Did the program offer a reduced APR or is it just a more lenient approval process for college graduates that don't have great credit or any credit.

Thanks in advance.

 

I believe you get both. I received a rate of 4.84%.

 

Do you remember what the average rate was in your area at that time?

 

For Tier 1 - 5-6%. This was a month ago right before the interest rates went up.

 

Thanks much!

 

Yeah. When I applied, I was offered 5.65% through the signaturegrad prog. I also applied at UFCU and was offered 4.9%.

I think one of the things about the signaturegrad prog is that you can defer payments for 60 or 90 days. I can't remember which. It's a way to get college grads into a car earlier, but I wouldn't do that option. The interest just gets compounded during those 90 days and you'll end up paying a lot more by the end of your financing term.

 

the amt of interest you pay is depending on the amt you finance. I think it added like $128 on mine for the 3 months. for that amount of money i'd rather keep it and pay the $128 for those extra 90 days. it's a little more than a buck a day to defer payments. but again depends on how much you finance.

 

I stand corrected. I just did the math and you only end up paying an extra 26 bucks in interest at the end of the term to have the 3 month deferred payments. I don't know how I got the impression that the deferrment would cost an arm and a leg.