Comments on: Perks of Using a Lending Club Loan to Buy a Car http://www.moneyunder30.com/lending-club-loan-buy-car Personal Finance for the Young and Ambitious Wed, 17 Mar 2010 19:36:47 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Money Under 30 http://www.moneyunder30.com/lending-club-loan-buy-car/comment-page-1#comment-2073 Money Under 30 Tue, 10 Feb 2009 14:24:16 +0000 http://www.moneyunder30.com/?p=1344#comment-2073 Weakonomist, good to know that many car loans have done away with prepayment penalties. And you're right that all things equal, auto loan rates might be slightly less. The average 36 month car loan right now, according to BankRate, is 6.87%...Lending Club loan rates currently start about 1% higher, but it's the same ballpark. DK, thanks for the update on the credit score. I'll make that fix! Weakonomist, good to know that many car loans have done away with prepayment penalties. And you’re right that all things equal, auto loan rates might be slightly less. The average 36 month car loan right now, according to BankRate, is 6.87%…Lending Club loan rates currently start about 1% higher, but it’s the same ballpark.

DK, thanks for the update on the credit score. I’ll make that fix!

]]> By: dk from Lending Club http://www.moneyunder30.com/lending-club-loan-buy-car/comment-page-1#comment-2074 dk from Lending Club Mon, 09 Feb 2009 22:40:14 +0000 http://www.moneyunder30.com/?p=1344#comment-2074 Thanks for mention! Just one note, our minimum FICO score is now 660, not 640. Thanks, dk Product Ambassador lendingclub.com Thanks for mention! Just one note, our minimum FICO score is now 660, not 640.

Thanks,

dk
Product Ambassador
lendingclub.com

]]> By: the weakonomist http://www.moneyunder30.com/lending-club-loan-buy-car/comment-page-1#comment-2075 the weakonomist Mon, 09 Feb 2009 17:15:20 +0000 http://www.moneyunder30.com/?p=1344#comment-2075 The unsecured aspect is a really good point that I'd never thought of. But since it's unsecured won't you carry a higher interest rate than the same loan backed by the asset? Also, I financed my car last year and have since helped a half-dozen others buy and finance vehicles. No one charges pre-payment penalties anymore. With my loan from Chase Auto, you just needed to check the box that said you were paying extra and the amount would go to principle. This is a great intro to lending-club, I look forward to more advatanges to the system. The unsecured aspect is a really good point that I’d never thought of. But since it’s unsecured won’t you carry a higher interest rate than the same loan backed by the asset?

Also, I financed my car last year and have since helped a half-dozen others buy and finance vehicles. No one charges pre-payment penalties anymore. With my loan from Chase Auto, you just needed to check the box that said you were paying extra and the amount would go to principle.

This is a great intro to lending-club, I look forward to more advatanges to the system.

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