Question about financing

Just make them sign a statement that if you cannot get credit or approve of the dealer's financing there is no deal.....NO DELIVERY

 

This is true but you only have a certain amount of time. I believe it's 30 or 60 days. Then the loan becomes for a used car vs a new car and that will render higher rates.

 

i'm going to refuse delivery until everything is set in stone.


good news, truck is being built Today. will update you guys on the terms/deal when the truck arrives (hopefully in 2weeks or so)

 

yes, they can jack you around... they submit the papers after... and it's not uncommon to have it come back denied and/or at a higher rate - at that point, even after you've take delivery of the car the deal can fall apart and you can give the car back, it's called an unwind. you should shop your rates... get the best one you can lined up, and then IF they can beat it come the day, great, if not you're good to go!

 

I am a big CU fan but even with my over mid 700's score and having a CU account for 20 years, the dealership offered me 2.5% and beat my own credit union pre approval. OP I would try a CU but let them do their thing too, because it won't hit your credit as more then one "hard" inquiry. Best of luck on getting the new Taco. IMO though, if they throw out to you some stupid number like 12%... run away!!! Fair credit now-a day's should not be over 10%... I know folks that work for me with bad credit getting 7-8% loans albeit for 7 years, which I also think is crazy. Next bubble could be high risk auto loans. Just sayin. How is making 10 bucks an hour qualify a person for a 30k+ car?

 

Hey guys just an update.

I was able to get a loan with capital one. 72 month at 2.45% here in new jersey that's a smoking deal. They seam very competitive and was lower the my credit union.

 

Congrats! Glad that you were able to find a good rate.

 

Congrats, thats a really good rate!
We're obtaining financing from Capitol One as well.

 

Your credit score dictates your interest rate. Here's a tip.... 6 years is a long time for an automotive note, pay off your loan in 4 to 5 years, you'll save some $ by doing that.

 

I send 150$ extra a month to all my auto loans. It will make my effective interest like 1.6.

I also always do loans with lower monthly payment and send extra just in case of an emergency.

As for the rate nj has the highest rates along with ny. That rate is with a 800 credit score and 15k down payment.

But thank you for the advice.

 

I got 1.9% with SE Toyota finance in April this year.

Only reason I did it was to get the 60 month full maintaince thst comes with the deal. Some kind of Mickey mouse SE Toyota BS.

An I admit, I wasn't in the mood to wright the 30K check.
So...I'm gonna wright s 25K check by years end and own the bich.

 

Most auto loans are an "add on inyerest" type loan and have no advantage to paying them off early. Unlike a home mortgage where the interest is computed daily on the remaining balance and therefore there is an advantage to maing extra payments... most auto loans compute the interest at the loan inception only and spread it evenly across all payments, so you are paying off the same dollar amount nomatter how much faster you make extra paymenta rhe total cost is the same.

 

My auto loans with both my credit union & Toyota Financial Services are not set up this way. Paying extra $$ each monthly payment saved interest on the life of loan & paid it off faster. The Toyota online payment site finally got its act together & shows yearly interest paid totals for comparison. My CU always did this type of reporting.

 

Navy federal they approve you for anything

 

Most good loans are set up this way. But lots do front load the loan also. I think it be ends on the lender and credit of the borrower.

 

checked out the dealer's website....sure enough they listed the truck i reserved in their inventory. is this normal? exact same model#, color, package.



edit: its on cars.com too

 

Mine is the same way, even has my VIN. I believe most dealer websites pull automatically and show everything that is coming into the dealer. This is why when you call dealers about the trucks they have on their website the are all already sold.

 

oh true! how close are you to getting yours?

 

Letsgoplaces sent me some info and it looks like it left the port on Friday. Dealer is saying by Weds but it is only a 5 hour trip from port to dealer. I am hoping for tomorrow. Probably would of had it today but dealers don't take delivery on Sundays.

 

sweet. post pics of it when it arrives. Chris tracked mines too, about a week til it arrives.