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Old 05-03-2016, 12:17 PM   #11
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I get prime +2% my loan officer says she cannot even get that rate
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Old 05-03-2016, 12:54 PM   #12
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You probably already know this but for those who don't...the interest paid on a $25,000 loan at 4.49% over 12 years is $20,548 (and some change) according to the BankRate calculator. Just some FYI.
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Old 05-03-2016, 02:08 PM   #13
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Originally Posted by mtnbikes View Post
Check your local credit union. They will offer the best rates. I financed my 2016 Whitehawk 28 DSBH for 6 years at 2.74%.
I agree with mtnbikes... we're in the process of getting a home equity loan from SEFCU (credit union in NY). Sometimes (maybe always??) there are certain qualifications on who can join. For me, working in Buffalo did the trick. Not all credit unions will have fantastic rates on home equity loans, but SEFCU does. You can get 2.85% for 10 years if you have great credit and Combined Loan-To-Value of 50% or less (i.e. you're not borrowing more than 50% of your homes equity). If you're credit is not great or if your CLTV is higher than 50% you might still get a great rate, but it won't be the lowest.

SEFCU is a NY only credit union, but check out credit unions in your neck of the woods.

BTW, careful about making assumptions regarding your credit score... my FICO score was over 800 so I thought I was going to get their best rate. Unfortunately banks use different scoring methodologies depending on the type of loan. SEFCU uses Vantage (I think, but I can't remember for sure). Anyway, I had high balances on a couple of credit cards. I had the money to pay them off, but I was using the money for something else. I figured with my credit score I didn't have to worry about it, but their scoring model dinged me big time for the high balance (even though I had the money to pay them off). Plus I got dinged for not having a mortgage (can you believe that!? I paid it off 3 years ago and it negatively affected my score!). I ended up paying off my credit cards, waited until my wife's credit report reflected the changes (FYI, Discover card will push the changes to the credit bureaus ahead of schedule if you ask nice, one of my other cards would not) and then reapplied with my wife (my first application was just me, but once SEFCU runs your credit they won't do it again for 60 days). SEFCU takes the better of the two scores if you apply for a joint loan. You might want to ask your bank/credit union where they pull the credit report from and run it yourself before applying.

Hope this helps!

-Len
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Old 05-03-2016, 02:53 PM   #14
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Local Credit Union
6 Years
$30,000
3.74%
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Old 05-03-2016, 02:55 PM   #15
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Originally Posted by troutslayer View Post
You probably already know this but for those who don't...the interest paid on a $25,000 loan at 4.49% over 12 years is $20,548 (and some change) according to the BankRate calculator. Just some FYI.
Yup.

I financed mine that long just in case some major life event comes up and makes funds tight.

Hope to pay off in 5-6 years.....
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Old 05-03-2016, 03:00 PM   #16
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My calculator shows the total interest expense as $7,382.53 with a total paid of $32,382.53 on a $25,000 loan for 12 years. Your interest expense calculation works for a 30 year mortgage.
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Old 05-03-2016, 06:22 PM   #17
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My calculator shows the total interest expense as $7,382.53 with a total paid of $32,382.53 on a $25,000 loan for 12 years. Your interest expense calculation works for a 30 year mortgage.
My apologies!
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Old 05-05-2016, 05:12 PM   #18
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4.25 with USAA (if you're eligible to join) on 15 years, 35k or more....
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Old 05-06-2016, 09:04 PM   #19
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Local Credit Union
$20,000
6 Years
1.90%

Currently the rate is 3.89%

Try your local credit union
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