Should I jump on this 2018 offer right now?

Even if you decide to go back to the same dealership I think they may cut some of the crap knowing you will just walk out if you don’t get what you need.

 

My son just purchased his first new car two weeks ago, a Toyota, and got 1.9% Toyota financing. This was his first real on his own loan and has 760 or so CR like you.

With the current cost of money, 6% is way too high.

 

What!? Wow that’s such a slap in the face! I have a long credit history with many accounts, all paid on time, never above 30%.. my biggest thing is I don’t have a massive account, car loan, or anything major. I think my biggest account is like 5-10k max? But I’ve always had great credit for not having anything major.

That’s the thing I hate the most about dealerships. It would be nice to walk in, buy a car and not feel like I’m being shafted because I know someone’s doing their job and trying to be honest to give me a deal. Bastards lol.

 

The way to make this happen is to have your own financing already lined up in advance, and to not have a trade-in. Then they have no option but to deal down from your numbers, or they will run you off if they insist on being shady. Either way you win.

 

I firmly believe deals are sometimes made with respect to a person and not necessarily with respect to a person’s credit worthiness.

 

There’s not a lot of wiggle room from the sticker price - 2k maybe. Dealership makes $ on u by the length of loan plus interest rate. The more u have down the better off u are. Or put ur deal on the table. They’ll say no way, no how we can work with that. Shake hands than leave. It’s a waiting game now. I’m soured by the dealer because I’m a straight shooter and there always pulling last minute payment hikes per month. Catching me off guard because my heart is set on the truck. IF u have the patience,they will call and wrangle with u again. Make sure in the finance room- it’s the number and length of loan agreed upon. There experts with plenty of staff to fall back on. Throwing numbers at u. Take ur time. I didn’t - they screwed around with the monthly payment.

 

Good job! Learn to walk out. I love toyota, but man the dealerships are full of A-holes

 

Go to a different dealer and mention Costco or AAA, or fleet and get a different price, make a good steal. Once you have your truck drive it to the original dealer go back and tell the sales person, that he/she lost your trust when they said your credit score was low and gave you a crappy rate. Take a walk by the managers office and tell he should really get this in check if he ever wants your business again.

When I bought my truck it was a good experience and I was happy with the 36k I paid back in 2013. I have less then 2k left on my payments with 31k miles on the truck and then I can get started making it more fun. I even walked with a warranty through 2021 (wife talked me into that .

Though looking at all these 2016+ TRD's I would like a new one, but I will feel better if I cut into a 2013 vs. 2018

Best of luck

 

Wow. What a slime ball. Good job walking out the door.

 

If you have good credit, just finance at the lowest APR, and keep your money in the bank. There's no reason to put money down on a new car or truck. Just pay extra for your monthly payment to combat the interest if you are worried about it.

 

What dealer quoted you the price? I am in socal and might want to buy soon.

 

Go to TrueCar.com

You can find exactly what you want and it will show you what people are actually paying in your area.

 

Ask for your credit score. TFS goes off score, so even if you don't have major credit TFS will give you a great rate.
Sounds like they are trying to make 2.5 points on you.

 

Lol... most of us can't swing an $800+ monthly payment. I had to put $$$ down to keep it in the $400 range, my comfort level.

 

Tow package is standard on V6 now.

 

You said yourself you’re bad at this so I’ll chime in. You seem young and I’m going to be the annoying voice of reason. Unless you make 100k a year you should not enter into a $600+ monthly commitment for 72 months. If you have a mortgage or other high expenses even less so.

If you feel like you need this truck do it after you’ve sold your other car. I put 15k down on my 2018 and my payments are about $350. I still don’t like the $350 but I have a baby on the way and my old Ranger couldn’t pull double duty as work truck and baby mover. I’m also self employed so I bought this year to get the tax deduction. Otherwise I would have never bought something I couldn’t purchase outright.

If anything goes south I can still afford 350 for 72 months but I intend to pay it off early in 1-2 years. Can you really afford $600 a month on a car? Think about where 600 can go in your life instead of a payment towards a depreciating asset, not what your friends or neighbors are going to think about your new truck. If you have them, pay off other debts first.

Also, yes, all 2018s come standard with tow package. It’s not an option.

 

Personal finance experiment time: If you think you can afford $600 a month, put that away in a savings account (online... so it's a pain getting it out quickly. I use Emigrant Bank) for the next couple of months (let's just say through March) until you actually get that $15k from the other vehicle sale. If you have no problem living with that monthly payment, then use the $17+k as a downpayment, and get a loan for less months at about the same monthly payments (my rule of thumb is if I don't like the monthly payments on a 48-month loan, and no longer, then I have to save more for a downpayment. this works for me, YMMV).

I have a feeling that if you have no downpayment at all right now, $600 a month is way too steep. Best to figure that out now without the debt over your head.

 

That’s a great idea and test to see if you can swing it. Also, we tend to assess “affordability” based on everything going right, which it never does. You’ll have those bad months. Also add another $100 or so a month for good/great insurance coverage on a new vehicle. And if you don’t have a 3-6 month emergency fund this is all just bananas. Ok I’m stepping off my soap box.

 

I paid $39k for a DCLB TRD OR at a 72mo loan rate of 3% here in Michigan from a credit union. I have the tow package and the tech package. What you’re showing seems a little high. I had $5k down though, so that probably helped on the rate a bit.

 

Like others have said dealers will quote you a higher interest rate because they will make money off it. The FICO credit score is almost always worthless because it shows the highest score, most lenders go off the Equifax score because it is the lowest. When they pull credit reports they go off the lowest score.

Dealers can give you good rates if you force them into it. And sometimes their are good incentives by Toyota corp on financing. But you have to be patient and willing to walk. And be prepared to walk, don't be angry, just be indifferent you don't really need a new vehicle, make them earn your money.

Car dealerships always first offer you the rape offer, then the big ripoff offer, then the ripoff offer, then the okay offer, etc. Go informed find out what vehicles usually sell for in the area.

Dealers make money off used cars, volume of new cars sold due to factory incentives, and then the biggest off all the fake insurance, GAP coverage, nuclear fallout protection, etc.

The biggest mistake is telling them how much you need the payments to be, they will just figure out a way to make the loan out to 78 to 84 months at a higher interest rate.