Financing

[nkoenig]

I filled out an application thru ATP website for financing today. Whenever you get the yea or nay do they give you details about interest rate, payment amounts, etc?

[surreal1221]

I certainly hope they do. . . also . . . pay close attention to the interest rate, with or without deferement, and if it is variable or fixed. Also find out if there is any early payment fee / penalty. SLM?

[Airdale]

Two words of advice - Read Carefully. All of the terms, the agreement, the repayment schedule, the interest rate etc. The only way I could afford my training was to finance, and whether or not it was a good idea - the jury is still out. But I can say this, loans for this amount hurt and they hurt for a long time. Just be prepared.

[turbomax97]

FYI - ATP uses solely SLM financial as their lender. SLM blows. My credit score was a 790 at the time, with my parents being right at 800. Even with the cosigner, my loan came with a perty 13.5% variable rate. Long story short, my payment WAS 930 something a month, I'm currently refinancing with Citibank, and if all goes well, my payments will be less than half that... SLM BLOWS!

[Airdale]

Originally Posted by turbomax97

FYI - ATP uses solely SLM financial as their lender. SLM blows. My credit score was a 790 at the time, with my parents being right at 800. Even with the cosigner, my loan came with a perty 13.5% variable rate. Long story short, my payment WAS 930 something a month, I'm currently refinancing with Citibank, and if all goes well, my payments will be less than half that... SLM BLOWS!

What kind of loan are you looking at through Citibank? Do you still need the cosigner? I've been trying to refinance my Key Bank loan, but unless you put up a house for collateral, its all variable rate in the same ballpark.

[surreal1221]

Yes, definately interested in what type of re-fi loan with Citibank you are getting Turbomax.

Turbomax, what was your original loan amount, and was there any deferment?

[nkoenig]

I'm very intrested in alternatives. I only need to finance 25K i'm paying the rest in cash. I think i'll call my bank and see what they offer. I just always thought sallie or key were the only financing solutions available. I checked my Fico it's at 797. I'm supposed to find out what sallie has to say today and i'll update you guys.

[surreal1221]

Good deal.

Also, let me know how long after SLM tells you what they can offer you . . . what your time period to accept is. I've been debating doing the paperwork next month, but I won't be starting training until June. Just would much rather do the paperwork while I'm still fully employed somewhere (military).

[SRA_kbad]

Originally Posted by turbomax97

FYI - ATP uses solely SLM financial as their lender. SLM blows. My credit score was a 790 at the time, with my parents being right at 800. Even with the cosigner, my loan came with a perty 13.5% variable rate. Long story short, my payment WAS 930 something a month, I'm currently refinancing with Citibank, and if all goes well, my payments will be less than half that... SLM BLOWS!

Can you refinance whenever you want? Or do you have to wait a set period of time before you can do so? Knowing SLM, I wouldn't be surprised if you had to wait

[surreal1221]

Thing is, SLM doesn't have a early payment pentalty. . . so . . . you could refinance the loan through another bank, and just pay SLM off.