Did I get a good deal on my car loan?
I was approved for a 17K loan towards the purchase of a Honda 2012. The rate is %3.76 for 60 months.
This is my first loan, I had a good credit score, before applying for the loan through the car dealer. My score was 760 before the loan, now my credit score plummeted to 706.
Was that the best rate I could get based on my profile? College graduate, Never took a loan before, Minor credit card debts, Payments always on time.
Please advise.
Thanks.
Added (1). The car has 41K miles on the odometer. Looks and feels almost new.
The credit score goes down each time someone checks it when applying for a loan or after you take one. I had the same deal and after a year my credit union approached me with another offer of 1.5% i called the original lender and they agreed to lower it to 1.9% I was ok with that since the credit union was in another state and the title would have to be transferred adding additional taxes and fees.
Not really. There a lot of 0% financing loans available. I've had two new cars in the past seven years, and I'd never agree to paying financing charges.
That's a good deal for a used car.
For your very first auto loan through a major lender, it's actually a good rate.
I agree with Scott, always. However, no new borrower on the planet is going to get 0%, even with a co-signer. That's reserved for folks with long-standing good credit.
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