Auto loan strategy-your thoughts?

Discussion in 'Credit Talk' started by DanS, Sep 30, 2003.

  1. DanS

    DanS Well-Known Member

    Got a 12.5% auto loan w/chase a few months ago, which was a big deal at the time.

    Recently I visited Chase's auto loan site, and found that with "fair" credit (their lowest category), interest rates are 9%.

    I realize that since I bought the car from a dealer, there might be a markup involved. But how likely am I to get a lower rate on a fixed loan - re-applying, I guess, is involved, but it would save a few hundred dollars over four years.

    Suggestions on how to approach this, if anyone's done it, would be appreciated.

    Second question - if I just keep this loan in place, is there any advantage to paying it off faster in terms of FICO, a relationship w/Chase, etc.
  2. chipper

    chipper Well-Known Member


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