Should I finance with Toyota?

$20k down?! Hey is this Z50King from PM?

 

Yes, I already have it saved up. My wife doesn't want more than a 29k loan. Won't be buying until March or later.

Yes, the infamous og z50king from pm. Been a long time. I still have a mod 110 in my garage with a broken output shaft I need to fix. What was your name on there? I've been hoping to meet 3rdgearpinned somewhere on the Internets.... "sik bike bro."

 

My handle on PM is "dirttrackin280h". I was mostly in the Z50/CT70 Monkey forum as I spent most of my time building and restoring the vintage bikes. But I went through the Mod CRF50/KLX110 phase too. All that money spent on those bikes, geez...but it was a whole lot of fun! No more minis for me, now I'm into mtn. bikes and tacos. Even more of a money pit .

 

Question: I will be paying full cash for my truck, I've been saving for over a year. Someone in another thread suggested putting down 15k or so, financing the rest to get more concessions from the dealer off the price, then paying off the balance once the financing is in place. Does anyone know if there is an early repayment penalty if going through Toyota?

 

Yeah I sold off my z maybe 5 years ago in parts. Got a lot of money and some trades out of it. I had that z for like 8 years. I miss riding but it has been out of the question with no health insurance throughout college. I have the 110 and my yz250 sitting in dads garage.

 

Glad you read my post, read the fine print or ask.

I hope you do some shopping before you buy it.

Don't just go in the first day thinking that you'll come out with your new truck. I hope that's not your mentality.

 

1.99 to 2.99 out to 75 months are realistic for good credit....
20% down and over 740 gets you the best rate...

 

Most places no but read the fine print - every damn word. The finance guy at your dealer should be able to answer this ? in his sleep on the phone - else run like hell.

 

So go to a big dealer, they will have more leverage with the bank....
Have money down, be current on your bills and be below 50 on your credit cards.....
Have them ck your credit and see what they can do....
Get a co signer if you can, could save you tons....
If you live in WI come and see me and I'll get you going......
Medical bills are hurting everyone....... I see it every day........

 

There is no prepayment penalty.....
Sometimes there is extra money from the factory is you finance...
Also if you qualify for the low rates financing is a good option... Inflation is much more than 1.9%

 

http://www.consumeraffairs.com/finance/toyota-financial-services.html

Hmm me maybe I might be giving bad advice...

 

...Thanks, Steve!...All good points.....but I currently live in SoCal....so WI is a tough commute!........

 

Most Loans don't have prepayment penalties nowadays, Read the loan agreement.

That said Open a PenFed account and get a pre approval. You can spring it on F&I and payoff the truck AFTER you get the price you want on the truck. They are at 1.5%

My rule of thumb has always been If I cannot afford to pay it off in 36 months, I cannot afford the vehicle. Even when paying cash and making payments back to my account with interest..

These crazy 72 month loans are nuts. There is no equity for a long time.

 

Will they only base their offer on your score? I have 815 right now and no history of loans. I think 750 and a few loans will gain better interest than I will, alone

 

Those ARE some shady stories...

 

This is exactly what I am doing but for the entire amount. Every penny to be financed and at the highest rate possible to get the other fees removed. Then, will pay it off in full when I get home via the home equity line of credit.

 

owow that sounds dangerous. Maybe get the equity line approved before you buy the truck?

 

Oh, sorry that I worded it that way. I have the equity line already. What I meant to say was that I would write a check from it after getting home to pay off the Toyota loan in full.

 

i got 1.9% financing at my dealership for my 2015 dcsb.

6 years

zero down

 

my rate through Toyota financial is 1.6%. Dealers have the ability to adjust the rates no matter what they tell you. If you go in and say you're pre approved form a bank for 1.9% and have the paperwork to show it they will say " well lets see if we can do any better" and miraculously they can beat the rate. The dealer gets kick backs for getting you to finance through Toyota so they will make the rate as low as it needs to be to get your business because something is better than nothing.