| Author |
Message |
djmonk (Davem)
Junior Member
Username: Davem
Post Number: 88
Registered: 1-2002
| | Posted on Wednesday, August 21, 2002 - 4:51 pm: | |
Ricky I got mine from Webster Bank in Ct. Try websterbank.com Right now i think the best they have is half percent off prime. It varies month to month. Im sure there is a bank with a full percent off though if u look. |
Ricky Nardis (Ttforcefed)
Junior Member
Username: Ttforcefed
Post Number: 55
Registered: 4-2001
| | Posted on Wednesday, August 21, 2002 - 4:43 pm: | |
djmonk,
from who? |
djmonk (Davem)
Junior Member
Username: Davem
Post Number: 87
Registered: 1-2002
| | Posted on Wednesday, August 21, 2002 - 4:40 pm: | |
I have a home equity loan right now at 1% under prime so its 3.75%. How can you beat that!? |
David Albright (Dalbright)
Member
Username: Dalbright
Post Number: 381
Registered: 2-2001
| | Posted on Wednesday, August 21, 2002 - 2:38 pm: | |
Plus you can get the loans for a longer period than a conventional car loan which means lower payments each month. |
Rob Lay (Rob328gts)
Board Administrator
Username: Rob328gts
Post Number: 1964
Registered: 12-2000
| | Posted on Wednesday, August 21, 2002 - 2:36 pm: | |
It doesn't matter what you use home equity money for. You're bascially just getting cash back in exchange for less equity. It almost like buying a new house and deciding whether to put 5% down or 25% down. If you only put 5% down, then you can use the money that would of gone to 25% down into a Ferrari. |
Warren L. (Warren)
Junior Member
Username: Warren
Post Number: 90
Registered: 2-2002
| | Posted on Wednesday, August 21, 2002 - 2:27 pm: | |
Isn't getting a home equity loan a little dangerous (ie audits). Lets say your loan goes through and you get the check, then you deposit the check into your account then you write a check to buy the car. How do you avoid the risk? Or am I getting this all wrong, for instance home equity loans are deductable no matter what you use them for. |
L. Wayne Ausbrooks (Lwausbrooks)
Junior Member
Username: Lwausbrooks
Post Number: 146
Registered: 8-2002
| | Posted on Wednesday, August 21, 2002 - 1:44 pm: | |
Listen, let's not argue the point of financing or paying cash (Geez, I wish I'd never started that last thread!). Ricky, to answer your question, JJ Best & Co have rates "starting at" 5.65% right now. Their loans are simple interest and carry no pre-payment penalty, just straight-up financing. Call them, give them your info and what kind of car you're looking at and they will give you a rate within 10 minutes. They should even be negotiable a little off of the first rate they quote you, especially if you have excellent credit. Of course, using a home equity loan, even at a higher rate, might be better because of the tax write-off, if I didn't have that option available, I would call JJ Best. (800)USA-1965
No, I'm not affiliated with them, but do have experience dealing with them in the past. |
Ron Thomas (Ronsupercar)
Member
Username: Ronsupercar
Post Number: 283
Registered: 5-2002
| | Posted on Wednesday, August 21, 2002 - 11:47 am: | |
David is correct..
That would be the best way. The rates banks will offer on a used car would usually be high..And you may find 0% interest on a new domestic car.... |
David Albright (Dalbright)
Member
Username: Dalbright
Post Number: 380
Registered: 2-2001
| | Posted on Wednesday, August 21, 2002 - 11:39 am: | |
Get a home equity line of credit and write off the interest. |
BobD (Bobd)
Member
Username: Bobd
Post Number: 581
Registered: 3-2001
| | Posted on Wednesday, August 21, 2002 - 11:30 am: | |
No.... please. Not another "cash" vs "finance" thread!
:-) |
Marq J Ruben (Qferrari)
Junior Member
Username: Qferrari
Post Number: 93
Registered: 2-2002
| | Posted on Wednesday, August 21, 2002 - 11:12 am: | |
Good one, Frank.. I like that. |
Frank Parker (Parkerfe)
Intermediate Member
Username: Parkerfe
Post Number: 1243
Registered: 9-2001
| | Posted on Wednesday, August 21, 2002 - 10:46 am: | |
The best would be 0% |
David White (Dwhite)
Junior Member
Username: Dwhite
Post Number: 53
Registered: 7-2002
| | Posted on Wednesday, August 21, 2002 - 10:25 am: | |
try peoplefirst.com |
Rob Lay (Rob328gts)
Board Administrator
Username: Rob328gts
Post Number: 1960
Registered: 12-2000
| | Posted on Wednesday, August 21, 2002 - 9:16 am: | |
I think JJ Best is between 6-8%. |
Ricky Nardis (Ttforcefed)
Junior Member
Username: Ttforcefed
Post Number: 54
Registered: 4-2001
| | Posted on Wednesday, August 21, 2002 - 9:00 am: | |
chase wants 11% for a 95 |