Miata Mailing List: March 1995, Message #58
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   From: reb@xyzzy.com (Phydeaux's PC)
Subject: Re: loan for used miata
   Date: Wed, 1 Mar 1995 14:42:36 -0500

>I live in the SF Bay Area, my bank is Wells Fargo... They want 12.25% for a 5
>year $12,000 loan.. (thats zero down).
>
>Anyone know of a way to get a loan cheaper?

First, it's been my experience that the rate depends on what you want the
money for (new car, used car, unsecured loan), not how much you want or what
you are putting down.  Also, used car loans seem to be a bit more expensive,
as are longer term loans.

As for where to go, try your friendly neighborhood credit union.  In
December my wife and I got a 7.74% 5 year loan from our new Toyota Camry.
Banks around here wanted 9.99% at the time.

If you are not a member of one, see if your employer is affilliated with
one, or just call up some local ones and find out how/if you can qualify to
join.  Usually it has to do with your employer, however I'm a member of one
because of my *aunt's* employer!  It's definitely worth checking out...

BTW, all credit unions are not created equal.  My wife works for AT&T and
the AT&T credit union at her office (AT&T employees have LOTS of different
credit unions) had a higher rate than the one we belong to through my aunt...
                                                                 reb
                                                                 reb@xyzzy.com