another order question/comment

[ZaneMasterX]

This is all great info. The difference between 4% to 2% over 5 years is $3647.
I thought I was getting a fair rate at the dealership.

Thanks for the tip guys, always learning new cool stuff on this forum

I don't belong to a credit union and I'm a self employed business owner so not sure how I can get a membership but I'll start researching this. Maybe I need to ask some friends for a referral or something.

You walk in and open an account...Its just like any bank, anyone can join. Im a member at 2 credit unions and get crazy good rates including checking where I earn 2.27% APY on balances up to $15,000.

 

[EMPAC623]

This is all great info. The difference between 4% to 2% over 5 years is $3647.
I thought I was getting a fair rate at the dealership.

Thanks for the tip guys, always learning new cool stuff on this forum

I don't belong to a credit union and I'm a self employed business owner so not sure how I can get a membership but I'll start researching this. Maybe I need to ask some friends for a referral or something.

Most credit unions just require a $25 dollar or so payment to open up a checking account and BOOM you're a member. I did that on my last 2 vehicles thru credit unions. Much better rates

 

[acg90]

Credit Union 1.69% for 60 months, 1.99 for 72.

Which one is that? I use Navy Federal and they used to be that low but it looks like they're now 2.39 for 60 and 2.49 for 72


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[pughde]

The Georgia United CU has the best rates of the three I belong to. I was quoted these rates last week by phone.

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---------- Post added at 07:05 PM ---------- Previous post was at 07:02 PM ----------

Yes my SC Telcom cu quoted simular rates. Not sure why they have lower rates but I am not sure the rates will be that low when I get my Raptor. The feds are planning on raising rates.

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[Shepherd]

Which one is that? I use Navy Federal and they used to be that low but it looks like they're now 2.39 for 60 and 2.49 for 72


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I also use Navy Fed, but fairly often a local credit union, or even some banks, have lower rates.

 

[armyturtle]

The Georgia United CU has the best rates of the three I belong to. I was quoted these rates last week by phone.

Yes my SC Telcom cu quoted simular rates. Not sure why they have lower rates but I am not sure the rates will be that low when I get my Raptor. The feds are planning on raising rates.

You do know that the Feds raising rates very literally has nothing to do with personal loans to the public right? The rates they raise and lower are the interest rate (controlled by the Fed) which banks charge each other on overnight loans.

There can be a delayed domino affect that banks charge customers for business loans and mortgages, however it's not always the case. Sometimes near 6 months or more go by before there's any significant change to private loans from banks to customers - IF they even do it. A bank can choose to keep rates lower simply because they want to, and in fact credit unions usually do.

---------- Post added at 07:32 PM ---------- Previous post was at 07:29 PM ----------

You walk in and open an account...Its just like any bank, anyone can join. Im a member at 2 credit unions and get crazy good rates including checking where I earn 2.27% APY on balances up to $15,000.

A free $28 a month. Not bad. Too bad there's a $15k max. Wonder if I could open a few accounts (self, wife, daughter, son)

 

[pughde]

You do know that the Feds raising rates very literally has nothing to do with personal loans to the public right? The rates they raise and lower are the interest rate (controlled by the Fed) which banks charge each other on overnight loans.

There can be a delayed domino affect that banks charge customers for business loans and mortgages, however it's not always the case. Sometimes near 6 months or more go by before there's any significant change to private loans from banks to customers - IF they even do it. A bank can choose to keep rates lower simply because they want to, and in fact credit unions usually do.

---------- Post added at 07:32 PM ---------- Previous post was at 07:29 PM ----------



A free $28 a month. Not bad. Too bad there's a $15k max. Wonder if I could open a few accounts (self, wife, daughter, son)

Did not know that. A 6 months delay would be about right.

 

[gravedgr]

I also use Navy Fed, but fairly often a local credit union, or even some banks, have lower rates.

We tend to flip back and forth between Navy Federal (requires a family member in/previously in the military) and Penfed (which only requires a $25 "donation" to open your account), depending on who has the best rates at the time.