2020 TRD OR cost

I wouldn't pay the current rates for a truck I don't need. Lots of trucks sitting on lots today.

 

I just went new for less only 4 miles. I couldn’t pay almost the same price for used. 41,500 for new and no one has driven it!

 

thanks bro! That’s the rate I was offered with golden 1 credit union. Seems like bullshit cuz I have a 785 credit score

 

Previous auto loan history?
That’s where they get you. You can have credit. Even good credit. But a lack of auto loans proves to be either unacceptable to banks or a higher interest rate to those willing.

 

yes always paid on time. No credit card debt, nothing.

 

Thats wack.

 

Oh I agree. I went new for several reasons but a leading one was 2.49%. Traditionally Toyota doesn’t offer 0% like the big 3 do on trucks so I figure 2.49 was good. For OP a new one is probably $4,000-5,000 more initially but once you factor in interest rate, warranty, mileage he’s way better off going new. That $4,000 difference will become $400 over the course of 4-6 years.

 

I'd go new over used and can't afford a new Tacoma cash. I wouldn't pay the 8% rate if I didn't have to.

 

Do not do this, OP.

 

some people tell me that it's better to apply for a loan while carrying a balance on your other credit. supposedly, having everything paid off means that you have too many open credit lines available, which is just as bad to banks as someone who maxed every credit card. i'm told the best option is to carry a balance to be utilizing some of your available credit.

i dunno, the entire system is better related to an episode of 'who's line is it anyways' than it is anything else.. i pay stuff off, i don't like paying interest, or maintaining an owed balance to anyone else, and so my credit rating consistently 'suffers' from me attempting to responsibly spend my available funding and live within my means...

 

Do it. No one has ever regretted paying 7% interest for 7 years. You should definitely borrow the full amount, since you already have your retirement set and your savings earn more than 7% interest, right?!

 

Used rates are higher than new rates, price itself is decent, but the finance terms screams something like 2 points above vig from the guy down the street. Take a look at arrowhead credit union if you can.

 

Someone didn’t check their 401k this year

 

they make it too easy to watch the 2022 trainwreck, I know better, but the app on my phone just cues it right up.

 

My math says around $52k also. To me, the price with just the monthly payments is not bad. But w/o the $10k DP. The market is so crazy right now. I bought a 2020 OR short bed with 14k miles back in August. Drive out was right at $43k. Togay that truck is worth around $38-$39k.

I agree with others on here. $52k is way too much. Interest is also way too high. With that DP and credit score, the interest should be more like 3-4% if not even lower,

 

It would appear the dealer is getting a solid pound of flesh on the deal you laid out in your post, OP. Buyer beware. Particularly considering those numbers are for a USED truck.

Also, as others have already stated, DO NOT finance ANY vehicle for 84 months. I guarantee that is part of the reason the interest rate on that deal is so high. As the term goes longer, the rate goes higher.

Only reason I would ever go over 60 months is if 72 months at 0% was a promotional rate available through the manufacturer. And even then I’d be paying extra to get it paid off in 4-5 years. Even with a good chunk of money down.

it’s just financial suicide strapping yourself with payments for that long. I know because I’ve done it. Learn from those who have done stupid and don’t do stupid.

 

People have pretty much pointed everything out, but

• Interest rates are too high to make taking out a loan smart
• Used vehicle prices are too high to justify not just buying new

Couple questions.

Why do you buy if you only own it for a few years? You could just lease and save some trouble.

What makes you wanna get into a vehicle at this crazy time?

I got a new truck back in spring because the used vehicles were selling for more than new. I gladly swapped an f150 with 50k miles for a brand new taco and lots of cash to put in the bank. I can't imagine doing the opposite

 

Dont get to comfy from the Carfax thing as they only report what the dealer, body shops, repair center report to them. Dont know if its a good deal or not for you but interest rates will go up again in the future.

 

Interest rates will go up in the near term. The fed will raise it .5 at a time until unemployment gets fairly high. Once we need to get out of a recession they will roll it all back. I wouldn't be surprised if in a couple years we're back to very low rates

 

Find the right dealer and buy a new one. Better options, almost the same price and a better rate most likely. You just need to wait for a build date.