What is your monthly payment? Please read.

I'm a Forest Stewardship Officer representing 6 member nations all across NS, also work part time as a snowboard instructor on the weekends. Get a raise every 6 months as i write my wage into government proposals on new projects each term.

 

doesn't matter what it is (pro tip, it says what it is right next to my username). that was the int rate and term for any new auto loan at my credit union. i was preapproved for $X of money at y% interest rate on any new vehicle and a slightly higher int % for a used vehicle.

 

Truck was right around $39,900. Threw down $7500 cash, $2500 in equity on my other truck so basically financed $30,000 over 72 months. I worked on my credit for awhile beforehand and financed at right around 3%. My payment is $449.94 (wanted it to keep it under $450). Hope that gives you a realistic figure to work with. Good luck.

 

So you're telling me your interest rate would be the same on a 100k loan..? But it didn't show the model next to your avatar earlier. Interest rates are higher here in Canada, escpecially here in Nova Scotia. My student credit line is even 3 + prime.

 

Curious - has anyone ever refinanced their auto loan after 2 or 3 years of paying it down to get a better rate and lower monthly?

 

i have never heard of that. and would say that if you have to or can do that, you are paying to high an interest rate to start with.

 

I have done that before and its an excellent idea to do so. As you pay and the longer your credit history, the better your credit report looks. My bank which is a credit union has saved me tons of money by refinancing. a few years ago i had about 740 dollars a month in a loan payment and credit cards. My credit union consolidated it all into one payment and it now cost me 412 per month. Saved me over 300 bucks per month

 

Yes, on my 09 I started with Toyota credit, switched to my credit union. Don't ember the rates, but I know it was cheaper.

 

If you start out with no or minimal credit, refinancing after 6mo to a yr can drop your rate a good bit. If you're not already with a credit union, definitely poke around any local branches. Some have fairly easy requirements to gain membership.

 

Also check out bankrate.com

 

I did this switching from TFS to a local credit union.

Saved $86 a month and added 2 months of extra payments in exchange, which still put me well ahead.

 

I am 22 and I just bought a 17 double cab trd OR LB. $600 per month. I LOVE the truck BUT it is not worth the extra expense. Save Your Money and go big later.

 

I have refinanced an auto loan in the past. If you do that, try to keep the number of payments (i.e. number of months/years) you have left on your loan the same. Don't refinance 2 years into a 72 month loan and start a new 72 month loan with slightly lower interest just to reduce monthly payments, as you could end up paying more in interest over the long run and have more negative equity in the vehicle. Always calculate out the savings and make sure it's the right thing to do.

 

credit unions are also by far better than your regular banks like chase or bank of america

 

Learn something new everyday. crazy. if i can't get under 2%, im not doing it on an auto loan. but i get it, that if you don't have great credit, you might not have a choice.

 

I just paid 42,500.00 cash. And then I had to fill out a letter to the government because of the cash payment. But I have no monthly payment.

 

I've heard of it, and it would make sense if someone is on a long loan and rates drop or his/her credit rating was poor but improved.

I've never done it though as I've not had a loan long enough that it'd make a difference.

 

A couple here have very stringent requirements.

You must possess:

• The ability to fog a mirror
• Body temperature above ambient (except in July when this is waived)
• $5 to deposit into a Savings account

 

i haven't edited my profile and it definitely has shown the model for a while. we are talking tacomas here and the trd bro didn't exist for 2016. i was approved for up to a $38k loan at that rate for 72 months but happened to get an sr5 instead of a trd model.

 

I drove a used car, put aside $600/month. When I bought my truck, I signed a check for the full amount. Sorry, can't contribute nothing