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Thread: USAA

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    Question USAA

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    So Im pretty sure this is a stupid question but Im so lost. I applied for a small auto loan on USAA and got approved with a "rate" of 13.44. Now is that bad or normal compared to most places(banks). I just dont want to make the wrong decision.

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    #2
    is it you're first time applying for a loan? i know they tend to give higher rates to those who have never applied for a loan before.....im not how they are now but when we had a loan thru them in 07 we had an interest rate of 6.9.....there are a lot of factors.....did you ask them why it was so high and if they could work with you to lower it?
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    Quote Originally Posted by marinewife07 View Post
    is it you're first time applying for a loan? i know they tend to give higher rates to those who have never applied for a loan before.....im not how they are now but when we had a loan thru them in 07 we had an interest rate of 6.9.....there are a lot of factors.....did you ask them why it was so high and if they could work with you to lower it?
    It was online so Im gonna just call them tomorrow and see what I can do. I just wanna get the best deal.
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    #4
    13 % I believe is high. Not the highest so it is better than if it was 19 or more, but average if your credit is good is about 6 or 7 %.
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    #5
    That's very high. An auto loan is a secured loan, meaning you have something backing the loan in case it goes into default. Secured loans have lower interest rates, typically. Our USAA auto loan is about 6%, and I used to have an NFCU auto loan for 9% and I thought that was high. I don't have any credit cards that are as high as 13%.

    If it's your only option, I'd just try to get that sucker paid off asap.
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    #6
    Wow. That's really high for an auto loan. We've never even been offered more than 7% and that was the highest. Shoot, even for a non-secured personal we're offered at the most 12% interest. Shop around.
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    But if she has no credit or bad credit it isn't as bad as it could be so to most people that 13% is ridiculous. But for some for their first loan it isn't uncommon.
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    It's probably because my stepdad co-signed for me, but my first auto loan, I didn't have any credit at all and with him as a co-signer that was still only 6 1/2%. I think the banks with me by myself with no credit wanted like 8 or 9%.
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    #9
    I think I pay 6% on my SUV but like everyone says it depends on your credit score.
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    #10
    To me that's high, I know Dh would not take that. Our auto loan is around 7%.
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