Interest

[thatJeepguy]

Check out Cap 1. Apply separately. Always go to a dealership with at least 1-2 finance strategy worked out.
@ 13% yr interest payment would be equal to the principal or just over on an 80k loan. @ 5% youd be paying 350 -250 in just interest in the first 2 years of the am schedule.

You honestly cant pick a less advantageous time in recent history besides the 2008 collapse to finance a vehicle. Used loans are even worse rate. Unless you put a considerable amount of money down, or wash the depreciation through an llc.

After the principal, the interest, sales tax, insurance (new york sky high) and fuel , it will be the equivalent of a mortgage payment.

 

[xlover]

Check out Cap 1. Apply separately. Always go to a dealership with at least 1-2 finance strategy worked out.
@ 13% yr interest payment would be equal to the principal or just over on an 80k loan. @ 5% youd be paying 350 -250 in just interest in the first 2 years of the am schedule.

You honestly cant pick a less advantageous time in recent history besides the 2008 collapse to finance a vehicle. Used loans are even worse rate. Unless you put a considerable amount of money down, or wash the depreciation through an llc.

After the principal, the interest, sales tax, insurance (new york sky high) and fuel , it will be the equivalent of a mortgage payment.

Only thing that sucks about cap 1 is the dealer has to be “in network”

 

[thatJeepguy]

Only thing that sucks about cap 1 is the dealer has to be “in network”

Correct, but i think NJ/NYC tri state is good coverage.

 

[Adrenlin]

Don't know about now, but I got 2.79% for 60 months from my bank back in May of 2022. If I was quoted 13%, whether it was due to the economy or my credit rating, I'd just walk or pay cash. I wouldn't pay that.

There's so many variables to the interest rate that you simply aren't going to be able to figure it out by posting on an internet forum. Best thing you can do is pick up the phone.

 

[thatJeepguy]

Don't know about now, but I got 2.789% for 60 months from my bank back in May of 2022. If I was quoted 13%, whether it was due to the economy or my credit rating, I'd just walk or pay cash. I wouldn't pay that.

There's so many variables to the interest rate that you simply aren't going to be able to figure it out by posting on an internet forum. Best thing you can do is pick up the phone.

13% is prior repo tier lol.

 

[smurfslayer]

You can still be in the 700’s with high revolving debt if you make good coin but things are tightening up. I took out a loan last year to pay for part of my garage upgrade. Just prior, I was at 805 or 810(?) next month I was at like 775 or something. I do not want to take that chunk of money out of savings for the relatively low interest I have so I’ll ride it out. It wasn’t that big of a chunk of money, but more than I wanted to drain from my savings.

I don’t have any -current- rate comparisons to give but do agree if you’re seeing a 13% offer from Ford credit, that’s a bad sign. If you’ve got a bunch of other stuff financed that could be the cause, even if they’re ‘secured’ assets. Or you could be in a situation where income to debt is getting you, or a volatile employment (from a financial security perspective), etc.

Might be time to let some things go.

 

[Adrenlin]

13% is prior repo tier lol.

I didn't know the score that equated to the interest rate, but I knew it wasn't good!

 

[NYC Raptor]

You can still be in the 700’s with high revolving debt if you make good coin but things are tightening up. I took out a loan last year to pay for part of my garage upgrade. Just prior, I was at 805 or 810(?) next month I was at like 775 or something. I do not want to take that chunk of money out of savings for the relatively low interest I have so I’ll ride it out. It wasn’t that big of a chunk of money, but more than I wanted to drain from my savings.

I don’t have any -current- rate comparisons to give but do agree if you’re seeing a 13% offer from Ford credit, that’s a bad sign. If you’ve got a bunch of other stuff financed that could be the cause, even if they’re ‘secured’ assets. Or you could be in a situation where income to debt is getting you, or a volatile employment (from a financial security perspective), etc.

Might be time to let some things go.

Great advice, thank you. I have no debt on credit cards. All are at $0. Do have an Audi being leased under my name but other than that, I bought all my other cars out right. All my trucks for the business are also paid off. Credit score used to be higher but can’t help that as of now. Shopping around to see what other offers are out there. Really didn’t want to tie up a lot of cash up front on this truck right now. Might have to wait it out.

 

[NYC Raptor]

730 is wrecked. Get out the checkbook.

That’s what it’s looking like. Might just have to do that to get into one. Or just wait it out. Not in a rush but do want one.

 

[Keith88]

Check out Cap 1. Apply separately. Always go to a dealership with at least 1-2 finance strategy worked out.
@ 13% yr interest payment would be equal to the principal or just over on an 80k loan. @ 5% youd be paying 350 -250 in just interest in the first 2 years of the am schedule.

You honestly cant pick a less advantageous time in recent history besides the 2008 collapse to finance a vehicle. Used loans are even worse rate. Unless you put a considerable amount of money down, or wash the depreciation through an llc.

After the principal, the interest, sales tax, insurance (new york sky high) and fuel , it will be the equivalent of a mortgage payment.

My raptor Payment WAS more than my Mortgage on my 2022 house haha. $800