New Member
Posts: 2
Registered: ‎09-29-2012
New Car Loan - Not Current Bank Customer

It's been 15 years since I've purchased a new car. As you might have guessed, some things have changed over the years in banking and loans. I'm not that savvy on how to do things these days. So I made a quick call to my personal bank concerning their interest rate for new car loans. They told me that they have a standard rate for auto loans, and shared that it was 4.24%. That didn't make sense to me -- what good is a FICO score if they give everyone the same interest rate? I have an excellent credit rating and I think I should be able to get a much lower interest rate than their "standard" rate.


Before calling my bank, I had checked out some interest rates for auto loans via sites like and One bank in particular has a lower interest rate than my own bank -- 1.5% lower, in fact. I am not a current customer of that bank, however. Generally speaking, to get an auto loan from a bank, do you necessarily have to be a current customer? I know banks can have their own specific rules about whom they lend to, but I'm just wondering, in general.


I'm getting ready contact that bank, might perhaps end up applying for the loan from that bank. Maybe I will also bargain w/ my bank, to see if their "standard" interest rate falls in the face of a lower rate from another bank.


Is that a good route to take? Thanks for any assistance anyone can give.

Starting Score: EQ 801 / TU 805
Current Score: EQ 801 / TU 805
Goal Score: 850

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