- 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
Please advise on how to get best truck loan rate with excellent credit.
Posted on 4/14/21 at 9:29 am
Posted on 4/14/21 at 9:29 am
I am 2 years into retirement. A recent look at Experian shows my credit score is 816. I have always financed through the dealer. The truck I’m replacing was financed at 0%. That was 10 years ago.
I have never shopped around for the best interest rate on a vehicle. Should I do that now? Where would I look? Does it seem likely that the dealer could find me the best financing rate?
I’m finally in a position of having an excellent credit rating and want to take advantage of that. Thanks for any help.
I have never shopped around for the best interest rate on a vehicle. Should I do that now? Where would I look? Does it seem likely that the dealer could find me the best financing rate?
I’m finally in a position of having an excellent credit rating and want to take advantage of that. Thanks for any help.
11
Posted on 4/14/21 at 9:39 am to NorthTiger
Well if any dealer is offering 0% I'm sure you'd qualify for that, and you aren't gonna get much better. I guess I don't really understand the question. You'll get the best rate wherever you shop, but only the dealership will have the promotional rates.
Posted on 4/14/21 at 10:15 am to NorthTiger
Local credit unions have had the best rates in my experience. Unless the dealer is offering a promotional rate.
When I bought my truck last May, they were doing 0% on new vehicles, but I ended up buying a 1 year old truck. The dealership offered 3.5%. I found a local credit union doing 1.9% and the dealership was able to match that.
When I bought my truck last May, they were doing 0% on new vehicles, but I ended up buying a 1 year old truck. The dealership offered 3.5%. I found a local credit union doing 1.9% and the dealership was able to match that.
Posted on 4/14/21 at 10:15 am to NorthTiger
If you're buying new, you're looking at 0% from a lot of manufacturers right now.
Here's a good 0% source for you
From a quick look at that:
2021 Titan or Titan XD - 0% 84 months
2021 Ram 1500 - 0% 84 months
2021 Chevy Colorado - 0% 72 months
2021 Chevy Silverado 1500 - 0% 72 months
2020 Chevy Silverado 2500 - 0% 72 months
2020 Ford Ranger - 0% 72 months
2021 GMC Sierra 1500 - 0% 72 months
2020 Chevy Silverado 3500 - 0% 72 months
2020 Nissan Frontier - 0% 60 months
2020 Honda Ridgeline - 0% 60 months
If you like Ford, looks like their offers suck right now for the new F-150's.
If you're looking to go used, definitely shop for rates, credit unions are always good to check. I dont know if they do this any more but back in 2017 my wife and I financed her 2014 MDX through lightstream/suntrust for like 3.7% which was a good rate back then on a used car.
Here's a good 0% source for you
From a quick look at that:
2021 Titan or Titan XD - 0% 84 months
2021 Ram 1500 - 0% 84 months
2021 Chevy Colorado - 0% 72 months
2021 Chevy Silverado 1500 - 0% 72 months
2020 Chevy Silverado 2500 - 0% 72 months
2020 Ford Ranger - 0% 72 months
2021 GMC Sierra 1500 - 0% 72 months
2020 Chevy Silverado 3500 - 0% 72 months
2020 Nissan Frontier - 0% 60 months
2020 Honda Ridgeline - 0% 60 months
If you like Ford, looks like their offers suck right now for the new F-150's.
If you're looking to go used, definitely shop for rates, credit unions are always good to check. I dont know if they do this any more but back in 2017 my wife and I financed her 2014 MDX through lightstream/suntrust for like 3.7% which was a good rate back then on a used car.
This post was edited on 4/14/21 at 10:19 am
Posted on 4/14/21 at 10:17 am to NorthTiger
Just because you got 0% interest doesn't mean you actually saved money. You lose out on any rebates when doing special financing. Better to get the best out the door price regardless of their financing terms with all rebates/incentives and re-finance with a credit union. DCU currently offers 1.99% but you can probably find better local rates.
Posted on 4/14/21 at 10:19 am to thunderbird1100
One thing to be cautious of is that some manufacturers will limit the amount of rebates/discounts you can take if you choose 0% financing. Either you pay more for the car and get a 0% loan, or you pay less for the car with a higher % loan - either way, the dealer is getting their piece.
Posted on 4/14/21 at 10:19 am to dltigers3
quote:
When I bought my truck last May, they were doing 0% on new vehicles, but I ended up buying a 1 year old truck. The dealership offered 3.5%. I found a local credit union doing 1.9% and the dealership was able to match that.
+1 on the credit union, with the caveat that your dealer MAY have a promotional rate. If you can get 0% from a dealer then that's obviously the best rate, but in my experience the next best place to go is a local credit union. The local credit union (even though I didn't have an account at the time) was by far the best rate I found when comparing with the dealer or my then current bank (1.99% is what they're quoting on their website now). Everything I have is with the credit union now so I suppose we each got what we wanted!
This post was edited on 4/14/21 at 10:21 am
Posted on 4/14/21 at 10:24 am to NorthTiger
Check out lightstream. Online loans for autos. Super simple process. Did mine 36mth auto loan 2 years ago - low rates at the time. Not sure how it compares to others now.
Posted on 4/14/21 at 10:25 am to NorthTiger
Finance managers at dealerships can lower the loan rate by .5% very easily if you bribe them with a perfect customer satisfaction survey/Google review, etc..
Posted on 4/14/21 at 10:26 am to NorthTiger
The dealer will not “find you” a good finance rate. You could have the best credit in the world and show them $2MM in the bank and pay 75% of the cash up front and they’re going to quote you 3.5-5%.
They’ll only somehow find a way to “match” a better rate if you bring them a competitive quote. Show them 2% from a credit union and all of the sudden they managed to find you a 2% rate.
They’ll only somehow find a way to “match” a better rate if you bring them a competitive quote. Show them 2% from a credit union and all of the sudden they managed to find you a 2% rate.
Posted on 4/14/21 at 10:29 am to blackoutdore
quote:
One thing to be cautious of is that some manufacturers will limit the amount of rebates/discounts you can take if you choose 0% financing. Either you pay more for the car and get a 0% loan, or you pay less for the car with a higher % loan - either way, the dealer is getting their piece.
Yep, Honda pulled this on me when I used their 0.9% offer on my Accord back in 2014. Best idea is to negotiate an OTD price before going into financing and not budging on that if you qualify for the financing offer. Always have the power to walk away.
I had a $500 rebate from Honda that couldnt be combined with the 0.9% rate, but I just stood ground and said get rid of that then and take $500 more off the car, and they eventually gave in.
This post was edited on 4/14/21 at 10:31 am
Posted on 4/14/21 at 10:40 am to NorthTiger
It's always best to shop around. As others mentioned, check local credit unions.
Also, when comparing the rates make sure you are also looking at the same promotional offers. Some companies will give you either a great interest rate, or $$$$ off of the "MSRP". If they will not negotiate to give you the $$$ off and the better rate; you can always take the $$$ off now, make a few payments (most rebates require 2-3 payments), then refinance at the credit union for the better rates.
Also, when comparing the rates make sure you are also looking at the same promotional offers. Some companies will give you either a great interest rate, or $$$$ off of the "MSRP". If they will not negotiate to give you the $$$ off and the better rate; you can always take the $$$ off now, make a few payments (most rebates require 2-3 payments), then refinance at the credit union for the better rates.
Posted on 4/14/21 at 2:39 pm to NorthTiger
Look at the promo auto loan rate the dealer offers and calculate the interest over the life of the loan. Compare that to the rebate being offered if you don’t take the promo rate and see which one comes out a better deal. You could always take the rebate credit and finance at the higher rate and turn around the next day and refi at the credit union the next day if your credit union can beat it. My dad has done this several times you get the best of both worlds.
This post was edited on 4/14/21 at 2:40 pm
Posted on 4/14/21 at 3:05 pm to NorthTiger
1. Find your car/truck.
2. Negotiate price, including all rebates/cashback whatevers.
3. Have financing ready to go from someone who is NOT the dealer. Lightstream, USAA, and Navy Federal have been great for me.
4. Give the dealer an opportunity to beat that rate on the same length.
You win.
2. Negotiate price, including all rebates/cashback whatevers.
3. Have financing ready to go from someone who is NOT the dealer. Lightstream, USAA, and Navy Federal have been great for me.
4. Give the dealer an opportunity to beat that rate on the same length.
You win.
Posted on 4/14/21 at 3:11 pm to NorthTiger
Go to your bank or credit union and show up at the dealership with a loan ready to go. Dealerships are going to try to make money on the financing in some way.
Posted on 4/15/21 at 7:35 am to Chasin The Tiger
quote:
Just because you got 0% interest doesn't mean you actually saved money. You lose out on any rebates when doing special financing. Better to get the best out the door price regardless of their financing terms with all rebates/incentives and re-finance with a credit union. DCU currently offers 1.99% but you can probably find better local rates.
Yea, I never really get the 0% thing.
The dealer is going to give you 0% with no rebates, or give you 2-3% with some 7k rebate variation.
You’ll never get both.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News