Financing sucks

Ain't that fact ? I guess, especially when they knew you by name

 

I went with USAA. I got 4.75% on for a used car. Found the truck i wanted and just worked on the final price. It was the easiest car loan experience ever.

 

Wow thats a really good rate on a used car. When did you take out that loan? USAA gave me a 7% on my '07 buying private party and I have really good credit. I was financing 20,000 and they(usaa) said the truck was worth 24,000 so the loan to value ratio was good. I could have gotten a 6.5% if I bought from a dealer but the private party was a better deal and I didn't have to pay taxes. My loan experience was good as well, very easy and quick process. Even the guy I bought the truck from commended them for the process. He got his check pretty fast.

 

Mine was from a dealer. USAA stated it was worth 24k as well. I ended up financing 18,500. I got my loan last Friday.

 

Oh ok cool. I bought mine last august.

what year is the truck?

They told me (last august) that If I bought an 08 it was actually considered a "new car" loan and I could have gotten a better rate but because I was buying an 07 it would be a used car loan.

 

Check with your credit union first if you have one. If you don't, see if you can join one locally. Often people can. They're generally much easier to deal with, and they often have lower rates. The following link can help you find one to join. I love my credit union. They're much easier to deal with than a large bank (that has much higher rates).

http://www.ncua.gov/dataservices/FindCU.aspx

Second, check here for rates as well:

http://www.bankrate.com/


Go to the dealer having your financing taken care of. ONLY negotiate on the price (starting from their cost up, not the MSRP down). ONLY talk to the fleet manager, never a salesperson. Line up the deal over the phone first - takes only a few minutes.

Only use their financing AFTER that is all done and the price is final. Dealers make good money on getting people financing. Only if they can beat your rate.

Another thing - get the cheapest rate you can. It's not hard and will save you money.

 

i would finance a TRD S/C in a heart beat...lol

 

It's a 2007 as well. New loan rate is 3.99%.

 

I ALWAYS get pre approved through my credit union first. Then, I go to the dealer, find what I want, negoitiate the price (Get it in writing) then negotiate the trade in (seperate negotiation) if I'm trading something in. Lead them to believe that you might finance with them (they make a lot of money of the financing and will be more flexible on prices if they think they are going to write the paper). When you get in front of the finance tell him the rate you got, if he can beat it fine, if not pay the man and leave. It's much easier and you have more leverage if you have the loan lined up in adavance. And 1% or 2% are huge when you are financing $20,000 (at least to me, I'm cheap).

 

Credit Union.

 

I told the dealer a month ago, my "offered" rate from my credit union and they went under it. Toyota is HUNGRY for $$.

Needless to say though, I bought the truck last month, and ended up financing through my credit union(Less hassle) and pulled off a 3.95% for 72 Months

It will be way paid off before then!!

 

rofl

 

I've always financed through the dealer when necessary. Wait for the best deals to come around. I bought my 2004 Saturn Ion new and got 0% interest for 60 months, then traded it in for a 2007 Tacoma in February at 1.9% through the dealer.

If you're buying used, get a Certified Pre-Owned at the Toyota dealer. It allows them to finance you a used vehicle at new vehicle rates, or close thereto.

Also - when there is a deal on new vehicles (i.e. -- 0% for 60 months) then they usually do not offer deals on pre-owned. And the product flips, too. So if your dealer is offering 0% on new Tundras, then they are offering lower rates on used Tacomas. When the Tundra incentive expires, then they will offer incentives on new Tacomas and used Tundras.

Also -- 4th of July, Black Friday and December 26-30th are great times to make deals on vehicles. I wish I could have waited, but my Saturn's transmission crapped out.

Hope this makes sense.

 

I do like USAA but that hot chick + lollipop plan sounds pretty sweet too.

 

people at toyota will help you find the best rate. I got 3.59 on mine last week

 

i can make the same deal on a vehicle year around - any day (year end, month end, doesn't matter). it's the factory incentives that you wait for.

 

Not bad at all....I refinanced with USAA a few weeks ago but it was for 3.99% still not shabby.

 

when i went to go get my 08 i had to go to georgia to get truck i wanted at close out of 08s. i live in louisiana so not many 4wds. i did financing through southwest toyota financing since they are on their own and i didn't care because its 0%. 3 days later the dealership calls and says they won't honor the loan beacuse i'm from LA. WTF? for 4 wks the finance POS and i tried to find financing. nobody i went to would finance me because i was "already financed". finally got it financed through bank of america at 7.19% but my final price was reduced by 1000s to offset the interest.

anyway credit unions are the way to go. i use them for everything.

ps- if your vehicle is registered out of state like mine you i have to go to that if you want to refinance at lower rate.

 

Capitol One is totally evil. They are the most unforgiving and deceptive financial organization ever! I always pay all my bills on time, rarely carry a balance on my credit cards, and have a 800+ credit rating, yet they will jack up your rates and trick you with deceptive tactics. I will have nothing to do with them - EVER!

A bank, credit union, or even Toyota financial is better. You should be able to get 3.99% rate for 4 or less years. A 5 year should be around 4.5% or less. Even Toyota was offering 4.4% for 5 years in December 2009.