What is your monthly payment? Please read.

30K, 72 months, 0 down no trade, 485 per month

 

Boggles my mind that there are people that make under 45k that are buying new Tacomas. unless you're single and live somewhere where cost of living is dirt cheap and tax is minimal.

 

Full status Mi'kmaw, work for the Confederacy of Mainland Mi'kmaw

 

How the the hell do I not pay taxes? Lol

 

Careful on generalizations. The specific breakpoint depends on the lender.

740 is the threshhold between A & A+ with my credit union and makes the difference of 1/2 to 3/4 of a point. e.g. 1.8% vs 2.55% on 48mo loans, 2.15% vs 2.75% on 49-63mo loans, and 2.65% vs 2.95% on 64-75mo loans.

 

Best advice is do not buy more than you can afford. Plan for the future and build some savings in to your budget. After building in savings then figure out what you can afford for monthly payments. Consider a lower down payment if the interest rate is low. I think about paying off my 2013 now and then and then I remember that I have a 1.29% rate and the thought goes away.

 

I leased mines with the intention of buying it after 36 months because it was cheaper.My payments are 343.19 for 36 months.After lease is complete Toyota wants $25,000 as residue value for the truck.DAMN!! these Toyotas hold there value

 

There's more to it than less expenses and a good job. You live in a world where 9/10 people you meet don't have a dollar left over at the end of the month, but if you looked at what they drive or where they live, you'd never assume that was their reality.

Some people don't care if they have savings, they want nice stuff. Someone who finances more than their annual salary on a vehicle isn't the best person to ask advice from.

 

3.7% is not really that good of an interest rate.

 

True, but it's also what immaculate credit will get if you go for really long loan.

A 740+ at my credit union will get you 1.8% on a 48 month loan, or 3.75% on an 84 month note.

They discount the rate a quarter point for a loan over 30k, and discount another quarter point if you have enough equity in the vehicle. That's how I landed at 1.3% on a 48 month note.

Edit: BTW that extra interest adds up. A 30k 4 year note at 1.8% has you paying $648/mo and a total of $1115 in interest. The same 30k financed over 7 years at 3.75% gets you a $407/mo payment and you pay a total of $4,156 interest.

 

Ain't that the truth!

 

I only pay 450 for rent as its split between my girlfriend and I, but my travel allowance is 8000 and i make around 500 a month just in mileage which is how i justified buying new.

 

42,000 over 6 year though, would have been way lower if it was a shorter term. Plus i live in Nova Scotia, nothing is cheap here.

 

Travel allowance? And milage plus ur I come? Not bad!

 

Mileage reimbursement isn't making a profit.

Wear and tear is far more expensive than $0.XX per mile, and that cost is far greater on a new vehicle than a used one.

 

i have 2.25 over 72 months. could have had 1.9 for 60 months or less, but the total savings for .35% over the course of a 72 month loan isn't really that much. i'd rather have the extra money in my pocket monthly.

 

2016 4Runner Trail with 62 miles on the clock

$10k down, financed about $25k, payments at $450ish with 5.5%. Refinanced later to 2.25% and dropped to about $395 a month.

 

I get .4379/km to travel for meetings and forestry work, i have 400+500+100 extra after budget. My insurance is 158 a month also on the new truck, that will def go up with a new vehicle

 

Whats your truck? Add ons 4x4, trd, trd pro?

 

What kind of work is it?? Just curious