2.25% Auto Loan for 84 months

[Scallywags]

MODS: This is not an ad or offer. I have no affiliation with this CU nor do I benefit in any way from this. Just learned about this bank from another forum and thought I’d share here. These rates are way lower than anything else I found especially on 84 month terms. Wish I knew before I bought mine!

Loan Rates — Carolina Cooperative FCU

 

[Tellmeride]

Damn, who the hell wants a car loan that lasts 7 years?

 

[Jezmund]

Damn, who the hell wants a car loan that lasts 7 years?

Anyone would could make more than 2.25% on the money over 7 years, I’d suspect.

 

[Scallywags]

Damn, who the hell wants a car loan that lasts 7 years?

It’s up to 84 months. You don’t have to take a term that long. I put that term to illustrate how low the rate is because people who know financing understand that if the 84 month rate is 2.25% more near term rates could be even lower.

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[G-799564]

MODS: This is not an ad or offer. I have no affiliation with this CU nor do I benefit in any way from this. Just learned about this bank from another forum and thought I’d share here. These rates are way lower than anything else I found especially on 84 month terms. Wish I knew before I bought mine!

Loan Rates — Carolina Cooperative FCU

it looks like you have to live in North Carolina... bummer.

 

[Familyman20]

The way new vehicle pricing is trending most of middle America will need a 7yr loan for a damn subcompact! Lol

 

[Scallywags]

I think we got a little off topic, but what the hell. So if you bought a top of the line Telle for 60k and took the full 84 month term that’s only $5k of interest over the full life of the loan. If you did a 48 month you’d only save 2k in interest but your payment doubles.

I don’t know how this bank stays in business. It’s gotta be a money laundering front for the Amish mafia or something.

 

[Hangfire]

I don’t know how this bank stays in business. It’s gotta be a money laundering front for the Amish mafia or something.

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[veloduffer]

I think we got a little off topic, but what the hell. So if you bought a top of the line Telle for 60k and took the full 84 month term that’s only $5k of interest over the full life of the loan. If you did a 48 month you’d only save 2k in interest but your payment doubles.

I don’t know how this bank stays in business. It’s gotta be a money laundering front for the Amish mafia or something.

Banks rarely hold onto loans - they are sold into the securitization market and become part of a pool of loans whose cash flow repay bond investors. Similarly for many types of loans - aircraft, credit cards, cellphone payments, student loans, residential mortgages, etc...

 

[WhiteSX]

Some important considerations:

• The 2.25% 84 month offer by that CU is only available to members with a FICO score of 780+. According to Experian, 20-25% of Americans would qualify for that offer
• Assuming you qualified, and purchased a nicely optioned Telluride at $60K - roughly $8K above MSRP , (build breakdown below - not including dealer & Gov't fees) it would take 12 months of P&I payments to reach an amount owed equal to the original MSRP.
• You may want to consider GAP insurance in case the vehicle is totalled in the first year- of course at an additional cost
• Who knows what'll happen with this current auto market. There's a risk that you'd be under water in this secnario if the market trends shift - big IF.

Enjoy the ride

 

[Lianguen]

A car loan is now necessary for many people, and banks make a huge profit. Thank you for sharing this information

 

[Sandalya]

That's great to hear about the low 2.25% auto loan rate for 84 months. If you're in the market for a loan, it's always worth researching and shopping around to find the best rates.

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[Wolf in X-Line Clothes]

That's great to hear about the low 2.25% auto loan rate for 84 months. If you're in the market for a loan, it's always worth researching and shopping around to find the best rates.

It is now 5.25% if you have a 780 or higher credit score. My local CU has their rate at 5.14% for up to 75 months.

 

[tpgh]

Tower FCU is 2.99 up to 60 months. Have to have ridiculously high credit though and they're a pain to work with but saved me a lot of money when I bought out my volvo lease.

 

[ExuberantBanana]

Armco CU is offering 3.2% for 60 and 3.45% for 72, they've been infinitely more responsive and easy to work with than Tower.

 

[PittPa]

Damn, who the hell wants a car loan that lasts 7 years?

It's all about the monthly payment not the thousands of interest paid.

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[tobiasfunke33]

Tower FCU is 2.99 up to 60 months. Have to have ridiculously high credit though and they're a pain to work with but saved me a lot of money when I bought out my volvo lease.

I used them and got the same a couple weeks ago. Royal pain but worth it.

 

[kopstar77]

I used them and got the same a couple weeks ago. Royal pain but worth it.

How long did it take to get approved?

 

[tpgh]

How long did it take to get approved?

For me, almost a full month from the time I first made contact to the check being sent to Volvo financial. Along with at least 15 phone calls and numerous emails.

 

[tobiasfunke33]

For me, almost a full month from the time I first made contact to the check being sent to Volvo financial. Along with at least 15 phone calls and numerous emails.

Identical experience for me.