Financing + Auto Loan Rates (APR %) -- Share What You've Found

[Pootklopp]

Trd offroad upgraded package long bed is msrp 50,385 plus tax and fees 55,xxx
Down payment of 22,700
Rate for 72 months at 6.64
My payment is $550
That was thru Toyota financing

That's interesting. While I didn't have my credit pulled, everything I have seen from Toyota has been like 9% or something crazy.

Local credit unions look like the best option (5.25-6) if Toyota isn't offering a price discount.

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[Mykale220]

Here is my experience with Toyota over 3 or 4 vehicles in the past dozen years or so. I have found they (Toyota) give me the best deal (out the door price) if I use Toyota financing, which is never the best (financing) deal. I don't put any or much down at all. Make one payment (or not), I then go to to my credit union and for $75 total, I refinance, put all my cash down 10k 20k whatever and always get the best interest rate, terms and reasonable payments.

This is the way! I do this same exact thing!

 

[SleepyBear]

Financing does not mean you can't afford something. In many situations it's a better financial decision to finance. Discussing financing options and strategy can help people learn this.

Not saying you could learn something but it's possible.

The mental gymnastics people play for greed is astounding.

I shouldn't be surprised, you can finance a pizza in 2024.

I doubt I'm going to learn much, but I can encourage people not to be enslaved to debt for mass produced consumer goods.

I'll start with a lesson: Don't take finance advice from someone trying to sell you something.

 

[SleepyBear]

Not trying to start shit.

Meanwhile:

I just knew someone was going to come into this thread to talk (or brag) paying cash!

Was a little late when you replied to me, starting shit.

I'd encourage anyone that needs to finance a brand new car/truck to find something you can afford or is a stepping stone to being debt free.

We're brainwashed by billion dollar companies marketing departments to buy stuff we can't afford.

Wealth doesn't come from what you spend, it comes from what you don't spend.

 

[Manny991220]

Total interest: $7013.

Thanks for telling me I didn’t know

 

[Manny991220]

That's interesting. While I didn't have my credit pulled, everything I have seen from Toyota has been like 9% or something crazy.

Local credit unions look like the best option (5.25-6) if Toyota isn't offering a price discount.

Yeah its a bummer but if you think about cars in general are starting to be expensive

 

[Pootklopp]

The mental gymnastics people play for greed is astounding.

I shouldn't be surprised, you can finance a pizza in 2024.

I doubt I'm going to learn much, but I can encourage people not to be enslaved to debt for mass produced consumer goods.

I'll start with a lesson: Don't take finance advice from someone trying to sell you something.

Not sure what you mean by your greed statement. But in some situations paying 100% cash on a depreciating asset will net you less money in the long run. If you can finance at a lower rate and invest the cash at a higher rate of return you make money in the long run.

As others have said you can sometimes get a lower purchase price if you finance. Then refinance or pay off the balance.

Lots of options out there.

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