My New Logix Banking Car Loan
A few months ago, I endured the car buying process. We burned through many hours, but I was relatively pleased with the outcome. I got the car I wanted, the features I wanted, and the interest rate I wanted, 2.99%. Things were smooth sailing until a few weeks ago.
Deana, who used to work with Logix, told me to redo my car loan. At the time, I thought 2.99% was the best banks could do. It turns out this was a standard interest rate. For customers who have good credit, Logix offers 1.49% car loans. I remember telling Chet and Deana, that I don’t have time to go through all the paper work. Deana fired back, “Did you calculate how much money you could save?” Earlier in the day I had ran the numbers. I answered, “I would save $662 during the lifetime of the loan.” Deana countered, “That’s six hundred dollars!” I repeated, “Yeah, but all that paperwork…” Deana and Chet stared at me blank faced. I wondered, “Was I getting that lazy that I would kiss six hundred dollars goodbye?” I chatted with a Logix agent to get more information.
To apply for a Logix car loan, I needed to be a member first. I went through the account creation process online in no time. I needed a minimum balance of five dollars to complete the deal. The icing on the cake was referal bonuses. Deana got $25 dollars for referring me and I got $25, too. (We might also be eligible for additional $25 payouts for the car loan. I will look into this next week.)
I waited a few days to make sure my Logix account was good to go. I then applied for the car loan online. It’s amazing how everything can be done electronically. A company called DocuSign allows me to sign most of the documents via my smartphone. The only exception was the power of attorney form my loan officer FedEx’d me overnight. I also needed to include a check for $15 to handle the DMV processing fee.
A few days later, my loan officer called to finish the deal. He had a check ready to pay off my first loan. I heard about and declined gap insurance and additional extended warranty for my car. I also declined the option of paying for my loan 90 days later. It sounded like a great deal, but there is no free lunch as I am accruing interest during those days of non-payment. I electronically signed off a few more documents and the deal was done.
My loan officer emailed me that Logix paid off my first car loan and that my next payment will be 30 days from today. To qualify for the 1.49% rate, I needed to setup autopay with my existing bank account. If not, the rate would have been 2.49%. There are no penalties for paying off the loan early. My monthly payments dropped by $40. I will be saving about $662 in interest. Since Logix did so well with my car loan, I inquired about refinancing my mortgage. My loan officer quickly read me their rates. No matter how he sliced it, no points, one point, or two, their rate would be higher than my current rate. Regardless, I was very happy with my car loan refi experience. Thanks Logix!
For more information, visit Logix Banking today.