OK, I’ll ask. What kind of car is it?
I checked into the home improvement deal and it appears to be a viable option but the interest rate is higher than the line of credit i applied for. I have a feeling I will be running all over town this week until I have it sorted.
Thanks for all the imput so far.
western division credit union on main near transit. costs $5 to join the credit union, take out personal loan to buy the car then refi it after a month or whatever. they have 2.9% on used vehicles right now. They are great to deal with.
Yay for you beating the system that is only there to protect dumb people like yourself. When your car gets totaled you’ll get nothing from insurance but still be paying on the loan.
++ having a loan (even a personal) on a car and not carrying collision is monumentally stupid
I’ve been a member for years, it was like $20 one time fee.
approval is pretty quick for loan. paper in hand 3-5 days if all good. you can pay more to expedite.
you can always take the loan anywhere to be quick then refi with penfed down to 1.99
All set…thanks for the help.
Ended up going with a personal line of credit for 1x,000. Its a 7% rate but only on what is owed and its basically good forever at a flat 50 bux a year to keep it open.
no reason not to refi with penfed unless you hate the idea of going from 7% to 1.9%
I will look into it a little more when time is not such a factor. I have some $ coming that will easily cover the purchase of the car and I would only take the interest hit on 1 month and then be back to zero balance on the line.
I’m financing a car that I could pay in cash because I can make more than 2% in my roth IRA and also like having the cash around… the money is too cheap not to pass up for me.
Agreed…I will def look into it once I get out there and make sure the car is what I want.