Has anyone seen an Bank Auto Loan under 3% lately?

[JSFoster75]

An 84 month car loan...
WOW, I don't even wanna think about how much interest you'll be paying on that loan!

Not much since I pay about $300 extra on principal each month on both Jeeps. I just did that because 2.79% is cheap money...

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[JSFoster75]

An 84 month car loan...
WOW, I don't even wanna think about how much interest you'll be paying on that loan!

Here's an example of financing longer and paying extra each payment.

On $50,000 financed @ 2.79% for 84 months
With no extra principal paid - Total Interest over 84 months - $5,099.24
If paid Monthly with extra $144.06 to equal even $800/month payment - Interest paid is $4,091.16
If paid Bi-Weekly with extra $97.26 to equal even $400/bi-weekly payment - Interest paid drops to $3,715.86

 

[Mocopo]

I’ve thought of doing this in the past since it keeps your monthly low in a situation where you might need some more cash that month. Just need to be very disciplined and make sure you pay more every month.

But there’s also a difference in the type of loan, right? fixed vs variable APR.

Being disciplined to pay more every month is the kicker! It doesn't really work if you don't do that part.

And all of mine have been fixed rates. My current is fixed at 5.25%, not great but it's through my local credit union that I do other banking with, so I'm glad for the customer service.

 

[Antonio]

Some loans for a longer period can be hard to pass up on sometimes cause it can always be paid off sooner if needed, for example in the past I had seen some CU offering 1.99 on 60 months but you could do 72 months for 2.19 or 78 months for 2.25 so why not! I know things have changed now but before some of these were no brainers cause you can always pay more or pay it off sooner whichever best works for ya,

 

[Sidewalk]

I went through School's First CU and got 2.49% for 60 months in July.

 

[Nitehawk92]

As of today Tuesday September 13, 2022, Elgin Federal Credit Union Fort Walton Beach Florida. great rates are still out there. If you go to their website the membership requirements are listed. On the home page, click become a member and they should have the qualification listed there...

 

[Poordad]

New Auto	up to 125%	96 Months	5.99%†
New Auto	up to 125%	84 Months	4.74%†
New Auto	up to 125%	72 Months	3.49%†
New Auto	up to 125%	60 Months	2.99%†
New Auto	up to 125%	48 Months	1.99%†

POPA FCU

 

[XX4XEXX]

Depending on the phony phico score I've sent 2.9 and 0% at 875. However dealers are marking up like a chess check mate

Seems like most loans from commercial banks and even some CU's are starting at 3% for anything over 48 months. Please share if you have had better luck. Thank you.

 

[Zandcwhite]

I was a bit frustrated when I got mine last year as with 800+ credit the best I could find was 3.24% but it seems that is even going up.

I miss the old 0% through Chrysler Financial I had years ago.

They were offering 0% last month when we bought our JLUR...on gladiators. Now they only use that rate to move slow inventory, no reason for them to offer it on JL's.

 

[GMONEY]

I got 3.49 for 72 mos 36 mos was 1.99 two-week ago through a local credit union. I found them be searching "credit unions in county I live in". Most credit unions have stringent eligibility requirements as in sure you know. Maybe you can get lucky luke I did.

USAA and NFCU were bother over 4% for 36 mos and 5.86% for 60 6.24% for 72 I think.

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