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I get that it might make sense in some fringe cases (if in fact your money can earn enough for you to offset the interest), but my family has always believed in paying cash for cars. I don't get the idea of paying more over time. Either you can afford the car, or you can't.
I haven't financed a car in a very long time, and was going to pay cash, but when I Learned that USAA would give me an auto loan at 1.49%, and PenFed was offering CDs at 1.85%, the temptation was too great.I get that it might make sense in some fringe cases (if in fact your money can earn enough for you to offset the interest), but my family has always believed in paying cash for cars. I don't get the idea of paying more over time. Either you can afford the car, or you can't.
I just got approved for 1.49% for a loan term of 72 months through Alliant credit union. They offer 100% financing. I can put more money down and do a shorter term, but at 1.49% it doesn't make much financial sense. Why not hold on to your money and invest it. After the way banks have treated customers and the American taxpayer, I don't deal with them unless I absolutely have to. I give my money to credit unions.
Now I just need my Model S. This is going to be a long 4-6 weeks.
I haven't financed a car in a very long time, and was going to pay cash, but when I Learned that USAA would give me an auto loan at 1.49%, and PenFed was offering CDs at 1.85%, the temptation was too great.
Dollar wise (not percentage), the loan interest decreases and the CD compounded interest increases.
I just financed with Alliant as well. 100% minus the $5k deposit. Gap insurance was very cheap on a 110k loan.
I haven't financed a car in a very long time, and was going to pay cash, but when I Learned that USAA would give me an auto loan at 1.49%, and PenFed was offering CDs at 1.85%, the temptation was too great.
Dollar wise (not percentage), the loan interest decreases and the CD compounded interest increases.
I haven't financed a car in a very long time, and was going to pay cash, but when I Learned that USAA would give me an auto loan at 1.49%, and PenFed was offering CDs at 1.85%, the temptation was too great.
Dollar wise (not percentage), the loan interest decreases and the CD compounded interest increases.
I haven't financed a car in a very long time, and was going to pay cash, but when I Learned that USAA would give me an auto loan at 1.49%, and PenFed was offering CDs at 1.85%, the temptation was too great.
Dollar wise (not percentage), the loan interest decreases and the CD compounded interest increases.
Back in Jan/Feb when PenFed was offering 1.49% auto loans, I applied and was rejected because my credit files were void of any installment loans, and our home mortgage had been paid many years ago and had been purged from my file. I had also applied and was approved for a car loan at USAA at 1.79%.I am USAA member. I was quoted 1.49% only if Tesla was in their 'dealer network' (which they are not)....Any inside info you can give me on getting 1.49%. Without this delear discount their rate is 1.99% Thanks Al
Back in Jan/Feb when PenFed was offering 1.49% auto loans, I applied and was rejected because my credit files were void of any installment loans, and our home mortgage had been paid many years ago and had been purged from my file. I had also applied and was approved for a car loan at USAA at 1.79%.
I thought the heck with it, I'll just pay cash. On a whim, I called USAA and asked if they would match the PenFed 1.49%. They did in a heartbeat.
I've been with USAA since 1955 - maybe that had something to do with it.
Back in Jan/Feb when PenFed was offering 1.49% auto loans, I applied and was rejected because my credit files were void of any installment loans, and our home mortgage had been paid many years ago and had been purged from my file. I had also applied and was approved for a car loan at USAA at 1.79%.
I thought the heck with it, I'll just pay cash. On a whim, I called USAA and asked if they would match the PenFed 1.49%. They did in a heartbeat.
I've been with USAA since 1955 - maybe that had something to do with it.
Being a member since 1955, that must be it. I have 1.49% from Alliant for 72 months, for that term, USAA could only do 2.75%. I've 'only' been a member since 1993. I guess for USAA 20 years is a newbie. I am using USAA for my auto insurance, great company, just which they could have matched the1.49%.
I do have to say that my (limited) conversations with Alliant so far: very good customer service. This is the one of many differences between credit unions/USAA and banks.