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Best Auto Loan Rates

stitch702

stitch702

Recovering Gunaholic
Forum Supporter
Well the my old car that I've had since college is beginning to show its age. It served me well after 17 years. I've been eyeing a used truck made in 2013 and have been wondering what credit unions in Las Vegas have had the best experiences and rates. I'd go through my bank, but it doesn't look like their rates are as competitive as the local credit unions here. Let me know what your opinions are. So far I'm going to check Pen Fed, West Star Credit Union, America First, One Nevada, Clark County, etc to check their rates in the morning. Any recommendations or any good experiences with your own auto loan provider? Thanks in advance.
 
All of my auto loans have been through America First CU for ~30 years, I have been very pleased with their rates and services.
 
America First

BW
 
Check put Silver State Credit Union. Their rates are good. We financed a lot of people through them.
 
Just a month ago closed a loan on a used car 3.99% with One Nevada.
 
JohnnyK said:
One Nevada prohibits guns in their facilities...
Click to expand...

One more time guys. That is what we call a rule it is not a law. I know a lot of you guys can't go to the bathroom in your home with out your 9 and a extra 30 round mag in your pants. So if you happen to get caught in a One Nevada with your Gack 9 your not going to do any hard time in the big house. I would suggest next time you go with a bud and he can stand guard outside while you take care of business inside that way if there is a active shooter situation he can handle his business with the shooter. This way you can have piece of mine while inside the credit union and you won't feel naked without your security blanket.
 
Glockit said:
One more time guys. That is what we call a rule it is not a law. I know a lot of you guys can't go to the bathroom in your home with out your 9 and a extra 30 round mag in your pants. So if you happen to get caught in a One Nevada with your Gack 9 your not going to do any hard time in the big house. I would suggest next time you go with a bud and he can stand guard outside while you take care of business inside that way if there is a active shooter situation he can handle his business with the shooter. This way you can have piece of mine while inside the credit union and you won't feel naked without your security blanket.
Click to expand...
I believe his point was that we should give our dollars to businesses that SUPPORT the 2nd Amendment, versus those with rules that go against it.
 
I ended up getting a used vehicle loan through Lincoln/Ford over the summer under 3%. I'm thinking rates went up.
 
I ended up going with Navy Federal Credit Union. Their rates are way higher than most credit unions, but still cheaper than the big banks. Their customer service and convenience of use have been great. I ended up running into some complications due to the seller's smaller credit union requirements, but since Navy Federal is available state-wide I had no problem going back between banks to sort it out. Also found out most local credit unions will make it difficult to get a loan if the vehicle is out of state. I will probably refinance within a year though with one nevada or west star credit union. Both banks had the cheapest interest rates.
 
Don't buy a car you can't pay cash for. Unless you get a 0% loan you are throwing your money away.

There's a great book by a guy named Dave Ramsey about finances called "Total Money Makeover". Buy it used and read it. My family has become financially much smarter and much more comfortable in life following his teaching. We only have small real estate payments now, which is the only thing anyone should ever take out a loan for.

stitch702 said:
Well the my old car that I've had since college is beginning to show its age. It served me well after 17 years. I've been eyeing a used truck made in 2013 and have been wondering what credit unions in Las Vegas have had the best experiences and rates. I'd go through my bank, but it doesn't look like their rates are as competitive as the local credit unions here. Let me know what your opinions are. So far I'm going to check Pen Fed, West Star Credit Union, America First, One Nevada, Clark County, etc to check their rates in the morning. Any recommendations or any good experiences with your own auto loan provider? Thanks in advance.
Click to expand...
 
stitch702 said:
I ended up going with Navy Federal Credit Union. Their rates are way higher than most credit unions, but still cheaper than the big banks. Their customer service and convenience of use have been great. I ended up running into some complications due to the seller's smaller credit union requirements, but since Navy Federal is available state-wide I had no problem going back between banks to sort it out. Also found out most local credit unions will make it difficult to get a loan if the vehicle is out of state. I will probably refinance within a year though with one nevada or west star credit union. Both banks had the cheapest interest rates.
Click to expand...
Several months before you are ready to refinance, go in to the local Navy Federal branch, and tell them what you are wanting to do. The reps have been able to work out a lot of things for many people, myself included... They have been very flexible.
 
soundguy1 said:
Don't buy a car you can't pay cash for. Unless you get a 0% loan you are throwing your money away.

There's a great book by a guy named Dave Ramsey about finances called "Total Money Makeover". Buy it used and read it. My family has become financially much smarter and much more comfortable in life following his teaching. We only have small real estate payments now, which is the only thing anyone should ever take out a loan for.
Click to expand...

Actually this isn't true in every case. For example, I'd rather put lumps of cash into investments that net much more than the 3% loan.
 
Just an Average Joe said:
I believe his point was that we should give our dollars to businesses that SUPPORT the 2nd Amendment, versus those with rules that go against it.
Click to expand...

I don't believe most of these business's are anti second amendment I think there just naive. They seem to think a sign on the door will stop armed robbers or active shooter situations. What they don't understand is that criminals don't follow the laws. There are almost always rules against knifes posted as well so are they anti knife or do they think there protecting there customers and employee's? Probably neither just covering their ass in case something did happen gives them a small legal out.
 
Glockit said:
I don't believe most of these business's are anti second amendment I think there just naive. They seem to think a sign on the door will stop armed robbers or active shooter situations. What they don't understand is that criminals don't follow the laws. There are almost always rules against knifes posted as well so are they anti knife or do they think there protecting there customers and employee's? Probably neither just covering their ass in case something did happen gives them a small legal out.
Click to expand...
Specifically, the only way to address these types of businesses is to vote with your wallet, and patronize those that welcome and accept you.

By continuing to conduct business with companies with such policies, you are rewarding them for discriminating against you.
 
Holy crap, the rates mentioned in this thread are crazy. I thought credit unions were supposed to have better rates than big banks? I bought my wife's car in 2016 with a 1.99% rate with Chase, and my truck in 2017 with 2.99% rate from BOA which I already wasn't too happy about.
 
Interest rates have gone up considerably since 2016, when the Fed kept the rate at 0% for several years during Obama's lackluster economy with minuscule growth. They have bumped it up more than half a dozen times since Trump's economy has been on fire.

Sucks if you are borrowing.

But it's better if you are saving.
 
JohnnyK said:
... go in to the local Navy Federal branch ...
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JohnnyK said:
Specifically, the only way to address these types of businesses is to vote with your wallet, and patronize those that welcome and accept you.

By continuing to conduct business with companies with such policies, you are rewarding them for discriminating against you.
Click to expand...
Has Navy Federal CU changed their policy? I went in to reactivate my account when they came to town. Saw the "No Guns" sign on the door, and sent them a letter saying why I wouldn't. Haven't been back since. They are spending more money than ever before on advertising, and yet have a ridiculous policy that drives many away (except actual bad guys).
 
soundguy1 said:
Don't buy a car you can't pay cash for. Unless you get a 0% loan you are throwing your money away.

There's a great book by a guy named Dave Ramsey about finances called "Total Money Makeover". Buy it used and read it. My family has become financially much smarter and much more comfortable in life following his teaching. We only have small real estate payments now, which is the only thing anyone should ever take out a loan for.
Click to expand...

As I say Doing better than I deserve.
 
MAC702 said:
Has Navy Federal CU changed their policy? I went in to reactivate my account when they came to town. Saw the "No Guns" sign on the door, and sent them a letter saying why I wouldn't. Haven't been back since. They are spending more money than ever before on advertising, and yet have a ridiculous policy that drives many away (except actual bad guys).
Click to expand...
AFAIK, Navy Federal has never had a "No Guns" policy... Was it possible that some rogue individual put that sign there? I was assured, multiple times by local branch managers, and by corporate headquarters that they are not anti-gun, and fully respect the laws in the states where they are located... My major reason for transferring my accounts to Navy Federal was because one nevada has taken a very outspoken ant-gun position.
 
If you have a 401k and enough of a balance you can take a loan from the 401k. You’ll want to pay it back fairly quickly, but at least the “interest” is paid to yourself vs someone else.
 
titanNV said:
Actually this isn't true in every case. For example, I'd rather put lumps of cash into investments that net much more than the 3% loan.
Click to expand...

I recommend a modified version of this. Save and buy a used car for cash - a reliable junker is what you're after, or as good as you can afford. Then immediately start making "new" car payments to your savings account. When you have enough saved to pay cash for a new or late model (2 or 3 year old has suffered the bulk of new car depreciation and is a better buy) vehicle, buy it and again start making "new" car payments to your savings account. Only buy vehicles that are rated well for dependability. The obvious advantage to this system is you earn interest on your savings account and never pay car loan interest. The net interest gain between what you earn on savings and what you "don't have to pay on a car loan" is a healthy return.

TitanNV is correct, you can invest wisely and make more money than loan interest rates - but you can also lose your posterior. I've done both. Using the system as I've outlined above, I've been able to pay cash for all my vehicles since 1985. There's a not so obvious advantage when doing this, being able to pay cash most always results in being able to shop for price and get a better deal than when financing.

There's an old saying, "It takes money to make money", and that's certainly true. Initially it usually takes lots of hard work, self-restraint, and sacrifice to acquire enough money to reach the "takes money" part. After that it's easy.

Disclaimer: I'm not so Pollyannaish as to actually believe many people would embrace the idea above, really. A lot of people are into instant gratification which doesn't fit well with the plan. E.g. I had an office manager who asked for vacation and unpaid time off to go on a trip to Hawaii. I knew she was habitually broke, though I paid her well, so I causally asked how she was able to swing the vacation (rude of me, I know). Credit card!! - which meant she would be paying at least twice as much for the trip over the next few years. (When I founded the company she worked for, I didn't take a vacation for 5 years and worked most weekends. That was in 1978, memories of the struggle have fortunately faded and softened some. :)
 
Kinoons said:
If you have a 401k and enough of a balance you can take a loan from the 401k. You’ll want to pay it back fairly quickly, but at least the “interest” is paid to yourself vs someone else.
Click to expand...

Great advice! Though I suspect many smaller companies closed their 401K plans during the last recession. Our company matched employee contribution at 1.5 to 1 most years. Employee participation rate still dropped below 15%, even though it was costing them only about 75 cents in pre-tax dollars to save $2.50. We closed the plan as our outside management costs no longer made sense.
 
soundguy1 said:
Don't buy a car you can't pay cash for. Unless you get a 0% loan you are throwing your money away.

There's a great book by a guy named Dave Ramsey about finances called "Total Money Makeover". Buy it used and read it. My family has become financially much smarter and much more comfortable in life following his teaching. We only have small real estate payments now, which is the only thing anyone should ever take out a loan for.
Click to expand...

Sound advice. Usually I'm one to follow this. I've always been the type of person to pay cash for everything or pay with credit and then pay it off. However, I learned that mistake when I graduated college, never having had a credit card and no line of credit. I had a great paying job out of college and no debt, but no one would approve me for a credit card regardless of my income. I had to do one of those back credit cards that was connected to my checking account AND cosign with my parents. Skip to a few years ago when I was in the market for buying a house. I had good credit, but my lack of credit history made it difficult to obtain a loan. Thankfully my wife has a long history of great credit as well as debt free. That credit score really goes a long way should you need to take out a loan for a business, school, home, vehicle, etc. I think the most important factor is to live within your means. Don't splurge if you can't afford it, it will just bite you in the ass in the long run.
 
Before I joined the Nave in '63, I took out a $500 bank loan and deposited that money in the same Bank as collateral for the loan. That meant I couldn't take out the collateral money until the loan was paid off, which didn't matter much as I was gonna be overseas anyway. I made monthly payments on the loan, plus interest. I received a lower interest rate on my $500 collateral deposit . . . but the difference between that and the loan interest wasn't bad. When I finished paying off the loan I had a bit more than $1000.00. The whole exercise was to establish credit. This was easy to do with zero credit, as the bank was risking nothing.
 
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