Your input needed
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Joined: Jun 2007
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RE: Your input needed
I borrowed against my 401k. Some advise against it but I think there are advantages. The title is in my name and I'm paying myself back the interest at about 8%, which is better than the markets are doing lately.
Tourer
Joined: Apr 2007
Posts: 417
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From: Akron, OH
RE: Your input needed
ORIGINAL: TexasRedneck
Sounds to me like your dealer is playing games.....there's something a LOT of folks don't realize. Dealers (especially automotive) will often "shop" your note, offering it to several banks for the best possible interest rate. But guess what - YOU don't get that low rate - THEY do. Essentially, they sell the note to the XYZ bank at say 4% x 48 months, but contract you at 6% x 48 months. THEY keep the profits of the extra 2% APR....
As others said, go to yer Credit Union. Because of mah personal an' business accounts with 'em, ah got 3.9 APR on mah scooter last year.
Sounds to me like your dealer is playing games.....there's something a LOT of folks don't realize. Dealers (especially automotive) will often "shop" your note, offering it to several banks for the best possible interest rate. But guess what - YOU don't get that low rate - THEY do. Essentially, they sell the note to the XYZ bank at say 4% x 48 months, but contract you at 6% x 48 months. THEY keep the profits of the extra 2% APR....
As others said, go to yer Credit Union. Because of mah personal an' business accounts with 'em, ah got 3.9 APR on mah scooter last year.
A dealer does shop loans for their best profit and what they think the consumer is stupid enough to sign. I found that out the hard way many years ago, as I'm sure many, many others have experienced. I was told "well, you have a few issues with your credit". My only issues are that my bills are paid every month, on time.
I will say that my last encounter with a finance officer at a car dealership trying to stick me with a 12% new car loan got REAL ugly. I had this guy just about ready to come over the desk on ME!!! I walked out and a week later they were calling me back to offer 7%. I said KMA.
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General Harley Davidson Chat
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Apr 7, 2012 07:31 AM
