APR Rates?

[nitronate33]

man, i didn't even think you could get a car loan past 6 years. sheesh...you know you have a problem when the combined value of your vehicles is more than the house you live in.

 

[DrippinRaptor]

IMO, doing an 84 month loan means you are living above your means.

 

[gravedgr]

Holy crap - who finances a truck for 6 or 7 years?

 

[nitronate33]

IMO, doing an 84 month loan means you are living above your means.

IMO, these are the kinds of people that "gotta have it now" and pay 10 grand over sticker for a glorified F-150 and need an extra 2 years to pay off the overcharge.

 

[ZaneMasterX]

Holy crap - who finances a truck for 6 or 7 years?

It gives you a more flexible payment schedule. It gives you the ability to pay the low minimum if something with your income changes for a month or two. As long as you are paying a little more on top of the low minimum you will come out just fine.

Financing for an extra year than you think youll need is never a bad idea as long as the interest rates are the same. Just have to make sure you are paying more each month than required to make that extra year disappear from the loan.

Now if you are getting 6 to 7 year loans because you can only afford the low minimum payment then yes, you probably shouldnt be buying such an expensive vehicle.

 

[gravedgr]

We normally use PenFed or Navy Federal, depending on who has better packages at the time. Right now, Navy Federal is 1.79% up to 3, or 2.39% up to 5 years. I'll check them again when the truck is built and on the way, because that is pretty bad for them.

Penfed is not bad w/1.49% up to 3 and 1.99% up to 5 years, but my best may be IBMSECU @ 1.59% up to 6 years if I decide to go longer than 3 years. Otherwise, Penfed for 3 years.

---------- Post added at 09:59 AM ---------- Previous post was at 09:56 AM ----------

It gives you a more flexible payment schedule. It gives you the ability to pay the low minimum if something with your income changes for a month or two. As long as you are paying a little more on top of the low minimum you will come out just fine.

Financing for an extra year than you think youll need is never a bad idea as long as the interest rates are the same. Just have to make sure you are paying more each month than required to make that extra year disappear from the loan.

Now if you are getting 6 to 7 year loans because you can only afford the low minimum payment then yes, you probably shouldnt be buying such an expensive vehicle.

The possibility that you might need that kind of flexibility on a disposable pleasure asset represents some poor financial decision making. If you were talking about a work truck that you used for business and was crucial to you being able to do your job? Sure - do whatever you have to do to ensure income.

For a Raptor, it's just the worst kind of justifying not-so-good decision making.

 

[ZaneMasterX]

We normally use PenFed or Navy Federal, depending on who has better packages at the time. Right now, Navy Federal is 1.79% up to 3, or 2.39% up to 5 years. I'll check them again when the truck is built and on the way, because that is pretty bad for them.

Penfed is not bad w/1.49% up to 3 and 1.99% up to 5 years, but my best may be IBMSECU @ 1.59% up to 6 years if I decide to go longer than 3 years. Otherwise, Penfed for 3 years.

---------- Post added at 09:59 AM ---------- Previous post was at 09:56 AM ----------


The possibility that you might need that kind of flexibility on a disposable pleasure asset represents some poor financial decision making. If you were talking about a work truck that you used for business and was crucial to you being able to do your job? Sure - do whatever you have to do to ensure income.

For a Raptor, it's just the worst kind of justifying not-so-good decision making.

Life happens and having a little more flexibility financially is never a bad thing.

You cant predict everything that will happen whether its health, natural disasters, accidents, etc that might put a massive strain on your finances that you didnt budget for.

Yes, thats what your emergency fund is for but 72% of Americans do not have one.

Im not advocating for long loans and justifying how to pay for them Im just giving the other side as to why you might choose a longer term loan even if you CAN afford the shorter term.

 

[pughde]

I always pay my credit cards on time and in full but still only have good credit score. I wonder how to boost it up in two months.

Suggest you pay down as much as possible all credit cards, etc. immediately before applying for the loan. Available credit is one of the items they check. I'm no expert you may want to verify but it hardly causes you any issues regardless.

 

[nitronate33]

The possibility that you might need that kind of flexibility on a disposable pleasure asset represents some poor financial decision making. If you were talking about a work truck that you used for business and was crucial to you being able to do your job? Sure - do whatever you have to do to ensure income.

For a Raptor, it's just the worst kind of justifying not-so-good decision making.

this is, unfortunately, more the norm than the exception. living month to month, paycheck to paycheck and not having any rainy day income for when things go south. i've seen 70 grand vehicles sitting in the driveway of 100 grand houses in south texas. boggles the mind what people do.

 

[acg90]

How much are you guys planning on putting down?

Im planning on about 10k down.

I've never financed a vehicle over 30k so I plan on sticking with that and putting 35k down.