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Ideal bank interest rate for auto loan payable in 3 years?


This discussion is about "Ideal bank interest rate for auto loan payable in 3 years?" in the "Business, Finance & Economics Discussions" forums.
Hi! What is the ideal interest rate this year 2019 if you get a loan from the bank with 20% down payment payable in 3 ...

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    Default Ideal bank interest rate for auto loan payable in 3 years?


    Hi!

    What is the ideal interest rate this year 2019 if you get a loan from the bank with 20% down payment payable in 3 years?

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    Mostly, based from their online amortization calculator, bank's annual interest rate ranging from 5.2% - 6.3%. Can still the bank provide you 5% flat or lower annual interest rate with the criteria of 20% down payment payable in 3 years? Is it possible? Need your input guys.

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    I think that it would be good idea to ask about interests rates at your local bank where you have an account. Usually, banks are checking your credit rating and if you are receiving salary over that bank, it might be that you can get better interest rate. Worth asking

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    Quote Originally Posted by djubal View Post
    Hi!

    What is the ideal interest rate this year 2019 if you get a loan from the bank with 20% down payment payable in 3 years?
    One trick I used for loans: Pag search ug banks nga ga offer ug promo on loans...usually lower ang interest rate (that's why it's a promo) compared to other banks for the same type of loan. Pangayo ug quotation (must be printed out) from that bank sa term na imong gusto. Then proceed to your favorite bank and show them the quotation. Negotiate the bank to offer you the same rate. I hope it helps.

    Question: Ngano dili nalang mo apply sa bank nga ga offer ug promo. Because in most cases, they will require you to have an existing bank account.
    tele9 likes this.

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    It's hard to say what the ideal interest rate to pay would be. There are alot of variables, the bank you choose for starters. There are also a lot of insurance companies like Money Expert where you get to pay an interest rate too if you choose to take a loan or credit of course. I took a loan from them last year in order to purchase a car and in the end after a few calculations I came to the conclusion that It was a real bargain. after a bit of calculations it turned out that I paid about six percent extra to the original car price. all in all I am very pleased with the result.

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