used or new for best rates?

[revvystoke]

Looking at buying a second truck, have not applied anywhere yet, but looking at a 1500 or something similar. Used price range is 20-30k and new up to 40k. Have seen some 0 down offers, and am looking for a 24-36month loan. Will I get better rates shopping new or used, or does it matter?

[cartwrna]

It all depends what lender you go with. Big mainstream banks you will get a better rate for new. Whereas some credit unions or most the rates for new and used are the same. I used DCU. The rate for a new/used vehicle upto 65mos was 1.99%, 1.49% with direct deposit

[cartwrna]

You need an EQ04 score of 675+ for the 1.49-1.99% rate.

[fury1995]

New car rates are almost always lower via mainstream lenders however current model year used (and possibly 1 year old used) may be considered as new for loan/rate purposes (not refi). rates would also be the same for most lenders up to 36 months, then notch up a bit for 48, 60 etc.. so 24 months most likely will not get you a lower rate. Most lenders also do 100% financing as auto loan market is VERY competitive.

[cartwrna]

DCU won't ask for anything down, will finance upto 120% LTV ratio, and have some of the best rates available. You can also get a loan decision within 5 minutes over the phone. You then send them a sellers contract from the dealership and pay stubs and are done. They will overnight the check to you. You would need a membership through DCU (you can sign up for a savings account online). If you do direct deposit and open a checking account you get another .5% off APR and access to your direct deposit 2 days early. As well as a free FICO EQ04 score monthly. Worth looking into! www.DCU.org