What interest rate to expect

[revvystoke]

I have a 06 dodge cummins I bought a few years ago. I need a newer truck. Checking out the dealers and found some 09-11 model trucks. I don't want to trade in, I've only financed powers ports toys and never a truck/car.

What can I expect interest rate wise and how much should I plan to put down? My util on cards is around 2-3% and I have one loan with 4k remaining. I plan to app through my cu first, any national banks that I should look at applying through?

I was thinking 15-20k as a price range don't feel like spending more then that.

[revvystoke]

Income is 65k or so employed coming up on 5 years with same position. The one loan I have with the cu is 4% essentially a secured personal loan.

[revvystoke]

Applied at the dealer today, the credit union states online that the lowest they will go is 3%, with chrysler capital they stated approved for $75k 72mos@2.94% max 75mos. Will try again at a different CU tomorrow hopefully a little better rate. Not sure what to think of the chrysler rate, sales guy was a little too pushy.

[Anonymous]

Have you considered looking at new vehicles? You'd probably qualify for a 0% rate on those...

[revvystoke]

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@Anonymous wrote:

Have you considered looking at new vehicles? You'd probably qualify for a 0% rate on those...

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No, I don't know if I want to spend 5-10k extra I have always bought vehicles used.

[Remember0]

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@revvystoke wrote:

Applied at the dealer today, the credit union states online that the lowest they will go is 3%, with chrysler capital they stated approved for $75k 72mos@2.94% max 75mos. Will try again at a different CU tomorrow hopefully a little better rate. Not sure what to think of the chrysler rate, sales guy was a little too pushy.

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I think your 75k was a typo there. Regardless, 2.94% is a good rate for 75 months on a used car. If you applied to DCU, I'm pretty sure you can get their 1.99% for 65 months deal. They pull EQ, but only require an auto-enhanced 680 for that promo rate, which should be no problems as long as you haven't had any auto loan baddies.

[revvystoke]

I got the printout today from the dealer, it shows tier one financing with maximum approved for is 75k, he said it is sign and drive up to that amount with 0$ down. First CU I called wanted my tax returns, w2's so on at 2.25%, my primary cu was instant approval for up to 60k but at 3%, was told that is the lowest they go. Either way I was surprised, not sure why I would want to spend anywhere near those amounts but apparently they think I might.

[revvystoke]

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@revvystoke wrote:

I got the printout today from the dealer, it shows tier one financing with maximum approved for is 75k, he said it is sign and drive up to that amount with 0$ down. First CU I called wanted my tax returns, w2's so on at 2.25%, my primary cu was instant approval for up to 60k but at 3%, was told that is the lowest they go. Either way I was surprised, not sure why I would want to spend anywhere near those amounts but apparently they think I might.

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I called Chrysler's credit analyst I had listed on my approval and told them I found a better rate with my credit union and if they can match. He dropped it down .10% below my credit union approval. He said the 0$ down is no typo and it is up to their maximum amount of 75k they are able to finance. My credit history is just shy of 5 years and my fico scores in my sig are current. Not sure how they scored it since the score provided was 705.

[Remember0]

Congrats! That's awesome, hope you find a truck you like!