Cyn wrote:
i just got approved for 33k with 5.24% and should i shop around?
thanks.
1- Welcome to the forum!!!
2- Thats really a question only you can answer.
5.24% is USAA's best possible Auto loan rate for 48 and 60 month loans. Thats .01% better than NFCU.
In all probability a better rate does exist somewhere, but not by much, you have a very very competitive interest rate.
The only way you can get a 0% or 1.9 or something is if the interest rate is "Subvented" as in someone is paying off an aspect of the rate so you the buyer can see a lower rate. (ie a manufacturer incentive)
Penfed (a credit union) does offer a 3.99 rate. You would see a $20.00 a month difference in Payment and an overall difference of $1100 in interest compared to the USAA over 60 months at the full 33K.
I doubt you would see any better rate other then a subvented incentive. I doubt you would get a rate cheaper, possibly get one in the 4s if you were Bill Gates but I really doubt that.
You have the USAA check, so you can see in the finance department what a dealership can offer you -if they can beat the rate. if they can they have your business, if they cannot USAA does.
Do be wary of a subvented rate. In many cases you give up some offered manufacturer rebates to get the cheap rate.
It woud make no sense to take a 2.9% rate that would save you $2200 over the course of the loan if you have to give up $4,000 in rebates to do so.
3-
Without any other information from you it is very hard for anyone to offer other advice. We do not know anything about your history, FICOs, Enhanced FICOS, credit History, income or DTI so in all possibility you might not have any problem getting a PENFED LOAN, after applying for membership of course, (they are real sticklers and very conservative) or the USAA rate might be a blessing from God to you and it's the best thing you can get..
Honestly there is no way for us to tell not knowing anything else about you.
Good luck
Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
