A sampling of financial institutions was asked to quote the most recent lowest annual percentage rates they would charge a new loan customer with an annual income from $30,000 to $35,000 and good credit standing. Qualifications for borrowing and finance charges vary among institutions. Rates may differ from branch to branch. Some institutions provide lower rates to existing customers.
Banks
California Bank & Trust 16.900 $18 8.500 8.990 8.262 0.350 2.430 3.250
Citibank N/A N/A 9.750* 8.650 N/A 2.000 4.750 4.300
Far East National Bank 14.250 N/A 7.750 N/A N/A 1.510 3.400 5.380
Fremont Bank N/A N/A 8.000* 7.353 9.250 1.000 4.100 4.300
State Farm Bank 13.240* $0 7.750 7.990 6.290* 1.650 4.950 5.000
Credit unions
Alliance N/A N/A 7.250 7.750 6.490 1.750 4.650 4.900
San Jose 7.700 $0 7.250* 7.510 5.990 1.510 4.250 4.000
Stanford Federal 12.250 $0 6.125 8.027 6.000 2.990 4.074 4.334
Star One 8.750 0 7.750* 6.839 5.600 5.000 5.000 5.050
Valley Credit 7.900 0 8.279 7.643 6.250 1.750 4.500 4.500
*Variable loan(s1)Institution offers slightly different terms.
Here are descriptions of the loans and savings accounts we asked
about:
Home-equity credit line: A line of credit up to $30,000 secured
against the borrower’s home.
Home-equity loan: A 15-year loan of $30,000 secured by the owner’s home.
Auto loan: A four-year loan of $12,000 with 20% down secured by a new automobile.
Money market: savings accounts with limited or no checking privileges and a minimum balance of $2,500.
CDs: Time certificate of deposit for balances of at least $5,000.