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Thread: Unsecured LOC - what is a good rate right now?

  1. #41
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    Depends on interest rate and your repayment strategy. With heloc you have the option of doing interest only payments. With dealership financing you are paying principal and interest, so usually the payment will be higher.

    Not saying that's a smart way to do it, but some people make this choice. Of course means you never pay off the car too, hahahhaha.
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    Bumping...

    I have a 30k unsecured LOC. Don't really use it that much. Current zero balance and has spent most of its life that way. And I've had it for 4 years. When I got it, I had a rate of prime (3.0%) plus 3.84%. Since then, it has slowly crept up to Prime (3.45%) plus 4.34% - Total current rate of 7.79%.

    I think this is high but I dunno. Should I make a phone call and see if I can get a better rate? Don't really know much about this stuff.
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    I have one for 17k and have never used it.

    Prime + 3.99% = 7.44%

    From what I understand, it's a reasonable rate for unsecured but I imagine it's always possible to get a better rate and depends on what sort of client relationship / worth you have with the bank.

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    TD unsecured LOC for 10 years plus. TD Prime + 7.99% = 11.44%

    Sounds like I'm paying more than everyone here when I'm using it, lol.

    Also have an unsecured LOC with American Express for 8.95%
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    I have an unsecured LOC at TD for prime + 2.15%, have had it for about 6 years now.

    Iíve heard that if youíve never used it, they start you at a higher rate. Iíve fully drawn mine to buy a car back then and then paid it off in 6 months.

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    just checked my online account as I was curious I'm at 5.65 percent. That seems much higher then I remember. Used to be closer to 4 percent. It's unsecured.

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    $40k unsecured at BMO, 5.45%, rarely use the thing though
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    Had $50K at Scotia, was about 7.5% if I recall correctly.
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  9. #49
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    Quote Originally Posted by sabad66 View Post
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    Last year when i was shopping for a Personal LOC, BMO told me they are based on "base rate" and not the prime rate. "Base rate" = Prime + 3%

    I ended up getting approved for base rate + 0.95%, so effectively i was getting prime + 3.95% which is 6.65% today.

    I have pretty good credit and was told this is one of the better rates for PLOCs. Was i getting trolled with this whole "base rate" nonsense? I'm curious to know if anyone within the last year has received anything lower than 6.65% on a PLOC.

    If you have an existing PLOC at prime + 1-3% i would say that's pretty good and doubtful you'll get much better than that unless you go to a HELOC.
    Mine's at 8.01% for 70k now... crept up from 6.65% almost exactly 1 year ago.

    Luckily i don't use it much these days, but would be nice to get a better rate in case i do have to use it. Might visit the branch to see what they can do for me if i have some free time.

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    I'm also at 5.45%. Again, no reason to use it.

    Loan rate are always good for people who don't need them.

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    I called them today. They said that my current rate 7.79% is pretty good. She told me that if I opened a LOC up right now, my rate would be 10% or something. That made me cringe.

    Nevertheless, I asked if there would be any movement on their end of my current interest rate. She asked me what rate I think I should get. I thought about it and it would be nice to be back around the rate when I first got it. So I asked for .9% to be removed. She thought that was pretty reasonable and is pushing it forward. I'll find out more on Wednesday.
    Last edited by 16hypen3sp; 04-24-2018 at 03:46 AM.
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    Prime rate is at 3.45 right now so most people would have gone up. Mortgage is with TD but I bank with RBC. So when an offer came to entice me to switch I forwarded to RBC to match. Unsecured for 5.95% right now or Prime +2.5 down from Prime +6.0

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    I'm glad I'm not the only one constantly getting the TD letters "to serve you better we are jacking your interest rate up on your LOC". Here I was thinking I was getting butt fucked with my 8.5% after I started at like 4% but as long as we are all being sodomized together.
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    I’m at 7.79% with RBC and refuse to touch it for any reason.

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    Quote Originally Posted by Twin_Cam_Turbo View Post
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    I’m at 7.79% with RBC and refuse to touch it for any reason.
    Ours is at 7.7% with TD and likewise not touching it at that rate.

  16. #56
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    Last checked LOC at Prime (3.45) + 4.25 = 7.70%.
    Secured LOC would be Prime + 1.75%.

    RFD mentioned HSBC has HELOC at Prime. Might have to look into it.

  17. #57
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    This thread had me all worried about my LOC I rarely use, so I checked. Listing for comparison:

    TD
    Prime + 1.99 = 5.44%

    my abandoned RBC one is 7.19%

    both unsecured.
    Last edited by Gart; 05-27-2018 at 11:14 PM.

  18. #58
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    This thread got me curious. Haven't had a balance on it for years. 24000 limit. Interest Rate: CIBC PrimeĻ @ 3.45% + 2.5% = 5.95%

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