months. > [@theblue](#): > > how old is the car that you are trying to finance? that plus other factors can influence. The ones I am looking at are no older than a 2005 I have excellent credit score. My car is slow to start now and having more and more problems to trying to get an idea of loan rates and places to check out before my car just shits the bed. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [December 29, 2008, 1:13pm UTC](https://forums.speedlife.net/t/loan-rates/60440/5 "2008-12-29T13:13:09Z")
yeah… looks like 6% for used from my credit union. I haven’t been looking, but when where the rates much lower for used? right now is the time to lease or buy new thanks to so many subsidized rates. ---
**Author:** ![Geehee](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/geehee/32/7238_2.png) [@Geehee](https://forums.speedlife.net/u/Geehee)\ **Post date:** [December 29, 2008, 1:14pm UTC](https://forums.speedlife.net/t/loan-rates/60440/6 "2008-12-29T13:14:27Z")
financing any car for 72 months is a bad idea. ---
**Author:** ![boxxa](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boxxa/32/5045_2.png) [@boxxa](https://forums.speedlife.net/u/boxxa)\ **Post date:** [December 29, 2008, 1:14pm UTC](https://forums.speedlife.net/t/loan-rates/60440/7 "2008-12-29T13:14:42Z")
> [@theblue](#): > > yeah… looks like 6% for used from my credit union. I haven’t been looking, but when where the rates much lower for used? > > right now is the time to lease or buy new thanks to so many subsidized rates. I had an older thread when I was looking about a month or 2 ago and some of the 72 month rates at some local places someone found were under 6% on 72 month loans. I found one that was 4.99% somewhere for a 72month used car newer than 2004. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [December 29, 2008, 1:17pm UTC](https://forums.speedlife.net/t/loan-rates/60440/8 "2008-12-29T13:17:50Z")
4.99% was probably a teaser rate… I don’t think I ever heard of them getting that low. I’ll finance 1000 months if the rate makes sense… you just pay more each month and it works out cheaper. I did that with the evo since it was the same rate for 5 or 6 years. (did the 6 year deal, but paid as if I was going to be done in 5) ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [December 29, 2008, 1:19pm UTC](https://forums.speedlife.net/t/loan-rates/60440/9 "2008-12-29T13:19:11Z")
> [@evolve](#): > > financing any car for 72 months is a bad idea. Yeah, 72 months screams you’re buying more car than you can afford, and guarantees you’ll be upside down on some piece of shit long before the loan is over. How much you want to bet he’s looking at something with \> 30k miles besides? The exception being when GM was offering 0% for 72 months. If you would normally do 48 months take the difference in payments and roll it into your retirement accounts. ---
**Author:** ![Geehee](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/geehee/32/7238_2.png) [@Geehee](https://forums.speedlife.net/u/Geehee)\ **Post date:** [December 29, 2008, 1:22pm UTC](https://forums.speedlife.net/t/loan-rates/60440/10 "2008-12-29T13:22:05Z")
> [@theblue](#): > > I’ll finance 1000 months if the rate makes sense… you just pay more each month and it works out cheaper. > > I did that with the evo since it was the same rate for 5 or 6 years. (did the 6 year deal, but paid as if I was going to be done in 5) > [@JayS](#): > > The exception being when GM was offering 0% for 72 months. If you would normally do 48 months take the difference in payments and roll it into your retirement accounts. well, yea, there are always exceptions to any rule. but for the most part, if you are trying to finance a car, specifically a used car for 6 years, it’s probably a bad choice, lol. ---
**Author:** ![boxxa](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boxxa/32/5045_2.png) [@boxxa](https://forums.speedlife.net/u/boxxa)\ **Post date:** [December 29, 2008, 1:25pm UTC](https://forums.speedlife.net/t/loan-rates/60440/11 "2008-12-29T13:25:11Z")
> [@JayS](#): > > Yeah, 72 months screams you’re buying more car than you can afford, and guarantees you’ll be upside down on some piece of shit long before the loan is over. How much you want to bet he’s looking at something with \> 30k miles besides? > > The exception being when GM was offering 0% for 72 months. If you would normally do 48 months take the difference in payments and roll it into your retirement accounts. Car has less than 8,000 miles. I have had my Sunfire for 8 years and I have a work car so I barley drive my personal car so getting 6 years out of a car is no big deal for me since 60 or 72 month loans seem to show the same rates from what I have seen. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [December 29, 2008, 1:29pm UTC](https://forums.speedlife.net/t/loan-rates/60440/12 "2008-12-29T13:29:56Z")
> [@boxxa](#): > > Car has less than 8,000 miles. :bigclap: I can’t believe it. An NYSpeeder not buying a car with 80k miles or more just so they can afford a “cool” brand. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [December 29, 2008, 1:35pm UTC](https://forums.speedlife.net/t/loan-rates/60440/13 "2008-12-29T13:35:58Z")
yeah, always take the longest possible term if the rate is going to be the same… if you make the same final payment you’ll lower the principal faster and effectively lower the rate you pay. > [@JayS](#): > > I can’t believe it. An NYSpeeder not buying a car with 80k miles or more just so they can afford a “cool” brand. that’s what I just did, but I paid in cash. ---
**Author:** ![Joe](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/joe/32/7219_2.png) [@Joe](https://forums.speedlife.net/u/Joe)\ **Post date:** [December 29, 2008, 2:02pm UTC](https://forums.speedlife.net/t/loan-rates/60440/14 "2008-12-29T14:02:54Z")
my credit union is doing 5.75 for used 60 months… [www.sweethomefcu.com](http://www.sweethomefcu.com) ---
**Author:** ![JustinH](https://avatars.discourse-cdn.com/v4/letter/j/9fc29f/32.png) [@JustinH](https://forums.speedlife.net/u/JustinH)\ **Post date:** [December 29, 2008, 2:10pm UTC](https://forums.speedlife.net/t/loan-rates/60440/15 "2008-12-29T14:10:51Z")
5.5% at cornerstone FCU in lockport on a used car. ---
**Author:** ![boxxa](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boxxa/32/5045_2.png) [@boxxa](https://forums.speedlife.net/u/boxxa)\ **Post date:** [December 29, 2008, 2:14pm UTC](https://forums.speedlife.net/t/loan-rates/60440/16 "2008-12-29T14:14:41Z")
Pentagon Federal Credit Union Need to be a active military or affiliated association. Thinking about joining the Non Military Family Association here for $20/year [https://www.penfed.org/membershipApplication/2008/nmfa.asp](https://www.penfed.org/membershipApplication/2008/nmfa.asp) 12-60 month auto loans at 4.75% ---
**Author:** ![deebo](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/deebo/32/5218_2.png) [@deebo](https://forums.speedlife.net/u/deebo)\ **Post date:** [December 29, 2008, 2:17pm UTC](https://forums.speedlife.net/t/loan-rates/60440/17 "2008-12-29T14:17:57Z")
the only reason i would take out a 60-72month loan is so that all of my money isnt tied up into a car, this way i can still make the payments + afford other things, and probably just pay off the loan in 2-3 years anyways ---
**Author:** ![boxxa](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boxxa/32/5045_2.png) [@boxxa](https://forums.speedlife.net/u/boxxa)\ **Post date:** [December 29, 2008, 2:18pm UTC](https://forums.speedlife.net/t/loan-rates/60440/18 "2008-12-29T14:18:42Z")
Bank of America from Franchised dealers 5.64 for under 60 months and 5.94 for 61+ ---
**Author:** ![Garick](https://avatars.discourse-cdn.com/v4/letter/g/8797f3/32.png) [@Garick](https://forums.speedlife.net/u/Garick)\ **Post date:** [December 29, 2008, 2:18pm UTC](https://forums.speedlife.net/t/loan-rates/60440/19 "2008-12-29T14:18:48Z")
[http://www.westerndivision.org/wide/updated-rates1#vehicle](http://www.westerndivision.org/wide/updated-rates1#vehicle) 5.25 for 60 months, 5.75 for 70 months ---
**Author:** ![newman](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/newman/32/7569_2.png) [@newman](https://forums.speedlife.net/u/newman)\ **Post date:** [December 29, 2008, 2:18pm UTC](https://forums.speedlife.net/t/loan-rates/60440/20 "2008-12-29T14:18:59Z")
western division fcu 5.25 EDIT: repost. [Next page](https://forums.speedlife.net/t/loan-rates/60440.md?page=2)