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Ok guys I am shopping around for some financing for my new goat. Tried only one so far e-loan which offered ridiculous rate. Other options Dealer, Capitalone Auto, Local Credit Union, Wells Fargo I would like to hear what others reccommend, fico score is 740 hopefully its good enough also need the longest term possible to keep payments low.
 

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I got really crappy credit score (past loans for ex-GF..long story) but even with that..GMAC gave me 4.9%
 

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Warner Robins GTO said:
I got really crappy credit score (past loans for ex-GF..long story) but even with that..GMAC gave me 4.9%
Damn, I have good credit and the best I could get was 5.9% through Hunting National Bank. (July 2005)
 

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Local credit unions almost always have the best rates. Generally they have a noce low rate and then they lower it another .5% with auto deduction.

Locally the best rate is 5.25 and then the auto deduction discount.

National banks right now are in the 6% range.

GMAC offers rebate or incentive rates.

Rate incentives are as follow

05 models
36 48 60 72
1.9 2.9 3.9 4.9

06 models
36 48 60 72
4.9 5.9 6.9 7.25
 

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I have excellent credit and the best rate I could find was 5.25% on a 5 year note through a local credit union. This was in December. If you want to go to a 6 year loan your interest rate will be a little higher. I believe GMAC does offer a 7 year loan (had a dealer offer one to me on an '05)...but do you really want to finance out that far on a car? One of the reasons I bought a leftover '04 was so I could have low payments and get a 60 month loan.
 

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No 84 term from GMAC. There are banks out there that do though.

simple interest loans are always best stretched out IMO. I personally always get the longest term possible and then pay early.

Example: My Denali is financed for 72 months. My monthly payment is $625. Every month I generally pay between $1000 and $1500 on it. Last I checked I have shaved 4 years off of a 7 year term.

Another Example: My house is on a 30 year term. Monthly note is $1275. I generally pay $3000 a month on this. I have paid off 11 years of my loan in 21 months.

The good thing about paying extra is that you cheat the bank out of some of their finance rates. So go a long term and pay it off early. you will save money in the long run.
 
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