The Itty Bitty NOVA VW Committee

[D_Eclipse9916]

I haven't checked recently but wasn't PenFed 1.9% for USED cars and like .9% for new cars? I had to float some cash for about six months during our renovations and did Penfed at 1.9% on my existing truck and paid off early with no fee. Only then did I realize Amex would have floated me for a year at 0%, womp womp. Update: Just looked it up 2.2% on new cars.

Don't make this complicated: Pretty much every banking institution is free checking (and most have interest bearing checking now). Go look around where you are mostly and what is close by for ATMs/Branch and choose that as your "checking" bank. Then research best rates for Loans and choose that as your "loan institution".

Just for reference, I use a local bank for a "buffer" checking account (for paypal/ATM etc) and then I have a credit union account for my main checking since it is interest bearing. My local bank is EVERYWHERE in NOVA but more specifically it is across the street from my house and just a block from my place of work within easily walking distance. I am sure this is obvious, but you should never be paying fees to use your money, too many options that are easy.

[WRXtranceformed]

BoA is king down here and they're major nationwide. I don't pay any ATM fees and there are branches in every major city I visit. They also happened to offer the lowest rate when I financed my truck so I went with them. But yeah any major bank that gives you easier access to your money is what you want. I would avoid Wells right now for personal banking because of the shit show they're going through. (Ironically, my mortgage and wife's auto loan is through Wells, I think they were desperate to stop the bleeding and dropped their pants for a while on rates)

[SlimKlim]

I haven't checked recently but wasn't PenFed 1.9% for USED cars and like .9% for new cars?  I had to float some cash for about six months during our renovations and did Penfed at 1.9% on my existing truck and paid off early with no fee. Only then did I realize Amex would have floated me for a year at 0%, womp womp.   Update: Just looked it up 2.2% on new cars.

Don't make this complicated: Pretty much every banking institution is free checking (and most have interest bearing checking now).  Go look around where you are mostly and what is close by for ATMs/Branch and choose that as your "checking" bank.  Then research best rates for Loans and choose that as your "loan institution".

Just for reference, I use a local bank for a "buffer" checking account (for paypal/ATM etc) and then I have a credit union account for my main checking since it is interest bearing.  My local bank is EVERYWHERE in NOVA but more specifically it is across the street from my house and just a block from my place of work within easily walking distance.  I am sure this is obvious, but you should never be paying fees to use your money, too many options that are easy.

Rates started inching back up maybe a year ago but they are still low in general, 2.9% for 60mo on a new car seems pretty common

[GTBrandon]

I've got PenFed for the past few cars and they have had the best rates other than the BMW at 1% which was free money on a basically new car.

Just recently I found out WF started charging me like $5 a month or something for not having a minimum checking balance/not using their debit card 10x a month so I'm looking to switch banks to something that is free and unlimited access to ATMs.

[ViPER1313]

Neato, that all makes sense. I'll definitely look into it then. How is PNC?

Crap compared with most credit unions. High interest rates for loans, shitty fees if you are not a Performance Select member. I wouldn’t bother with them unless you have at least 25k in the bank or 5g in monthly direct deposits, and even then only if it’s convenient.

-Baller tier PNC member, but only because it’s convenient

[ViPER1313]

Prime rate comparison on a 60 month new car loan:

PNC: 3.14%
Penfed: 2.99%
COFCU: 2.24%. They also have a .5% rate reduction perk for checking account holders.

http://www.cofcu.org/borrow/auto-loans/v...loan-rates

I know I go on and on about COFCU, but it’s a *great* perk of being a JMU student or alumni.

[WRXtranceformed]

Prime rate comparison on a 60 month new car loan:

PNC: 3.14%
Penfed: 2.99%
COFCU: 2.24%. They also have a .5% rate reduction perk for checking account holders.

http://www.cofcu.org/borrow/auto-loans/v...loan-rates

I know I go on and on about COFCU, but it’s a *great* perk of being a JMU student or alumni.

I did not know that about COFCU + JMU alum.  Might have to look into that for the next loan!

[Sijray21]

Prime rate comparison on a 60 month new car loan:

PNC: 3.14%
Penfed: 2.99%
COFCU: 2.24%. They also have a .5% rate reduction perk for checking account holders.

http://www.cofcu.org/borrow/auto-loans/v...loan-rates

I know I go on and on about COFCU, but it’s a *great* perk of being a JMU student or alumni.

omg, they have loans that could last 84 months (7 years)... on a car... That's so absurd... knowing what i know now anything over 36 months on a car loan gives me anxiety

[DavidM]

knowing what i know now anything over 36 months on a car loan gives me anxiety

Interested in this take...just because of depreciation?  Or the cost of interest?  Seems like with interest rates so low you're better off spreading the payments out and using that money for something else, no?

---

So I did a thing....

I hope you didn't get the same color as anyone else in this thread  

Taylor - PenFed all day erryday for auto loans. They and AFCU have been good to bank with in general, too.

Hopefully not   I went with the Midnight Blue, DSG.  Pretty happy with it so far.  Feels like a luxury cruiser compared to the S2000!

[Senor_Taylor]

Welcome to the Committee!

[Apoc]

Prime rate comparison on a 60 month new car loan:

PNC: 3.14%
Penfed: 2.99%
COFCU: 2.24%. They also have a .5% rate reduction perk for checking account holders.

http://www.cofcu.org/borrow/auto-loans/v...loan-rates

I know I go on and on about COFCU, but it’s a *great* perk of being a JMU student or alumni.

omg, they have loans that could last 84 months (7 years)... on a car... That's so absurd... knowing what i know now anything over 36 months on a car loan gives me anxiety

If the interest rates are the same, there's no reason not to do a long term loan and overpay. This way you can dial it back if you need some extra cash in a given month.

My last couple car loans have all been 60 months and paid off in 18 or less. The exception there is the F31, which we've had about two years... but it'll be paid off by the three year mark.

[Jake]

Oh good, nobody has blue yet!

[SlimKlim]

Ooooh nice, the blue is a good choice.

[Sijray21]

knowing what i know now anything over 36 months on a car loan gives me anxiety

Interested in this take...just because of depreciation?  Or the cost of interest?  Seems like with interest rates so low you're better off spreading the payments out and using that money for something else, no?

it's mostly just a personal preference based on my experience with income and all the loans I've had in the past (including the student loans I was married into).

Depreciation sucks on new cars, but I'm not really too concerned about that and I do like knowing the car's entire history. The cost of interest is somewhat negligible, but I do hate paying someone (ie: banks) for using their money to pay for things I want and can't afford at the moment. I'm certainly not opposed to having a small car loan with a reasonable interest rate, but the duration of payments is just something I find daunting; I like the financial freedom of not having payments. Most auto loans are open loans (no prepayment penalty - I haven't heard of a closed auto-loan), so prepaying is something I'd definitely do if I had a loan. I'll likely crunch the numbers and analyze my options for my next vehicle purchase since I do have a personal long-term goal of not having a mortgage payment by the time my daughter is out of high school (~16 more years).


anyway, back to the thread topic, haha - blue is nice. not many of them around. MOAR PICS!

[Apoc]

I do have a personal long-term goal of not having a mortgage payment by the time my daughter is out of high school (~16 more years).

Sell everything and live on a boat in Mexico. Problem solved.

[D_Eclipse9916]

I do have a personal long-term goal of not having a mortgage payment by the time my daughter is out of high school (~16 more years).

Sell everything and live on a boat in Mexico. Problem solved.

Then real life hits.  We have wild dreams of moving to the beach as soon as Eli graduates High School (yes I realize he is 10 months old).  Then you realize you are leaving your aging parents and you won't be around your child's children and family.

[WRXtranceformed]

Yeah long term loans aren't scary if the interest rate is super low like they have been. Even a very conservative investment is going to net you more money with the cash outlay than if you used it to pay off a depreciating asset (car).

Most of my last few loans have been 60 month, but I rarely keep a car for more than 2 years so it really doesn't matter as long as I get past the depreciation curve.

[Apoc]

I do have a personal long-term goal of not having a mortgage payment by the time my daughter is out of high school (~16 more years).

Sell everything and live on a boat in Mexico. Problem solved.

Then real life hits.  We have wild dreams of moving to the beach as soon as Eli graduates High School (yes I realize he is 10 months old).  Then you realize you are leaving your aging parents and you won't be around your child's children and family.

Not everyone has the need to for a geographically tight knit family. I moved to the other side of the country, in part, to get away from my family. For me, moving away from my parents ain't no thang and there's no guarantee my kid is going to want to be where I am. That and 1) my parents will likely not be alive to see him graduate college, and 2) I'm probably going to die before he has kids. I sacrificed my own desires for my family for 30 years. Never again. That said, my goal is to retire by the time my kid graduates college, sell our house, then live like nomads traveling the world. Not everyone has the same goal as me, though.

[SlimKlim]

Less life planning, moar VAG pics plz.

[Apoc]

This is your thread fucker - get on it!