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Author Topic: Interest Rates  (Read 821 times)

jolyssa

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Interest Rates
« on: June 27, 2005, 03:17:34 PM »
I applied for a private loan through ACCESS and was approved for LIBOR Rate + 3.75% at an interest rate of 6.6 %.  I thought I wouldn't get approved based on my credit and would need to co-sign with my parents and get a better rate.  Would you happen to know if I can still co-sign with my parents, even if I can get apporved based on my credit alone, to get a better interest rate?
Thanks in advance.

SleepyGuyYawn

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Re: Interest Rates
« Reply #1 on: June 27, 2005, 04:26:17 PM »
Actually I just applied today and got the same rate.

I asked them if I could have my parents co-sign, and they said that they only allowed a cosigner if students weren't eligible.


jolyssa

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Re: Interest Rates
« Reply #2 on: June 27, 2005, 05:08:42 PM »
Thanks...

I wonder if I can get a better rate using other lenders.  I guess it's time to shop around...

SleepyGuyYawn

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Re: Interest Rates
« Reply #3 on: June 28, 2005, 12:27:56 AM »
I shopped around a little bit.  But Access is no fee and it's an interest rate based on LIBOR.  And that means, as far as I understand, that your overall interest rate will go up less than if your interest rate was based on prime.  So I went with access.

superhero

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Re: Interest Rates
« Reply #4 on: June 30, 2005, 01:09:29 AM »
I shopped around a little bit.  But Access is no fee and it's an interest rate based on LIBOR.  And that means, as far as I understand, that your overall interest rate will go up less than if your interest rate was based on prime.  So I went with access.

I'm not too sure about that idea.  See link...

http://www.briefing.com/morningstar/mtgdata/prm_lbr.htm