Overhaulin' - Am I getting a good car loan rate?

Am I getting a good car loan rate?

I'm taking out an car loan for $32,000. My credit union has offered me 5.5% for 72 months. Is that a good rate? I have looked at several other places and they all want a minimum of 6.9%. My rate seems too good to be true. Is it?

Public Comments

that is pretty much normal for a credit Union. It is a good rate and good luck.
credit unions usually are lower .. get it in writing and there is now worry..
Your rate is very competitive and far lower than the national average. Check other car loan rates against your bank at http://www.ratezip.com/auto.html
That's pretty good. What did your dealership offer you though?
KUDOS to you for such a great credit score. Yes, 5.5% is a good rate however, it is for 72 months. Do you have the option of paying extra each month so that you can pay it off earlier? Are you required to keep a certain balance in your savings/checking inorder to keep this rate? Most credit unions offer lower interest rates however, many times thay come with strings atached. Also, a good site is... http://www.surveyland.org/jump.php?link=auto Good Luck.