Loan rates for used autos

[Hmbre97]

Just got quoted 4% on a used auto loan from my CU today. I've never gone anywhere else for auto loans so haven't price shopped a loan before. Is this the going rate or should I look elsewhere? My credit is meh (low 700's).

Edit: Oh yeah, this was on a 4 yr loan.

[Treasure Chest]

I haven't financed a vehicle in years, but I never found anyone that could beat my credit union on used car loans. 4% really isn't that bad.

[8mpg]

PenFed was 2.99...believe its 3.25 right now.

[lowthreeohz]

4% on a used vehicle is good, on a new one you can do better.

[saleen449]

That's a pretty good rate for a used ride with a low 700 score.

[mustangguy289]

Depends on how used the vehicle is, how many miles, loan amount compared to value of the car. At the most you will knock another 1% off of it.. probably not saving enough to make it worth the hassle and another credit pull.

[clevelandkid]

Just got quoted 4% on a used auto loan from my CU today. I've never gone anywhere else for auto loans so haven't price shopped a loan before. Is this the going rate or should I look elsewhere? My credit is meh (low 700's).

Edit: Oh yeah, this was on a 4 yr loan.

Ask your CU to match PenFeds 3.25% - you would qualify with a 700 there.

[FreightTrain]

My credit union is doing 2.8% on new and used autos. Plus you can get up to a .5% discount if you buy gap, warranty, and disability insurance thru the credit union. We refinanced my wifes car and I think gap ran us $175 for the life of the refi which was 60months.

[TexasDevilDog]

What is this borrowed money?

[mustangguy289]

My credit union is doing 2.8% on new and used autos. Plus you can get up to a .5% discount if you buy gap, warranty, and disability insurance thru the credit union. We refinanced my wifes car and I think gap ran us $175 for the life of the refi which was 60months.

care to tell us which CU

[TexasDevilDog]

My CU has the following.

http://www.unityone.org/Rates/Rates.html

[FreightTrain]

care to tell us which CU

Randolph Brooks Federal Credit Union. They are based in San Antonio but do loans over the phone and internet and will mail you a check that is good for 90 days if your shopping for a used car.

[mustangguy289]

Randolph Brooks Federal Credit Union. They are based in San Antonio but do loans over the phone and internet and will mail you a check that is good for 90 days if your shopping for a used car.

Are you required to open a checking account with them?

[Trick Pony]

Generally the older the car the higher the rate. What year vehicle is this?