Recently, in an attempt to really work on correcting my minor financial mistakes, I consolidated my credit card (about $1,500. Yeah, I know) and my car loan (about $8,500) into one big loan through my bank, Wells Fargo. I've never had problems with them, they've always treated me well, so I figured I'd give them all of my banking business.
I usually do my research pretty well, but I suppose I haven't gotten the knack of financing and loans and the like, and upon looking some things up, I'm under the impression now that I got kind of a bad deal.
I was paying $100 a month off of my credit card, with an interest rate of 9.9%. I was paying 235 a month off of my car loan, and had a little more than 3 and a half years left on that.
My new loan has a monthly payment of $263, but is for 48 months with an interest rate of 15.94%. That's a total of over $3,000 in interest I'll be paying. The loan officer was exceedingly good at convincing me that was a good deal, but the more I think about it and look around other banking sites, the more I'm thinking, "GOOD LORD SIXTEEN PERCENT APR!"
Is this a better deal? I have good credit, 731 last time I checked for an apartment credit check (I think that's good). I've never used a credit union, but my sister, who works for a bank, tells me that credit unions are the way to go for auto loans.
Any suggestions on a way to lower my interest rate or a better bank to get a loan from?