Carvana Preapproval

[sccredit]

Wife and I have been thinking about buying a new truck. I handed my leased Tundra back early into the pandemic and have not replaced it. Thinking of going used or CPO late model, low mileage on a truck. Was looking at a 2019 F150 STX 4x4 Crew Cab at Carvana with 19k miles on it. Ran through their "Get My Terms". On that truck ($39k) it shows $0 down payment listed and 3.39% for 72 months. Not pulling the trigger but interesting data point.

Current FICOs are 735-745 range. 3.5 years post CH7 discharge. Low DTI (less than 20%). 4 cards reporting and one lease (3 payments left) on wife's car. We bought our son's CPO Hyundai cash earlier this year. Will probably purchase her replacement in cash when we return her Infiniti lease in October so we'll likely finance mine. 

[barca]

Be careful with used vehicle prices.

The prices for used vehicle these days are ridiculous.

I will suggest you look at brand new or wait a little while.

Do your research with new vs old vs waiting till next year if possible

[incognitony]

Now is the time to lease and buy in 3 years when this madness is hopefully over. It is good to see people can get a decent rate with Bridgecrest. Carvana used to prequalify the terms on vantage scores but not sure if they still do.

[dunn2500]

i bought new recently because it was cheaper than used......also carvana prices are usually high as well as their interest rates

i sold them a used 2020 3/4 ton truck which they sold for 4k over msrp and 6k more than i paid brand new....i followed the truck thru the vin #

like someone mentioned just do the math and see what comes out....

[sccredit]

I'm not buying from them. I'm looking at all options. Not looking at leasing this one as I will drive it way too much for a lease to make sense.

[4sallypat]

With your profile, I'd get a loan thru a CU.

My CU  gives 1.99-2.25% rates up to 60 months.

But then now I won't get a used car due to the crazy pricing and inflated demand surge price tags...

If I need a car now, I am looking at a low cost lease and then buy it out at the end even with high miles....

[sccredit]

I'm going to look at my local CU when I am ready to do something. I burned DCU, Penfed, Logix and Navy in my BK so I've eliminated most of those. I have ruled out the leasing option for this one. I will keep this for 8-10 years. It will be the primary driver for the next 3-4 years and then become the household truck and I will probably go electric for the daily. Currently looking at a CPO Ranger Lariat 4x4 thats priced about $10k under new.

[Shaed251]

@sccredit 

I am actually in the process of purchasing a vehicle through Carvana and financing with my local CU. I got a really good deal on a Mercedes Benz GLC. Wasn't overpriced and it should be delivered on Wed. Only thing I would complain about is the communication piece.  I have to wait longer than I would like for a response to my questions because it's through chat or text, but overall, it has been a good experience. They took $500 off for a referral incentive and everyone of their advocates that I have dealt with, have been super nice and professional.  I am not sure on the vehicle you're looking for but definitely do your homework.  I searched plenty dealerships and Carvana's price beat them all. Not saying this will be the outcome on every make and model but my experience has been really good and I got the best price on the vehicle I chose. I'm happy with my decision.  😊 

[sccredit]

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@Shaed251 wrote:

@sccredit 

I am actually in the process of purchasing a vehicle through Carvana and financing with my local CU. I got a really good deal on a Mercedes Benz GLC. Wasn't overpriced and it should be delivered on Wed. Only thing I would complain about is the communication piece.  I have to wait longer than I would like for a response to my questions because it's through chat or text, but overall, it has been a good experience. They took $500 off for a referral incentive and everyone of their advocates that I have dealt with, have been super nice and professional.  I am not sure on the vehicle you're looking for but definitely do your homework.  I searched plenty dealerships and Carvana's price beat them all. Not saying this will be the outcome on every make and model but my experience has been really good and I got the best price on the vehicle I chose. I'm happy with my decision.  😊 

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I am being very slow on making a decision. We'll see when or if something actually happens lol.

[Shaed251]

@sccredit 

Lol. I don't blame you. I haven't purchased a vehicle since 2005! So, this has been a LONG time coming. I haven't had a car note in over 10 years! God has blessed me and allowed me to get this purchase but patience and His timing is key! Just prayerfully (if you practice in that) take your time to make your decision. One thing is for sure, no matter the shortages, vehicles will be here.  😀