Slateman Posted September 20, 2009 Share Posted September 20, 2009 Hi everybody!! Finally back from deployment and of course, I got some cash Actually, I've been saving up my money for a while because I wanted a nice car. Anyway, I still need a little bit more for what I want (335i/G37/G35). I am considering getting a small loan from Navy Fed and then going to a dealership and talking them down by paying with cash. Do banks have a minimum amount you have to borrow? And a minimum time? Cus all I want is about $10k and I could pay it back over the next year. But all I can find on Navy Fed is 20k over the next 36 months (at about 4.25% . . . is that good?) Link to comment Share on other sites More sharing options...
twa Posted September 20, 2009 Share Posted September 20, 2009 Varies by bank,but there is usually not a penalty for early repayment so a longer term does not matter. My CU loans whatever amount I request,you sure you aren't just looking at rate examples? Link to comment Share on other sites More sharing options...
TCO Posted September 20, 2009 Share Posted September 20, 2009 Even if they have a minimum term like 36 months, most CU's don't have early prepayment penalties. You could take the longer term and just pay more on your payment every month. Link to comment Share on other sites More sharing options...
TCO Posted September 20, 2009 Share Posted September 20, 2009 Also, the rates shown might be the best rate for their most qualified customers. So the rate will depend on your credit report. 4.25% isn't bad, the only way to do better would be to find a dealership offering better financing through a sale or something...once again, dependent on your score. Link to comment Share on other sites More sharing options...
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