I have a secured line of credit against my house at Prime + 0.0 and an unsecured line of Credit at BMO at Prime +2.0 (though it seems to fluctuate)
Current bank Prime = 3 percent.
So you're getting a fairly good quote.
Back in 90, when I bought my first car (a used car), I went to the CIBC to get a loan. I had just graduated from university and had a job making a whopping 35 grand a year, etc. They said they would not loan me the money unless my parents co-signed the loan. Bless her heart, my mom co-signed the loan. My rate at the time was 16.5 percent.