Used car loan source?

[BLAKE]

I'm looking for a loan on my 2005 Mustang and people don't seem too interested in financing a car that old, even though it's low milage and in great shape.

My inlaws were sweet enough to fork over the cash so I could buy it outright, and now that I have the title in hand, I want to pay them back.

I contacted the credit union that my business has a relationship with and I'm looking at a 9-10% interest rate which sux.

Any other, better options out there?

[David]

Personal loan?

[BLAKE]

Personal loan?

Yessir, I suppose I could go that route and not worry about the fact that it's for a car. My credit is great. Think it'd be that much cheaper?

Edit: according to the credit union site, personal loans look like 10-17%.

[Jewrrick]

For a car that old it's kinda par for the course. you might get lower by shopping around but it won't be by much.

[BLAKE]

For a car that old it's kinda par for the course. you might get lower by shopping around but it won't be by much.

Horse shit, lol.

[slow99]

I just get pre-approved from USAA ... USAA an option?

[BLAKE]

I just get pre-approved from USAA ... USAA an option?

Maybe? My dad was in the Navy.

[slow99]

They don't even ask me info on the car, just the $ amount and length of loan.

[Venom]

Penfed.org

[BMCSean]

I think USAA used car rates are still pretty close to that.

[bcoop]

Rates on used cars are higher than new, and personal loans are going to be much higher rates than both.

I'll second PenFed. My current car loan isn't through them but I am a member.

[CWO]

Penfed 100%

[mustang1200]

I have an LOC that's at 7.5% which is still worse than most auto loans with good credit.

[BMCSean]

USAA will be at 7.75% if you have great credit and set up auto payments, 8% without auto payment.
That is for a 2005, $10,000 loan. I'm just going off what I remember from the CL add for the mustang. I called to make sure, that is an APR and they can do 36/48/60 month terms.

[slow99]

I think USAA used car rates are still pretty close to that.

Yep, for this situation - just checked:

Used car (2009 - 2014) $15,000+ is 2.75%

Older car (2008 or older) under $15,000 is 7.75% ... over $15,000 is 2.75%