Financial Channel

Hi,
I am in need of borrowing around 20k and maybe pay it back gradually in 8 months-1 year.
I figured line of credit will work best.
So i called my TD banker (Metrotown burnaby branch) and he said the best rate he can give me is prime +2 %.
What do you guys think? I have read some thread on this. It seems like some people can get prime +1 %.
I understand that the rate that banks gives you depends on how 'good' of a customer you are. I consider myself and my gf a good customer. We always pay our credit card (although there are times when we forgot to pay it ontime, but we sucked it up and pay it in full + interest as soon as possible). We have RRSP account with the bank too.

Ok.....
You got prime + 2%.
And you want some way to try and lower it?
It isn't going to happen.
Your rate is considered normal. Live with it.

80% of the people who apply with PC Financial get prime plus 1.25% instead of the remaining 20% who get prime plus 2% or higher.....might be worth a try to go with PC Financial.

i got my unsecured LOC from scotia @ prime +1%. you can give them a try.

My LOC at TD is prime + 3%.

My LOC at TD is Prime + 3.5%. Am going to start looking at rates elsewhere.

I would shop around for a lower rate.
My professional student LOC with RBC is prime + 1%.

what a helpful post.

anyway, I got prime +0.5% from scotiabank

Actually, it is helpful. The OP specifically asked what other members thought about the rate that he/she was quoted.
I am stating to the OP that his rate is normal and not to be alarmed. It will vary the institution as well.

controlyar,

Actually you said he isnt going to get a lower rate as well. Read your post. He can get a lower rate if he qualifies. You dont know any better than anyone else here what his credit will qualify him for. Your posts are usually like that though, so we are getting used to ignoring you.

He will not get a lower rate at the SAME institution. I am well aware of the LOC rates from several institutions so I know what is being offered. I am specifically referring to his situation at his branch. Also, I never once stated that I know what his credit will qualify him for. I do know that he did offered 2% above prime which is normal. Perhaps you need to think before you write.

And who is "we"? All I see is you. In addition, if you are just referring to that "taxes on receiving a gifted house" thread, you need to reconsider making snap judgements. You will feel the repercussions one day by judging an individual on one statement. If you care to read my posts in the Personal Finance section, I assure you that you will find nothing but informative and helpful information. If not, then this proves why you just made a silly/misinformed statement.

I just noticed that this is coming from a guy that doesn't think $200,000 is a large mortgage for a single individual.

I'll do my best to try and think before I write. Thanks for the advice. I have read many of your posts, so no, my statement was not silly, nor misinformed.

I'm stating you are wrong about the same institution not changing a rate for a client, and that you dont know that he cant get a lower interest rate than prime plus 2%. How's that for a silly statement.

I believe you are misinformed. Feel free to search through all my past posts in the PF section and try to tell me that they are not helpful nor factual. Also, do not allow the tone of an internet forum post allow you to make a judgement on an individual without considering the underlying message. Often, messages are twisted and different meanings are extrapolated. I am sure RFD has greatly benefited from your 15 posts.

Its ironic how you say to ignore my posts when they are basically all facts. In addition, its ironic how other members have said that they respect my knowledge, etc. Also, its ironic how I have received countless PMs asking for more help, information, and thanking me for helping them out.

Based on your post history, all you do is seem to throw in your 2 cents without contributing to a thread.

Also, once an institution states a rate on a LOC for an individual, it is VERY difficult to have this reversed. The personal banker involved will not budge unless there is collateral. Furthermore, it is even been stated in other threads regarding LOCs that once a given LOC rate has been quoted, it never gets strange. However, I agree with the fact that if the OP visits a different branch, the story may be different.

Ahhh ... did I hurt your ego ... There there ... it'll be ok ... don't cry.

Its funny that you judge me based on the number of posts that I have made, yet you dont want to be judged based on what you stated in one of your posts. PS ... I had 16 posts when you wrote this. Learn to read.

Well, in your case you'll probably get a lower rate b/c you're in professional school. I pay prime + 0.5% on mine. Keep in mind though if it's just a regular student LOC, that kind of rate is going to be tough to get. In fact, Medical and Dental students are the only ones that usually get prime rate.