- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Purchasing vs Leasing Vehicle
Posted on 5/27/15 at 11:30 pm to RollTide MJ
Posted on 5/27/15 at 11:30 pm to RollTide MJ
We recently traded in a Jeep Wrangler and bought a 2015 Highlander XLE, we plan on keeping for 6-8 years. Credit scores are 760 and 780. Shop around for rates, credit unions had the lowest. We scored 1.94%. Our note is $440/month.
After a month, we absolutely love the highlander. The Toyota dealerships around Baton Rouge were all willing to deal via Internet. We got them down through emails to the price we wanted, walked in and signed papers.
After a month, we absolutely love the highlander. The Toyota dealerships around Baton Rouge were all willing to deal via Internet. We got them down through emails to the price we wanted, walked in and signed papers.
1
Posted on 5/28/15 at 10:56 am to WhoDatTigerStripes
quote:
We recently traded in a Jeep Wrangler and bought a 2015 Highlander XLE, we plan on keeping for 6-8 years. Credit scores are 760 and 780. Shop around for rates, credit unions had the lowest. We scored 1.94%. Our note is $440/month. After a month, we absolutely love the highlander. The Toyota dealerships around Baton Rouge were all willing to deal via Internet. We got them down through emails to the price we wanted, walked in and signed papers
I have always used a credit union. The one I have been a member of since my dad opened my first account is usually known for their lower interest rates on vehicles. I was a little shocked that based on our credit scores that we would be paying more than 500/mo.
We are going to go do some test driving of some different vehicles this weekend and try to narrow it down to at least 2 if not 1 and then go from there. I would much rather purchase a vehicle instead of leasing. I don't want to get caught up in a lease cycle and always be paying someone rent on it.
Thanks to everyone for all the advice and input so far.
Posted on 5/28/15 at 12:13 pm to RollTide MJ
quote:
We are going to go do some test driving of some different vehicles this weekend and try to narrow it down to at least 2 if not 1 and then go from there. I would much rather purchase a vehicle instead of leasing. I don't want to get caught up in a lease cycle and always be paying someone rent on it.
If leasing is an option, be sure to compare the going rate for money factor and residual. Sometimes the residual is much higher for better vehicles, and leads to a better lease rate. My MDX lease is cheaper than a Highlander lease because of better MF and higher residual.
I hate when people refer to leasing as "renting". It's the negative connotation of paying for the use of the vehicle. You're still paying for it if you "purchase" it, just through depreciation and interest, at a higher outward cash flow.
Another note from OP, leasing to purchase is usually a terrible plan. If the plan is to hold the vehicle long term, you should finance it from the beginning.
Posted on 5/28/15 at 12:40 pm to LNCHBOX
quote:
My wife can't stand that I like certain minivans. I'd drive this
We got a Sienna two months ago. Conned the wife into it. She was dead set on a big 3rd row Tahoe/Burban.
Way more room/gadgets for the money in a Sienna.
Toyota also has some really good deals.
Posted on 5/28/15 at 12:43 pm to JayDeerTay84
Also, IMO, dont go over 48 months.
Posted on 5/28/15 at 1:05 pm to RollTide MJ
quote:
I was a little shocked that based on our credit scores that we would be paying more than 500/mo.
Your credit score is not why you are paying over $500/month, the price of the vehicle is. And before you get too far into it, get an honest trade in price because it aint going to be what you want it to be, and you may even be upside down and have to pay to get out of your current vehicle
Posted on 5/29/15 at 1:14 pm to RollTide MJ
quote:
I was a little shocked that based on our credit scores that we would be paying more than 500/mo.
Credit scores do not factor in your annual income.
The price of the vehicle determines how much you are going to be paying monthly.
You sound undecided. Don't step foot into a dealership without knowing exactly what YOU want to do, not some sales person or F&I person. Remember, they do this every day and have the advantage and get people to buy (more) on how they are feeling at the time.
Posted on 5/29/15 at 1:32 pm to Will Cover
Your credit score itself has very little to do with the APR you will receive.
Someone with a 690 could possibly get approved for a better rate than someone with a 740. All depends HOW you obtained said score.
Someone with a 690 could possibly get approved for a better rate than someone with a 740. All depends HOW you obtained said score.
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News