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Saving secured loan

Saving secured loan

Old Mar 9th 2014, 8:54 am
  #1  
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Default Saving secured loan

Ok, still looking for a loan to buy a car. The intention so far is to get a savings secured personal loan and use that to buy the car. Has anyone does that and still recommends it? I talked to a CU and they were kind of happy to give me an auto loan but on a high interest rate understandably. Which made me try this route. A savings secured loan would be on 3.5% APR only which is pretty low and savings would yield 0.5% interest as well. This seems to be a good deal while I am going to keep the cash locked in the bank anyway.
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Old Mar 9th 2014, 1:52 pm
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Default Re: Saving secured loan

I have never worked out the point of a cash collateralised loan. Surely it would make more sense just to use the cash, and then "pay your self back" to replenish the savings? ..... Or are you trying to use it to build your credit score?
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Old Mar 9th 2014, 6:01 pm
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Default Re: Saving secured loan

Originally Posted by Pulaski View Post
I have never worked out the point of a cash collateralised loan. Surely it would make more sense just to use the cash, and then "pay your self back" to replenish the savings? ..... Or are you trying to use it to build your credit score?
Yes. Keep paying a little for a year and the clear the loan. Good history built.
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