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| *Loan,banking and credit>>>auto loan |
What is the best way to get an auto loan for a used pickup truck... what is usually the best rate these days? |
What is the best way to get an auto loan for a used pickup truck... what is usually the best rate these days? If you are buying from a dealership, get financing directly through the dealership. They usually have the best rates as the banks have agreements with the dealers to offer lower rates. But beware of prepayment penalties from dealer loans. You will usually have a prepayment penalty even if you pay it off one month early. If you are buying from a private seller, go into your local branch of your bank. You can sometimes get a break if you have been a customer for a long time or if you open a new account or have the payment directly debited out of your account. Another option is to take out a home equity line of credit if you own your own home. Rates are competitive right now and the interest is USUALLY tax deductible on a home equity (check with your tax advisor). By taking out a line of credit you can also not carry full coverage on your vehicle as there will be no lien on the title. I am a bank manager so I deal with this all the time! Good luck in your loan shopping! If you can get a loan thru a credit union...that is your best bet. Yeah, that's plenty of detail to answer the question. I would say one of the best ways to get a auto loan would be to go with the bank or credit union that you already bank with. Usually credit unions have lower rates than banks. And there is no general rate for everyone, your interest rate is usually based on your credit score. The only way I would take a loan,is if it was a small diesel,and I could burn WVO in case fuel goes over $5. a gallon. |
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