Would you trade in for better interest rate?

For example my rate is at 5.22% and I could trade up for a 2.55% on a 2020. My 2017 is holding up well have All the TSB’s and recalls done that are applicable. This is a different stealership that offered this “deal” to me, any input is greatly appreciated. If I have negative equity or trade in value on my 2017 I’m saying no (thinking I will I still owe 30k Canadian on it)

 

Depends what kind of value they give you on your trade. Normally I would say no, but you still owe a good amount on it so maybe worth considering. Completely depends what they will give you for it.

 

A lot of people don’t know this, but you can probably refinance your current loan for a lower APR. Check that out as well. If you want a new truck, and can get close to equal payments, then go for it.

 

They are better at making money selling cars than you are at saving money buying them. I consider myself fairly savy at catching the fine print and these guys always cost me money when I don't walk away. Just my opinion

 

There's a heck of a lot more to considering whether to trade than just lowering your interest rate a few points. If you are satisfied with your '17 hang on to it. Suppose you trade and get a lemon?
As been mentioned, consider a new lower rate loan if the rate is really important to you.

 

Look into credit unions...some interesting plays you can make for refinancing with them.

 

That's how they get yo ass to stay in DEBT!

 

True. The dealer is going to get paid.

In some states property tax can be an issue. Here in Virginia we have annual property tax.

The difference between a $26,000 and $34,000 appraised vehicle is $300 a year ($639 vs $959).

The difference between a $20,000 and $34,000 vehicle is $560 for the year ($399 vs $959).

Just another reason to get a lower model Tacoma and trick it out.

A TRD Pro here in Virginia can cost you another few thousand dollars in taxes alone if you keep it for 6+ years.

 

This.

 

I just don't know how to answer your question without sounding like a prick. I'm backing away.

 

Also this.

 

@Gen3TacomaOBX


The difference between a $26,000 and $34,000 appraised vehicle is $300 a year ($639 vs $959).

Every year? $86 a year here after initial excise tax, 1400 and change on mine.

 

If you want the upgrade to a newer vehicle and don’t get upside down go for it

 

1.) How good is your credit rating? Do you KNOW what your credit rating IS?

2.) How long is the term for on the 2.55% rate? I'm guessing it's for a maximum of 36 months? If so, can you afford the payments of a 36 month loan even with a loan rate of 2.55%?

3.) As already suggested, look into credit unions, banks, etc., and compare them to what the dealer is offering.

Ed

 

+ 1 on this. I bought my truck on a Sunday and couldn’t contact my normal credit union (it was used and a good price. I had missed out a few years ago on a travel trailer because I decided to wait till Monday and it got sold out from under me, so I don’t wait if it’s the right deal for me). I bought it using the dealerships available credit union. I then contacted my bank on Monday and got a 1.5% decrease in interest. 4.99 down to 3.5

 

It was just a thought, leather seats and a moonroof would be cool but not really needed lol. The sales person I purchased my previous 2 trucks from is calling me tomorrow. Isn’t there some Toyota loyalty program or something?

 

Here's the real answer you are looking for... I was a Sales Mgr and Finance Mgr at car dealerships for 25 years. Take the # of payments you have left times the payment amount on your current truck. Now take the new payment amount on the new truck times the total # of payments they are telling you for the 2.55% rate. That is truly what you're paying for the truck(minus any equity you may/may not have). Only you can decide if driving a new truck is worth the difference. Your current truck is probably out of warranty or very close, while the new one will have full warranty plus free maintenance thru Toyota for a couple years. Good luck with your choice...!

 

Interesting, good to know I may venture down this avenue. I have baby’d this truck lol

 

Unless you have a lemon or need another type of vehicle I would just drive it until it was no longer a dependable vehicle.

 

No shit. If you are gonna get a new vehicle every couple of years, why did you buy a toyota?