You sound like one of those guys that refuses to do anything until "everything is just right." I know them well. 60yo in a new corvette, going 20mph under the speed limit
For those financing...
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evoraptor
Member
Honestly, if someone wants to spend 110 grand for a truck w/ 20k adm and finance for 84 months @ 5% - let them be. They either have their priorities straight or the Repo man is probably picking up a raptor if a few months time. Either way, it doesn't affect you.
AutoXRacer
Full Access Member
I got 1.99% for 78 months (6.5 years) through Partners FCU (Disney's bank).
in this markets uncertainty all the more reason to keep your money in the bank instead of paying cash. the more liquid you are the better. I am sure most of us that can get a raptor or any other car/truck at this price would be ok. might hurt a bit but we'll find a way. guess what sell the truck if you have to. what a novel idea. I myself finance always. I like the cash in the bank for a rainy day. especially at these rates. I got 1.9% in January. No brainer. close enough to 0% to me. I put enough down so not to worry about needing GAP insurance and so that my payment will be easily doable if shit hits the fan. but not too much to keep me from jumping on an opportunity.
Also the more you finance the more liquid you are to jump on huge downswings in the market. Buy low sell high.
a lot of financial advisors would agree. if you can borrow at a low enough rate. Keep your equity between 50-70%. just like a house. to avoid PMI in the house case. refi refi refi. when you can get a lower rate. invest the cash you take out. use the rest to invest at a rate better than what your paying out. that way if in a bind you are able to sell quickly. unfortunately most likely at a loss but youre liquid. the older you get and closer to retirement. risk levels usually changes with age so levels are different if your at that age or nearing that.
Worked out very well for me.
But GoaKS. Has a great question why do people care so much in how he spends his money. and criticize. serves no useful purpose here considering it had nothing to do with OP's question. He just wanted to know what the rates everyone was getting.
Also the more you finance the more liquid you are to jump on huge downswings in the market. Buy low sell high.
a lot of financial advisors would agree. if you can borrow at a low enough rate. Keep your equity between 50-70%. just like a house. to avoid PMI in the house case. refi refi refi. when you can get a lower rate. invest the cash you take out. use the rest to invest at a rate better than what your paying out. that way if in a bind you are able to sell quickly. unfortunately most likely at a loss but youre liquid. the older you get and closer to retirement. risk levels usually changes with age so levels are different if your at that age or nearing that.
Worked out very well for me.
But GoaKS. Has a great question why do people care so much in how he spends his money. and criticize. serves no useful purpose here considering it had nothing to do with OP's question. He just wanted to know what the rates everyone was getting.
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DCM
Active Member
Any of you guys doing a business auto loan? I’m used to business rates being higher, but am shocked at what I’m seeing looking around the past couple days. Have purchased my last 5 trucks through my regular business bank with no issues and super low rates. Today they told me they no longer do business auto loans and tried to get me to use an equipment loan at 10-12%. Best I’ve found so on business auto is B of A at 3.74 for 60. Thinking I should be able to better than that. Have excellent business credit and a personal score in 830s.
GCATX
King Dingaling
That's probably not bad. The last several weeks prime rates have risen a lot. They are not going down any time soon, at least until after the next election, then maybe. Find the best deal you can now, you will be ahead next year.
I bought my Raptor for business purposes. Locked in the 1.9% rate by doing loan/title on the personal side. Have your accountant do an "automobile reimbursement plan" to slide it back over to business and take advantage of sec 179.
DCM
Active Member
Thought about that, but truck has to be on my business insurance policy. If I title it personally, it would also have to be on my personal insurance policy. Checked with my insurance agent for a loophole, but nada.
That's not bad at all; Commercial rates are always higher. Are you strictly doing it in the business name or business with personal guarantor or co-sign? I would check around; I purchased a 2022 F-150 and financed it through Ford Credit solely in the business name for 1.9% in January 2022...that's probably irrelevant due to all of the changes going on. I don't know what equipment you are looking for but it would be a cold day in the underworld before I paid 10% for any type of equipment loan.
It wont qualify for the full section 179 deduction because of luxury cap and bed length but I would question why they couldn't add coverage under a business/commercial policy. I am registering mine under my commercial policy just different coverage as I am the only driver.
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