When I bought mine in 2009, the banks wanted anywhere between 8% to 13%. The dealership rate was over 13%.
Credit Union I belong to gave me a much lower rate.
If you don't belong to a credit union, find one and join. They are worth it when you need a loan. Their rates are always lower than regular bank rates.
I put $50/month into a savings account at the C.U. just to keep an account open for this reason. When the account gets up pretty good, that's what
I use for a down payment or to pay off a loan early. I got a 5 year loan on my boat and paid it off in 3 years with the money in the savings account.
Same for truck note. Ford Motor Credit was cheaper than the banks I use, but when I went to the Credit Union I belong to, they beat Ford.
I guess Ford wanted the business cause they dropped their rate to beat the C.U.
They were going to screw me with a higher rate, till I found a lower one. Then they dropped theirs.
I do what's best for Ray, not what's best for any lending organizations.
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