What is your payment?

I know this can a little personal and not everyone likes to share this info. That is fine, don't post if you don't want to. Just curious what the average down payment and payment is for people in 2015 getting new Tacomas. Never bought a new truck before but I imagine I will be putting about $13k down on my Tacoma and trying to decide how long to finance for.

 

I'm anticipating a $475 to $500 monthly payment for 60 months.

 

Payments can/will vary a good bit based on the terms of the loan; principal, interest rate and time.

Since the prices for the same vehicle vary so much by region, interest deals are driven by personal credit worthiness, and time is either a personal choice (or a determining factor of the interest rate), I'm not sure how helpful answers to your question will be. Because they are not you.

The best way to know is shop lenders, including a CU (often a great place for a good deal). Give them some supposition numbers (you can get close) and let them tell you the answer, specific to you. And if you'll take the next step to get yourself pre-approved, it may help in your buying negotiation.

Sales people love buyers with actual 'money' in hand!

 

I decided to take a 1.5% loan with $5k down and keep my cash working. Payment $937 for 30 months, PenFed

$35 a month interest decreasing to 0

 

If you have good credit you should be able to get a sweet deal on a loan. My local credit union has rates as low as 1.49% for 36 to 60 months.

If your out the door price including taxes and tags was 38k and you put 13k down you'd be at about 433 a month for 60 months.

Obviously the longer you finance the more you pay in interest, but with rates as low as they are I'd say go for the longest amount to get a low payment and if you have extra money each month make overpayments.

They also say for about every 1000 you finance it adds around 20 dollars to your monthly payment... Depending on your apr

 

Good to know. Thanks for responses all. My last payment I had was for my 2002 Tacoma I bought in 2008. I paid $287/mo, but I was a college kid then and that was a lot of money for me. Obviously it's paid off now so I am looking down the road. Will need a new ride soon.

 

Google automobile loan calculator

 

Yes look around!
Generally dealerships will check too and get you the best rate from places because it will help lower your payment making you more likely to buy the cars
Defiantly look into a credit union they almost always have better rates.

 

Well aware on how to calculate a payment. I am not aware of other people's payments, which is my main reason for posting this thread.

 

2011 34k miles currently- 140 a month but i pay 600 so i own it in feb
2013 4runner- 280 a month but we pay 350 till the truck is owned then snowball it.

 

$382 a month for 60 months @1.6% $11K down through TFS

 

Not bad. That is what I would like to get to with my payment.

 

It's sort of a long story. I saw they had a recent college grad discount so that combined with 10k from my trade in made the 11. I initially went for 66 months financing because why not stretch out for about 3.1%. That was on a Friday night. So I get a call from the dealer on that next monday and they said that Toyota Financial didn't approve the loan because that college discount is only for 60 months and they wanted me to come back in and do the same rate for 60 months. My dad who was a cosigner happens to be a hothead called them back and just went off on them for "lying" and deceptive practices and basically accused them of deliberately getting me in the truck for a weekend and hoping I would be okay with the extra interest. I personally think they just made a mistake and they didn't catch it until they came into the office on monday. But anyways they called back and said they would adjust the rate to make it the same payment for 60 months.

 

If you have good credit then you should look for a loan around 1.5%. Also, if you live in a taxable state remember that some counties/cities tax rates are higher than others. I bought mine out of county and saved another $175 on the sale.

As for the length of the loan, aim for a minimum term loan and see if you would be comfortable with the payments. If not, bump up the number of months to the next level. I would never go for the max months available like a 60 month term. Sure, the payments are less but you're also paying more interest over the life of the loan. Also, you never know when you will need more credit for another car, a house, or a refi. Having a long term loan makes it tougher to get future loans until it's paid off. Live within your means and you'll have more options to you in the long run.

 

Why go through Toyota? Try a local credit union which almost always will have a better rate.

 

didn't know Toyota would go that low......Hmmmm Maybe try them. I have 1.5% with PenFed $937 for 30 months w/$5K down..I will throw a point to my dealer since they are giving me the deal I asked for.

 

I am only financing with Toyota to get the $750 new grad rebate (grad school), so don't really know pmt, but putting $15k down and going to pay off asap. They don't get the truck in til Nov/Dec, so I will post terms then fwiw.

 

Makes perfect sense. EZ money!

 

Checked my banks rates for this thread and found they have dropped recently. That's nice. 1.74% on anything less than $50k paid off in less than 48 months. I'm thinking I'll put down $10k and then just pay it off ASAP which will hopefully be less than 2 years. Payment will be a bit north of $1k/month but I'll probably be putting down $1.5-$2k a month just to get it paid off.. no reason to drag it out. Did the math and I'll only be paying ~$500 for the loan itself.

 

2010 with 48,000 miles. Payments are 333.00. I hate oweing money and have tackled my loan hard. Will be paid off within a few weeks. Next vehicle im paying cash. No more loans.