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Audi's rate was about a full percentage point higher than my credit union. And my credit rating is a point or two off of perfect.
You will do better at your local bank or credit union. Most credit unions only require that you maintain a $5 balance in an account.
Financed at a higher than optimal rate (4.9 @ 72) on the Q5 to get the bonus cash, but rates are going up fairly quickly right now, will see in 3 months what I can get from a credit union. BEST case scenario I'm saving $2-3000 over the life of the loan, but a few extra payments and a dumping a little extra into the principal each month achieves the same result.
Either way I'm happy that I don't own a depreciating asset outright. Payments align with the value of the car with a safety factor (put 12,500 down)
I don't want to turn this into a *****-length comparison thread, but I got under 2.5% from my credit union. I would consider anything above 3.5% to be criminal.
I don't want to turn this into a *****-length comparison thread, but I got under 2.5% from my credit union. I would consider anything above 3.5% to be criminal.
Cant compare interest rates without the term. I could have gotten 2.5 at 36 months, but that limits the minimum of payments at a very high level. I can easily jack up the payment on this whenever I want and It shortens the period.
BTW, This is my credit score on a scale out of 850, so I doubt that I got anything other than the best rate available. Either way it doesn't matter, since the AFS rate is not the rate I live with its the rate for 1/4 of the first year.
Side question. A lot of people mentioned they took a higher rate knowing that their local bank/CU has lower rates and "will just refinance in a few months." What the reasoning behind this? Genuinely curious.
BTW, This is my credit score on a scale out of 850, so I doubt that I got anything other than the best rate available. Either way it doesn't matter, since the AFS rate is not the rate I live with its the rate for 1/4 of the first year.
Those look like CreditKarma Vantage scores and are likely very inflated compared to FICO. If you still have your paperwork they should have given you the automotive score AFS pulled from TU. Also congrats on the big score jump!
Side question. A lot of people mentioned they took a higher rate knowing that their local bank/CU has lower rates and "will just refinance in a few months." What the reasoning behind this? Genuinely curious.
06-06-2018, 06:02 AM
