Best place to get loan

Htown09 · 02-25-2010, 02:20 PM

I have cash wrapped up right now and looking for a loan around 5,000$ to fund my IRA. My bank wells fargo charges like 9.5% interest. Any place else I can get a lower interest rate? I will most likely pay it off in a year but still want to find a low rate.

KingOfJericho · 02-25-2010, 02:57 PM

Why such a rush to fund? No reason to take out a loan to fund your retirement account IMO.

Htown09 · 02-25-2010, 03:10 PM

April 15 is deadline and 5k invested now is like 200k in 40 yrs

Hawkeye · 02-25-2010, 04:46 PM

deadline for what? To claim it on your taxes this year? That is silly. That being said, Credit Unions usually have the best rates, but most expect you to have some kind of account with them ($5 minimum savings account works great)

MrRoboto · 02-25-2010, 07:09 PM

Draw against your house. Interest should be at prime. Just make sure you pay it back with your tax refund.

ACZakka325i · 02-26-2010, 02:23 PM

This is the silliest thread I've read in a while. "Help me take on debt to invest". Isn't this an oxymoron? Wouldn't you be better at square one with no added debt?

KingOfJericho · 02-26-2010, 02:51 PM

Quote:

Originally Posted by ACZakka325i

This is the silliest thread I've read in a while. "Help me take on debt to invest". Isn't this an oxymoron? Wouldn't you be better at square one with no added debt?

This. There is no deadline to fund... calm down.

J-9 · 02-26-2010, 03:02 PM

This post isn't as silly as some think. You have only a short time left to invest money that will compound over the years tax-free, which will eventually pay for itself many times over. Essentially, he's paying interest to "extend" the deadline.

Using debt to pay for assets is more common than people realize. When you have a guaranteed (or reasonable risked) return on investment, why use your own capital? It's also called trading on margin in stock trading: you "borrow" against the cash and stock you have in your account. If you win, you pay it back and pocket the profit; if you lose, the brokerage takes your original cash and stock. Even steven.

As for where to get the lowest rate loan, it's tough. Credit Unions are good. My bank would charge the same at almost 10% for an unsecured loan. I do know that interest rates have never been lower and this is the best time to borrow. Good luck.

Edit: Pay off the loan as quick as you can to get back to contributing to the IRA on-time and pay less interest. Might have to sacrifice those mods this year.

stimpy · 02-26-2010, 03:26 PM

Penfed is about the best place you can go for auto loans... Not sure if this is good or not but they have a 7.99 on personal loan.

https://www.penfed.org/productsAndRa...sonalLoans.asp
________
Honda CB175

alpha325i · 02-26-2010, 07:32 PM

best place to get a loan? BMW Financial Services 2.9% FTW.

Mont3go · 02-26-2010, 08:58 PM

Quote:

Originally Posted by KingOfJericho

This. There is no deadline to fund... calm down.

April is the last time you can contribute to 2009 IRA. But it is dumb to borrow money to fund your IRA, you have to make sure your investment makes over the interest rate you are sure to pay. -9% return to begin with.

J-9 · 02-27-2010, 06:33 AM

Quote:

Originally Posted by Mont3go

April is the last time you can contribute to 2009 IRA. But it is dumb to borrow money to fund your IRA, you have to make sure your investment makes over the interest rate you are sure to pay. -9% return to begin with.

Wrong. Fund the IRA. Although he starts behind the curve, the compounding year over year will beat that and ultimatly make him more.

The trick as I said above: pay off the debt quick so you can start funding this year's IRA.

Mont3go · 02-27-2010, 11:57 AM

Quote:

Originally Posted by J-9

Wrong. Fund the IRA. Although he starts behind the curve, the compounding year over year will beat that and ultimatly make him more.

The trick as I said above: pay off the debt quick so you can start funding this year's IRA.

I am not arguing about the compounding. I am talking about 1 (one year) return, it seems like he is planning to pay it off in less than a year. Yes overall his money will make more depending on market conditions.

CollinsE90 · 02-27-2010, 12:34 PM

Quote:

Originally Posted by Hawkeye

deadline for what? To claim it on your taxes this year? That is silly. That being said, Credit Unions usually have the best rates, but most expect you to have some kind of account with them ($5 minimum savings account works great)

credit unions are your best bet, but they are harder to get bc they check everything, once you build your name at that particular branch u can call at anytime and get a loan no questions asked for the most part

02-25-2010, 02:20 PM	#1
Htown09 Captain 46 Rep 783 Posts Drives: E92 Join Date: Oct 2009 Location: Earth iTrader: (3)	Best place to get loan I have cash wrapped up right now and looking for a loan around 5,000$ to fund my IRA. My bank wells fargo charges like 9.5% interest. Any place else I can get a lower interest rate? I will most likely pay it off in a year but still want to find a low rate.
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02-25-2010, 02:57 PM	#2
KingOfJericho Major General 2458 Rep 7,341 Posts Drives: Yes Join Date: Aug 2007 Location: CT iTrader: (1) Garage List 2010 135i Coupe [5.26]	Why such a rush to fund? No reason to take out a loan to fund your retirement account IMO. __________________ The views and opinions expressed in this post are those of the author and do not necessarily reflect the official policy or position of Bimmerpost. 2018 Jeep Grand Cherokee High Altitude Hemi \| 2010 S4 Sold \| 2010 BMW 135i Retired \| 2006 Lotus Exige Sold
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02-25-2010, 03:10 PM	#3
Htown09 Captain 46 Rep 783 Posts Drives: E92 Join Date: Oct 2009 Location: Earth iTrader: (3)	April 15 is deadline and 5k invested now is like 200k in 40 yrs
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02-25-2010, 04:46 PM	#4
Hawkeye Brigadier General 2065 Rep 4,365 Posts Drives: '07 Z4 Coupe, '21 X3, '16 GMC Join Date: Aug 2007 Location: Iowa iTrader: (0) Garage List 2016 GMC Sierra SLT [10.00] 2008 Yamaha R6 [9.00]	deadline for what? To claim it on your taxes this year? That is silly. That being said, Credit Unions usually have the best rates, but most expect you to have some kind of account with them ($5 minimum savings account works great) __________________ 2007 Z4 3.0si Coupe • 6 MT • Black Saphire Metallic • PP • SP 2016 GMC Sierra SLT Z71 Premium Plus 4x4 2017 Harley StreetGlide • Denim Black • V&H Tune 2021 BMW x30i • Phytonic Blue Metallic • Fully loaded
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02-25-2010, 07:09 PM	#5
MrRoboto Brigadier General 1854 Rep 4,836 Posts Drives: VO 1M Join Date: Aug 2007 Location: Canada iTrader: (0)	Draw against your house. Interest should be at prime. Just make sure you pay it back with your tax refund.
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02-26-2010, 02:23 PM	#6
ACZakka325i Colonel 283 Rep 2,007 Posts Drives: 2 stroke Join Date: Jul 2005 Location: CT iTrader: (2)	This is the silliest thread I've read in a while. "Help me take on debt to invest". Isn't this an oxymoron? Wouldn't you be better at square one with no added debt? __________________ (Waitlist): #1 M2CSL (Current): 2016 F15 X5 3.5xdrive - 2010 997.2 C4S Coupe (Past): 2016 F30 340xi M-Sport -2013 535i xdrive 2008 E92 M3 - 2006 E90 325i 2002 E46 325xi - 1991 E30 325i
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02-26-2010, 03:02 PM	#8
J-9 Converting 93 octane to noise. 44 Rep 882 Posts Drives: 2018 F85 X5M Join Date: Feb 2010 Location: DC iTrader: (0)	This post isn't as silly as some think. You have only a short time left to invest money that will compound over the years tax-free, which will eventually pay for itself many times over. Essentially, he's paying interest to "extend" the deadline. Using debt to pay for assets is more common than people realize. When you have a guaranteed (or reasonable risked) return on investment, why use your own capital? It's also called trading on margin in stock trading: you "borrow" against the cash and stock you have in your account. If you win, you pay it back and pocket the profit; if you lose, the brokerage takes your original cash and stock. Even steven. As for where to get the lowest rate loan, it's tough. Credit Unions are good. My bank would charge the same at almost 10% for an unsecured loan. I do know that interest rates have never been lower and this is the best time to borrow. Good luck. Edit: Pay off the loan as quick as you can to get back to contributing to the IRA on-time and pay less interest. Might have to sacrifice those mods this year. __________________ Last edited by J-9; 02-26-2010 at 04:29 PM..
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02-26-2010, 03:26 PM	#9
stimpy Colonel 180 Rep 2,210 Posts Drives: E92 335i Join Date: Feb 2008 Location: Phoenix AZ iTrader: (7)	Penfed is about the best place you can go for auto loans... Not sure if this is good or not but they have a 7.99 on personal loan. https://www.penfed.org/productsAndRa...sonalLoans.asp ________ Honda CB175 Last edited by stimpy; 02-04-2011 at 07:21 AM..
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02-26-2010, 07:32 PM	#10
alpha325i this chick > 36 Rep 261 Posts Drives: E92 328i Join Date: Jan 2010 Location: USA iTrader: (1)	best place to get a loan? BMW Financial Services 2.9% FTW. __________________ Life's short, live fast ... drive a BMW E90 325i - totaled 03/17/10 (R.I.P.) E92 328i - took delivery 04/02/10
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