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Navy raises rates for Auto loans.


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Captive finance by the auto manufacturer's is deft worth considering at this point. I would think that most people would want to finance for at least 4 to 6 years to keep their payment reasonable and the rates listed are substantially higher than what is available through the auto manufacturer's lending arm.

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RBFCU's 1.95% is still going strong: https://www.rbfcu.org/loans/auto-loans

 

Another local CU now has 1.49%.

 

 

However, if you do the math, 1/3 of a percent is really only peanuts.

True i was just pointing out that 1.99 is a thing of the past also to add RBFCU is not open to anyone.

 

I find it hard to believe that I happen to have the only 2 CU's that have been able to beat NFCU, yet CB'ers have always used it as the "go-to CU" for 10+ years. As if it's the best rate in the country? Are people shopping around or are they just using it because other CB'ers are?

Edited by Jon77
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RBFCU's 1.95% is still going strong: https://www.rbfcu.org/loans/auto-loans

 

Another local CU now has 1.49%.

 

 

However, if you do the math, 1/3 of a percent is really only peanuts.

True i was just pointing out that 1.99 is a thing of the past also to add RBFCU is not open to anyone.

 

I find it hard to believe that I happen to have the only 2 CU's that have been able to beat NFCU, yet CB'ers have always used it as the "go-to CU" for 10+ years. As if it's the best rate in the country? Are people shopping around or are they just using it because other CB'ers are?

 

 

People suck.

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I have never been offered Navy's lowest advertised rate. They usually end up offering me in the 6-7% range. I just financed a vehicle through USE Credit Union for 1.79%, but that was a targeted advertisement/rate. The stealership told me there was no way I could get that rate from them, but I did. :)

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I have never been offered Navy's lowest advertised rate. They usually end up offering me in the 6-7% range. I just financed a vehicle through USE Credit Union for 1.79%, but that was a targeted advertisement/rate. The stealership told me there was no way I could get that rate from them, but I did. :)

 

stealerships suck (some will tell you anything to get you to permit them to shotgun an app, potentially pocketing beaucoup bucks in fees/commission in the event you finance through one of their lenders).

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We have 1.74% locked in on our mortgage for 17 more months. :)

 

Not to rain on a parade, but what's your time frame for full repayment (or resale), and if this reverts to a "go to" rate at the end of this finance period, what are the rate terms? (index/margin)

 

If you're 5 years or less to full repayment or strongly likely resale, then staying the course is reasonably sound. But if you have 10+ years before repayment/resale, then you might seriously think about a refi into a fixed loan now.

 

Although analysts have been saying for more than a couple of years that mortgage rates are on the rise, I firmly believe that we'll seriously see some spiking soon. Prospect of a 6%+ prime rate already seems very tangible (one index off of which some mortgages are priced).

 

Bottom line, the window to refinance into a term of 15 years or less at <= 3% has recently closed, with rates edging to 3.5%. I suggest it's better to be prudently safe in capturing this still low rate than seeing your current rate through to end and facing a higher reset/refi. But, ultimately, it's no ones call other than your own ;)

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I have never been offered Navy's lowest advertised rate. They usually end up offering me in the 6-7% range. I just financed a vehicle through USE Credit Union for 1.79%, but that was a targeted advertisement/rate. The stealership told me there was no way I could get that rate from them, but I did. :)

 

 

USECU in La Jolla is where I got my secured card shortly before I joined CB.

 

USECU is also the place that convinced me that I needed a secured installment loan to build credit, so I let them open one for me... and then about a year later I realized that what I actually had was a secured LOC, which is a revolving account.

 

It turned out that most of the advice they gave me about building credit was compete garbage.

 

This was my first memberlicious experience, but it would be years later before I would be able to describe it as such.

 

Congrats on the cheap car loan!

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IME the CU's will tell you the scores needed for their top-tier rate before you apply. In addition to score, they typically like your DTI to be under 30-35%. 2 of mine want 720-740 scores for the best rate.

 

Even at the 2nd tier, my local CU's never really penalize you much in interest. It's generally only half to a point higher.

 

Point is, if you're worried, ask. ;)

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The 1.99 for 36 months from Credit Unions is pretty much dead. https://www.navyfederal.org/products-services/loans/auto/auto-rates.php

 

PenFed is 1.49% for 36 months, up to $100k.

 

And 0.99% for 36 months, up to $100k, if you use their CarBuying service.

 

https://www.penfed.org/auto

 

 

And POOF... Just like that... It's gone.

 

Now it's 2.20% for 36 months & 1.70% for 36 when using their CarBuying service.

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The 1.99 for 36 months from Credit Unions is pretty much dead. https://www.navyfederal.org/products-services/loans/auto/auto-rates.php

 

PenFed is 1.49% for 36 months, up to $100k.

 

And 0.99% for 36 months, up to $100k, if you use their CarBuying service.

 

https://www.penfed.org/auto

 

 

And POOF... Just like that... It's gone.

 

Now it's 2.20% for 36 months & 1.70% for 36 when using their CarBuying service.

 

 

Do they do 125% LTV loans for 84 months? I'm eyeing a gently-used Nissan Versa in doom gray.

 

I'd put the 21" rims on my Blispay.

 

CAC20NIC101B1101.jpg

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