<ol>
<li> That 3% loan is almost certainly not a fixed rate, but one that will vary over time, and is likely to go up at some point.</li>
<li> You will usually need a co-signer for a private loan, unless you have an established, good credit history yourself.</li>
<li> Your co-signer will need good credit. That listed 3% is probably the bottom of a CURRENT range (e.g. 3% - 11%). The rate you actually get (assuming you are approved at all) will be based on your credit score, your co-signer’s credit score, the repayment option you choose (the rate for deferred repayment can be higher), and factors they won’t tell you. Based on my experience, that low 3% rate requires more than just excellent credit. You have to apply to find out what rate you will get (and even then, be careful–one lender sent us promissory notes to sign WITHOUT disclosing the rate!).</li>
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<p>See the thread listed above by jgonz123 for more detail.</p>