Should I jump on this 2018 offer right now?

Alright you guys Im at a yota dealership and there selling me a 2018 TRD 4x4 OR, no tech package with tow package for 38,343 OTD TTL, i live in LA so California tax is 10%.. I don’t have any major loans in my credit so they said I’d be at around 6% and my payments for 72 months are roughly 600-630$ I’m not sure if that’s a good deal??

I’ll have about 15k roughly in 2 months or so from a car I’m selling. Would it make sense (if the truck is a good deal) to buy it now, put the 15k in later on then re-finance it.. which would put the loan in the 20k range.

Im bad at this so please help lol.

 

Wait until you have money in hand. Then go deal with them.

 

About what I paid for a 17 TRD sport, but, I'm not a great negotiator

 

My only thing is I feel like there might be better deals now that the year is ending..? 2 months from now might put me at a worse deal maybe?

 

I don’t know your situation, but 6% is pretty high IMO. I’d go to a credit union or even a bank and see what you can get. That way you will know what a good rate is, or if you are getting ripped off. I’m sure the dealership can beat it too, but they make money on the interest rate too, so the higher they sell it the more you make.

 

Very true. I’ll try applying to one right now just to see.

 

If you don't know your current credit score, find out. There are a few legit places you can get that info for free. You don't need to post that info here, but I would think that a better APR at that length of loan could be better if your credit score is >750. Additionally, if you can sell the car in 2 months, why can't you trade it in now? It will reduce the amount you would pay in taxes since you could theoretically reduce the sale price by $15k from the trade. You'll have to figure out what they'll give you in trade and determine whether you're better off selling private sale or trading in. It's possible that the lower trade in value (I'm guessing the $15k is private sale value) could still be a better deal (net) if your tax burden is reduced.

Ultimately, 6% isn't the worst term I've ever heard of, but definitely not a good rate. Check your local credit union if you are a member with one. Even if you get a better interest rate now, there's no harm in shopping refinance loans at a later time anyhow.

Good luck, and don't forget to post up pictures if you get it.

Don

 

You guys know any good 3 party loan places? I remember hearing something about lightstreem or something like that? Can’t remember what it was called?

 

Don't get in a hurry to make a deal. Faster you rush to a decision. More money they are going to get off you. Try to slow tempo make them give a little. They will.

 

My advice is to wait! And go through a credit union. My APR is 3% and I bought a 2017 TRD Sport DCLB 4x4 in the Inferno Red color for $36,500 and put $10,000 down so my payments are $389 for 72 months.

 

Check with Wescom FCU. They have great rates. PenFed FCU is another good option.

Do you know your FICO score? 6% is high. You should be high 2% range. I'm in L.A., the price sounds good for the truck for this area. Are you SURE you don't want the tech package???

Edit: note that B of A and Wescom allow you to refi within 30 days of vehicle purchase IF YOU ARE NOT UPSIDE DOWN. That means you can't finance TTL, ADM, or ESP.

Edit 2: in CA there is no sales tax reduction if you trade, or put $$ down. You get nailed full price for tax.

For reference my 2017 TRD OR with tech packages (full boat), tow, tonneau, tube steps (2wd) at the Costco price was $36,100 before TTL.

Current Wescom FCU rates as of now:

 

My credit union is 1.99 on new vehicles. Granted I'm on the other side of the country, but shop around and you'll save money. Also I saved quite a lot when buying my truck by getting a quote from one dealer, then going to another dealer to have them beat it, then bouncing back and forth between the two until you get a number you like. Good luck.

 

Based on my experience, dealerships offer higher financing rates than credit unions, even if borrowers have good/excellent credit. Additionally, credit unions typically offer lower financing rates regardless of borrowers’ credit history. Never feel bad about walking away and seeking a better deal on pricing and/or financing.

 

X2 ! Try Credit Union or Bank- Not Dealer financing

 

Why do you want/need this truck and what is it going to be used for?

 

OP, you are the reason car dealers make so much money.

Go home and do some research on credit and car loans before you commit to a purchase.

FYI - the dealer is raising the interest rate and will make money off of your loan that way as well. The bank may offer 3% but they may raise it to 6% and pocket the difference.

 

Join a local credit union and get pre approved financing at 1.99%.

Email Freeman Toyota in the Bay Area. They’ll get you in the same truck for ~36.3 OTD with no haggling whatsoever.

Buy a flight and enjoy the road trip back home via Hwy 1.

Refinance after you sell your other vehicle.

 

That rate and loan period are too much. That's $7k in interest you would end up paying, which would be stupid.

Wait until you sell your vehicle and apply for other financing in the mean time.

 

It’s a little high. I paid 39500 or so out the door but had the tech package TRD wheels and some other accessories.

 

Jesus.. ok I’m definitely waiting.

How sure is credit karma? It says my score is 755, the dealership said it was 695?

Also, $636x72months is like $45,360!? Is that literally from 6%apr!? Or how the heck did It go up so fast?