Trying to decide if its time or wait till the spring and save about another $10000.

[Jared72]

What bank? I have 820 Experian credit score and lowest I found was 5.15.

I know you didn’t ask me but I’m at Gate City Bank in nd offered 4.7%

Sponsored

 

[Jared72]

Just a side note when I did the math and yes I have a calculator that can do the specific math. The dealer offer on a financing rate was between 10.4% and 14%. There are several YouTube channels that deal with auto buying and financing, I will pass this along because watching videos has helped me check out Kevin Hunter The Home Work Guy channel on YouTube.

 

[chouser]

Nice but I have to ask $1200 for plates where do you live? Mine should be about $150.

Denver

Paid cash for mine. $56,353.49. That was with taxes that were about $5000. License plates added another $1,200. Insurance is $650 every 6 months . Love it more everyday .

Denver

 

[ugahairydawgs]

Local credit union. 4.24%. Local dealer said their financing was, at best, in the mid 5s.

 

[djw4run]

I agree about being careful with any financing that is why I asked. The bank I’m using has always treated me very well. My payment will be $750 or so but that will be after a 10,000 down payment and the shortest loan term I fell comfortable with. Even then I will be paying this off in about 2 1/2 years.

That's fantastic. Paying that amount off in 2.5 years requires some serious financial planning and discipline. I can't imagine if I were to have a 5 or 6 year loan on a vehicle but apparently lots of people today are ok with it. I am really old school. Even though my wife and I had great professional jobs throughout our careers we always lived way below our means and drove used vehicles for most of the years when our kids were growing up. Not so some of our friends who in later years had trouble being able to retire.

 

[Jared72]

That's fantastic. Paying that amount off in 2.5 years requires some serious financial planning and discipline. I can't imagine if I were to have a 5 or 6 year loan on a vehicle but apparently lots of people today are ok with it. I am really old school. Even though my wife and I had great professional jobs throughout our careers we always lived way below our means and drove used vehicles for most of the years when our kids were growing up. Not so some of our friends who in later years had trouble being able to retire.

That is one of the reasons this such a hard decision. I will eventually need a different vehicle and for me the 4Runner fits that need but they are so expensive now. So if I do this get it done and pay it off ASAP so things are not a struggle in a few years.

 

[kekecarioca]

What bank? I have 820 Experian credit score and lowest I found was 5.15.

Similar : Penfed credit union 5.14% for 50K @ 60mo ( rest in cash). Yes dealer did not even waste time trying to get close. This was back in early May.

 

[Jared72]

Denver

Denver

I didn't think about your answer more closely till now. The one I'm looking at is north of you about 60 miles I think. Did you pay the doc fee in that state? The dealer wants a $689.50 doc fee I'm thinking about asking them to bring the price down $800 even though they discounted from msrp. I won't pay any of the crazy taxes you paid or license just a straight 5% and 150 for license. I know the 5% will look higher than your tax but I don't have the local and municipal taxes.

 

[NickHeindl1677]

It depends on what your credit score is. What I'm convinced is best to do, though, is to go to a local credit union and get a pre-approval letter for an auto loan there. Doesn't mean you will actually get the loan from there, but now you have an interest rate that you know you are approved for before you go into the dealership finance office. That's huge. It puts you in a position of power. Then you can make the dealer beat the credit union offer.

For me, I got preapproved from a credit union for 5.25%. The dealer that I bought my 4Runner from was advertising a 7.94% rate. When I showed the dealer my preapproval they beat the credit union's rate. Not by much (5.20%), but they beat it. If I hadn't gone to the credit union, I'd probably be paying 7.94% which equates to thousands in the long run.

I did the same thing. I had the credit union and dealership competing with each other. The dealership started at over 8%. I got them down to 4.8%.

 

[ugahairydawgs]

That is one of the reasons this such a hard decision. I will eventually need a different vehicle and for me the 4Runner fits that need but they are so expensive now. So if I do this get it done and pay it off ASAP so things are not a struggle in a few years.

They aren't going to get much cheaper. Toyota will just limit supply further before they let that happen.

 

[Nodak]

man i feel for you folks getting hosed on doc fees. my dealer only charged $225, rest was title, tax, license fees from the state.

and the dealer lists the doc fee on the dealer website

 

[Jared72]

man i feel for you folks getting hosed on doc fees. my dealer only charged $225, rest was title, tax, license fees from the state.

and the dealer lists the doc fee on the dealer website

I'm trying to get the doc fees taken off completely, there are a bunch of videos online about why you shouldn't pay doc and other fees.

 

[Nodak]

I'm trying to get the doc fees taken off completely, there are a bunch of videos online about why you shouldn't pay doc and other fees.

well each dealer is different, but i can see from the dealers stand point. they are doing all the filing and state, bank, loan paperwork, so i understand the cost associated with doing that for you.

i mean personally i dont want to deal with doing that myself, but each their own i guess. i am happy to pay the $225 for my dealer what they are charging.

 

[Jared72]

well each dealer is different, but i can see from the dealers stand point. they are doing all the filing and state, bank, loan paperwork, so i understand the cost associated with doing that for you.

i mean personally i dont want to deal with doing that myself, but each their own i guess. i am happy to pay the $225 for my dealer what they are charging.

In this situation if I buy from that dealer which is out state I would end up doing all the title and license myself even would have to go to DMV with the check for tax. By the way Nodak where do you live? I’m in Dickinson.

 

[Nodak]

In this situation if I buy from that dealer which is out state I would end up doing all the title and license myself even would have to go to DMV with the check for tax. By the way Nodak where do you live? I’m in Dickinson.

minot.

i know MN and SD and montana do reciprocal taxes for ND. just depends on the dealer if they want to deal with the hassle.

one of these days i need to do the dickens festival, still havent since i moved here in 1988, or am i confusing the 2 with dickinson and the dickens festival?

Sponsored