Good place for car loans/credit cards
Sep 3rd 2004, 2:20 am
#1
Mr. Grumpy
Thread Starter
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Good place for car loans/credit cards
I've been trawling credit forums for a while now and it seems this financial institution is a hidden gem
www.patelco.com
they are pretty reasonable for their lending criteria
If you have an experian fico score of 660 or above the rate for new or used autos is 4.2% with no application fee or pre-payment penalty
they are a credit union but anyone can join for a fee of $25
i got their credit card too which has a rate of just under 10%
www.patelco.com
they are pretty reasonable for their lending criteria
If you have an experian fico score of 660 or above the rate for new or used autos is 4.2% with no application fee or pre-payment penalty
they are a credit union but anyone can join for a fee of $25
i got their credit card too which has a rate of just under 10%
Sep 3rd 2004, 2:59 am
#2
Joined: Mar 2003
Posts: 68,280
Re: Good place for car loans/credit cards
This bit ain't so good :
This institution is not federally insured, and if the institution fails, the Federal Government does not guarantee that depositors will get back their money. Accounts with this institution are not insured by any state government.
This institution is not federally insured, and if the institution fails, the Federal Government does not guarantee that depositors will get back their money. Accounts with this institution are not insured by any state government.
Sep 3rd 2004, 3:34 am
#3
dealing with it
Joined: Feb 2003
Location: DC
Posts: 2,916
Re: Good place for car loans/credit cards
Originally Posted by Ray
This bit ain't so good :
This institution is not federally insured, and if the institution fails, the Federal Government does not guarantee that depositors will get back their money. Accounts with this institution are not insured by any state government.
This institution is not federally insured, and if the institution fails, the Federal Government does not guarantee that depositors will get back their money. Accounts with this institution are not insured by any state government.
on the other hand, if you take out a loan or run up a massive credit card debt, and then they go under, I'll bet you that you won't get away with non payment very easily....
If I joined, I'd make them sign my terms and conditions that would state "I am not federally insured, and should I fail to make my payments, the federal government does not guarantee that you, as a creditor, will get your money back"
You think that they'd sign it?
Sep 3rd 2004, 5:56 am
#4
Septicity
Joined: May 2004
Posts: 23,762
Re: Good place for car loans/credit cards
Originally Posted by Ray
This bit ain't so good :
This institution is not federally insured, and if the institution fails, the Federal Government does not guarantee that depositors will get back their money. Accounts with this institution are not insured by any state government.
This institution is not federally insured, and if the institution fails, the Federal Government does not guarantee that depositors will get back their money. Accounts with this institution are not insured by any state government.
Maybe proceed with great caution and much research?
Sep 3rd 2004, 6:00 am
#5
Joined: Mar 2003
Posts: 68,280
Re: Good place for car loans/credit cards
Originally Posted by fatbrit
My thought, too! Then when I got into reading their site, I sort of mellowed a bit. They have an interesting list of big corps for membership accounts and a good explanation for not using FDIC. However, their web site looks like it was coded by a kid during the school holidays. (Another negative for Ray is that its location would probably suggest it isn’t good to pay your NRA dues through the free bill pay service!)
Maybe proceed with great caution and much research?
Maybe proceed with great caution and much research?
Sep 3rd 2004, 6:02 am
#6
Septicity
Joined: May 2004
Posts: 23,762
Re: Good place for car loans/credit cards
Originally Posted by Ray
The Patel Company...difficult to track down
Sep 3rd 2004, 3:14 pm
#7
Mr. Grumpy
Thread Starter
Joined: Jun 2003
Location: Nashville, TN
Posts: 3,100
Re: Good place for car loans/credit cards
yeah the lack of FDIC was mentioned as an issue on another forum but the insurers they use are well respected apparently
anyway - if you are a borrower (like i am) then not having deposits insured is not an issue - I am a fan of ING Direct for that
my loca credit union that I can join because of my wifes affiliation was offering 4.95% for the best credit (730 equifax score) so I thought 4.2 for 660 was pretty cool (especially on a used car from a private seller)
anyway - if you are a borrower (like i am) then not having deposits insured is not an issue - I am a fan of ING Direct for that
my loca credit union that I can join because of my wifes affiliation was offering 4.95% for the best credit (730 equifax score) so I thought 4.2 for 660 was pretty cool (especially on a used car from a private seller)
