William

I have a few ?s on financing a new truck. I have 625 credit score and giving down 6k what would be my % rate on 40 k for 60 or 72 months

Thanks

Tfeore

I'm no expert but a credit union will give you the best rate available.
Mine is offering @ 60mo 5.00-11.25% I had a hassle with them when I bought mine because I was 1 pt shy of a 725 to get the lowest a.p.r. at the time so I would say you should be able to get between 7-8.
Just a guess...
Tom

Kyle Graham

any of the truck dealers want to chime in

Dodgezilla

If you go with the mfr financing you may get as low as 0%. I'm not sure what Dodge is offering right now....

Squidward

The only problem with the manufacturer's 0% programs are that it's usually for relatively short-term (24-36 month), which is OK if you can swing the higher payments that shor term financing requires, but not so cool if you can't. I think GM was doing 0% financing for 60 months for a while, but that won't do you any good in financing a Dodge. Another issue with 0% financing is that it usually requires a credit score of 700+ to qualify.

You're best bet is probably to check with your Credit Union/local Bank, and compare that to what the Dealer has to offer. Just don't sign anything other than a credit app at the Dealership until you've got all your ducks in a row, don't fall for the old "just take it, we'll hold the contract" BS.

doomgaze

I got 6.15% through the dealership for 60 months, no co-signer. When you factor in that I'm only 21, that is pretty amazing.

Shop around, but I found the dealer to have the best rates.

Also, it varies by dealership. The first dealership we went to said the best he could do was 7.5% and that was with my dad co-signing (he has perfect credit).

Oh, but you know I made up for the money I saved in interest when it came time to insure this beast. Male, under 25, 1 ticket that hasn't dropped off... I took a beating there.

William

What do you mean by the "just take it,we'll hold the contract BS"
also something that might help out is recently i maid a payoff in the amount of 14,000$ when i sold my old ram.

Jeff in TD

Check with Capitol One, which formerly did auto lones as People First. When I bought mine, anyway, their rate beat both the dealership and my bank.

It was pretty simple. Fill out the application and the amount you want to finance, and they send you a check. By signing it, you also accept terms of the contract, and you can buy new or used (at a higher rate).

Being able to walk in with check in hand is really handy, so you don't have to mess around with filling out the dealer's application for them to hold until they get the check from who you really want to finance with.

It really was quick and easy, and saved me some money. I just wish they did RV's...

I see they currently list their lowest rate as 3.95%, but that is likely short term.

http://www.capitaloneautofinance.com...spx?redir=true

gsbrockman

If the new truck dealer really wants to sell you a truck, they'll get you a great bottom line and great financing.
Greg

thames1948

DC gave me a choice, 2500 rebate or 2000 back and 0% 4 year finance
I took the second choice.

Tfeore

The payoff is good but the bank may not have been able to lend if you still had that old loan.

Also, it takes a couple of months for payoffs to effect your ISAC score.

As far as the dealer BS, I think what squidward is saying (correct me if I'm wrong) is they tell you at the finance desk: Go ahead and take the truck we'll figure out your financing for you...You fall in love with the truck, they call you in a couple of days or maybe even a week later that they couldn't get the rate they promised you and you'll need to come in and sign the NEW paperwork. The rate goes up, your payment goes up, thier profit goes up and you don't care because you've already showed all your friends your shiny new truck and you'll do any thing to keep it.



Sorry about this, It has been used 2X on me and both times I told the dealer to "unwind" the deal. Both times they found a way to keep the rate the same!!!!!

Tom

surlynkid

i just got the 0.0% for 36 months, but i had a 792 credit rating and put down $16,500 plus all the taxes.

right now, the chrysler deals are the best if you qualify. $6K down will help.

moterhead

New financing deals pop up all the time. My wife bought a new Jeep Liberty for zero down, 0% interest for 60 months. We went in prepared to be cash buyers but, heck, free money for five years!

BAJA MAN

Currently, I'm finding that DC is offering 0% on 36 months OR $2500 ($1000 cash allowance, plus $1000 bonus cash, plus $500 holiday cash on all 2005 2500's and 3500's diesel models!! The rates for 60 months is somewhere around 6.9%. What I will do is take advantage of the cash back and finance with DC and then after 90 days (required by DC) refinace at a lower rate with my credit union (4.25%).

You can also go online and apply at Capitol One and they respond within 2 hours.

Good Luck!!

djp9747

Okay, you are putting down $6000 and you are STILL having to finance $40K ? Are you paying MSRP ? With the amount of rebates and the amount you are putting down, you should only be financing something in the 20K's. That deal doesn't sound too good.