What is your interest rate?

BOA's is 6.59%

 

Funny. Back in April I bought my used 22 pro at a Toyota dealership and got a rate of 5.4% through Toyota Motor Credit. All the new 24 pickups were at almost 10%, and that was with gold-balls credit!

 

We got 5% back in 17 for my wife’s used rav 4. I got 3.3% through BofA for my new 19 Tacoma. Good credit but never had history with such a high amount.

 

My experience is the rate you can get at Toyota is strongly related to their motivation to sell and your credit rating. I don't think the rates they cite on the website have much gravitas.

 

Surprised no one has chimed in with the if your financing you can’t afford it quote. Did see some people financing the whole thing at $850+ a month on the FB group. Using my paid off 2022 as down payment at $37k best I got when I was entertaining the idea was 4.99 with Navy Fed on $16k Toyota was 6.79, tier 1 credit.

 

I’ll tell you mine…

 

Navy Fed (requires a military connection)


PenFed (Now an "Open" CU with no military connections required)


If you have a low credit score, these rates aren't going to be available you.

 

Using an online amortization calculator (something anyone financing anything should know how to use) the following pops up.

$50k financed
60 months
6%

$7,998.40 paid in interest over the loan life.

Obviously that changes based on inputs.

Just part of the TCO everyone should consider when buying any large item, but especially one that depreciates.

https://www.calculator.net/amortization-calculator.html

 

If you have to finance it you can’t afford it…all at once right now. I apparently can’t afford my taco but I sure love driving the thing and don’t mind paying a bank for loaning me the ability to enjoy it! A financial advisor actually told me it’s not a bad idea to finance a new car and get gap insurance rather than paying cash for a car right out of the gate. He said, if you finance it and have gap insurance and you wreck the vehicle a couple months in, you essentially can walk away, if you pay cash for a new vehicle and that same wreck happens, you walk away losing the automatic depreciation. He did say at the point in the loan where you owe less than it’s worth, it’s a great idea to pay off said loan.

Enjoy those trucks no matter what the haters say! You only go round once and can’t take any of this with you!

 

I financed my 2023 on 4/23 and got 2.5% through our credit union at work. I feel really blessed to have got such a low rate.

 

Anything above 5%, makes no sense just from a rate of return aspect, or has a leg to stand on besides you just have to have it, and your money.

 

I just checked and currently my credit union is 5.5% on 35,000 and up.

 

Hell, with a 6% rate I’m financing the whole damn truck and putting the down payment towards something that doesn’t depreciate. Think large cash purchases e.g. contractors for the house; mods for the new truck; vacations; hell, I think you might net some after tax gains by putting the down payment in an ira.. ….Not to mention paying off credit card debt, if you have it.

 

If you have credit card debt you should be rethinking financing a $50k truck imho. But to each their own.

 

I just used my calculator on my phone and did 50000 x 6% and I came up with 3000. Am I missing something?

 

Based on seeing people not bat an eye financing $50k at 6-7% while talking about mods and credit card debt id say so.

 

Math = No.
Financing = Yes.

 

So it's 6% per year which is 3000x5 years = 15000?

Can someone just explain where the $7,998.40 came from

 

Where is the $7,998.40 coming from? Could you just give me the equation instead of being a wise guy? Obviously I've never financed anything before.

 

Go to Bing, search "car loan calculators".

Do not go and do a mortgage loan calculator, whew.

This is 6% for 60 months.