Question about bank loans...

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11-26-2003, 03:08 PM

Logan Lundy

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Alright, in the spring I bought a car, i my dad bought it and i was just paying him for it monthly, but Id like to get a loan and pay it all off from my dad as well as pay off my credit card....so im looking for a $9000-$10,000 loan. Now my bank (ATB) has given me an intrest rate of 10.5%, now im not the brightest man on the face of the earth but I KNOW thats pretty high.

They had originally came to me with an intrest rate of 11.5% and then i told them it was waaay to high and I wanted them to try to bring it down it came down 1% after she asked. But is 10.5% still the best I can get?? I mean with my dad co-signing, hes got perfect credit.

I dont have the credit rating or assets to get a loan with out a co-signer.....but my dad is willing to co-sign, but why is the intrest rate they want to give me so smokin high?

11-26-2003, 03:10 PM

Blinddemonz

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I'll ask if therez a way to get a lower interest rate dude. 2 people in my family work ina bank and one does that sort of thing. [img]graemlins/thumb.gif[/img]

11-26-2003, 04:18 PM

KillerGrand

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Typically used car rates are very high. 10.5% is extrely high. Shop around at different banks.

11-26-2003, 04:29 PM

Logan Lundy

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Thats the thing though, Im getting a personal consolidation loan...not a car loan.

11-26-2003, 04:44 PM

Thunderous Contender

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I'm not too sure on this but I think different banks have different rates. I'm 19 and for a loan of 10 grand the interested rate way 8.5%.

11-26-2003, 05:43 PM

Derek Jerome

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bill consolidation loans have a much higher intrest rate than a car loan .........

11-26-2003, 05:49 PM

KillerGrand

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Is your dad charing you interest on the loan>?

If not, pay off your credit cards right away (they charge the highest interest) and pay your dad whatever arrangment you already established with him.

11-26-2003, 06:45 PM

Icon

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hell you can get a visa with a 10% rate on it, banks are high at 9% usally(thats with good credit)

just get a credit line its 8%. royal or CIBC have them.

nothing else that I know of.

11-26-2003, 07:41 PM

Wade

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Join Date: Dec 1969

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Unsecured loans will always result in higher interest rates.

Will they be putting a lien on the car? That might help somewhat.

But if your dad is ok with the arrangement, I'd suggest following KillerGrand's advice