daniel2304 wrote:May I ask at what score you can get the interest rate at 1.99? Is it possible to take out the car loan by a check and then buying a cheaper car and use the different amount to do something else like you did on the original car loan?
I got the loan with my credit union SFCU and 1.99 is currently being offered by most credit unions.
With regarding the Score..I going anything over 720 is considered good and eligible.
And regarding your last question, it would be really nice to get a car loan at higher amount and then use part of it for self but practically its something tough I guess.
A car loan is a loan with Collateral as Car. So most of the times, a loan can be given only to the value of the car. And always, you need to turn in the Title with in 60 days.
If you don't turn in the title in 60 days, you would a last 30 days notice and you still don't send your title, the car loan would be converted to a higher interest APR loan.
My situation was little different. I did a car re-finance and my actual loan was about 7k.
My car value is over 25k and hence I was able to secure a loan for 13.5k.
And hence I paid off my primary loan of 7k and the remainder as a personal check.