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Author Topic: New Truck - Loan APR  (Read 4653 times)

Offline pickardjw

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New Truck - Loan APR
« on: June 06, 2023, 08:36:43 AM »
I have about $8k left on my truck loan with WECU. Blue Book is around $24k trade in value.

I really want to move to a crew cab regular bed with a cap so I can build a little sleeper setup. Something under the $30k mark probably. Dilemma is I have a 3.24% rate on my current loan and new rates are at least double that. Is there anyway to keep my rate if I trade in?

Offline jrebel

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Re: New Truck - Loan APR
« Reply #1 on: June 06, 2023, 08:40:44 AM »
No, generally speaking, the only way to keep your rate down is shorter term with lots of cash down.  Banks are not going to loan below going rates, it doesn't make financial sense for them.   

Offline phildobaggins

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Re: New Truck - Loan APR
« Reply #2 on: June 06, 2023, 08:43:15 AM »
I have about $8k left on my truck loan with WECU. Blue Book is around $24k trade in value.

I really want to move to a crew cab regular bed with a cap so I can build a little sleeper setup. Something under the $30k mark probably. Dilemma is I have a 3.24% rate on my current loan and new rates are at least double that. Is there anyway to keep my rate if I trade in?

Sorry bruv, I'm in a similar boat with the 4Runner I don't really want anymore. Won't get a rate anywhere near that for used. Best bet for a low rate is a brand spankin' new something and financing with the OEM program when there is a special offer. I worked at a dealership for 8 years.

Offline jrebel

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Re: New Truck - Loan APR
« Reply #3 on: June 06, 2023, 08:47:24 AM »
I would also add, Selling outright and not trading in appears to be the way to go right now.  Used vehicle prices are still very high.  I do like to the trade option to reduce the taxes....but with used prices now days, its hard to not to just sell them.  If your trade in value is 24K, I would have to assume your sell price is close to 30K. 

Offline phildobaggins

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Re: New Truck - Loan APR
« Reply #4 on: June 06, 2023, 08:51:16 AM »
and I will also add, you won't get KBB trade in from the dealer lmfao. They will find a way to say it's not in "good" condition one way or another, usually.

Offline pickardjw

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Re: New Truck - Loan APR
« Reply #5 on: June 06, 2023, 08:56:48 AM »
Yeah I leveraged a Carmax quote last time I traded in, got me an extra grand. Only have the one vehicle so I can't sell and wait for used prices to come down.

I was looking at a Trail Boss but not sure I want a $25k-$30k auto loan in my life, at any APR used or new.

Not trying to dump any cash into a new vehicle now either, gotta but a house at some point...

Offline Caseyd

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Re: New Truck - Loan APR
« Reply #6 on: June 06, 2023, 09:00:59 AM »
If the dealer is a KBB member they have to honor the Instant Cash Offer provided by the tool.

Some salespeople hate that one.

Offline pickardjw

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Re: New Truck - Loan APR
« Reply #7 on: June 06, 2023, 09:19:22 AM »
How about really short term? Not sure if banks/credit unions will do them, but say 24mo term. I can afford $500/mo. Not sure how well these online calculators work, but if I keep the principal below $12k on a 24mo term I'm looking at less than a grand in interest...

Offline KFhunter

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Re: New Truck - Loan APR
« Reply #8 on: June 06, 2023, 09:26:45 AM »
Do not buy a truck right now, here’s why

This is a 95k truck a few years ago at 3.9% rates



The amount you pay the bank is roughly $10k for the loan

Offline KFhunter

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Re: New Truck - Loan APR
« Reply #9 on: June 06, 2023, 09:27:43 AM »
At today’s rates with good credit, look at your payments now, and how much the bank gets

Offline KFhunter

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Re: New Truck - Loan APR
« Reply #10 on: June 06, 2023, 09:28:57 AM »
Now check out how big your down payment has to be to get that back down to $10k the bank gets, and your total cost of the truck after financing

Offline luvmystang67

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Re: New Truck - Loan APR
« Reply #11 on: June 06, 2023, 09:41:38 AM »
If it helps you think about it differently at all... the REAL amount you're paying the bank is the rate, minus inflation.

When you acquired your last truck loan, inflation was pretty steady at 2% per year, so a 4% loan means the bank actually "gets" 2% money. 

Inflation now is... what? Call it 6%.  So an 8% loan still gets them the same net 2%.

Don't believe in inflation?  I'll borrow money from you at 4% right now, and you'll lose in 5 years if we don't get inflation under control.

Point is, banks deal with what they have, you cannot expect to get a loan for less than inflation.  Inflation is real, and the actual cost to you is the net of inflation an interest rate.

If you can afford the monthly payment, then live your life.  However, I do expect prices on EVERYTHING people finance to drop if rates stay high for the very reason spelled out in this thread.  People hate paying interest, and it'll drive down the demand and price for the underlying asset (housing, cars, etc).


Offline luvmystang67

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Re: New Truck - Loan APR
« Reply #12 on: June 06, 2023, 09:45:01 AM »
Also, another fun way to think about debt is how much you're winning by right now.

Interest on borrowed money at 3.5% when inflation is at 6%... you're paying them back with deflated dollars.  They're paying off your truck for you because your loan turned out to be a pretty bad bet for them.  It may not feel like it, but you're paying back less than you borrowed in terms of real value.  Now your truck is also depreciating, but that is a separate issue.

Offline pickardjw

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Re: New Truck - Loan APR
« Reply #13 on: June 06, 2023, 09:54:27 AM »
Also, another fun way to think about debt is how much you're winning by right now.

Interest on borrowed money at 3.5% when inflation is at 6%... you're paying them back with deflated dollars.  They're paying off your truck for you because your loan turned out to be a pretty bad bet for them.  It may not feel like it, but you're paying back less than you borrowed in terms of real value.  Now your truck is also depreciating, but that is a separate issue.

That is a fun way to think about it! I'm just gonna hate pitching a tent next to my truck all scouting and hunting season. I've already skipped a couple overnights because I didn't want to deal with it.

Offline phildobaggins

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Re: New Truck - Loan APR
« Reply #14 on: June 06, 2023, 09:56:38 AM »
If the dealer is a KBB member they have to honor the Instant Cash Offer provided by the tool.

Some salespeople hate that one.

They have a way out though, "the vehicle is not in as good of shape as you described it as in your submission"

Online baker5150

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Re: New Truck - Loan APR
« Reply #15 on: June 06, 2023, 10:05:03 AM »
Also, another fun way to think about debt is how much you're winning by right now.

Interest on borrowed money at 3.5% when inflation is at 6%... you're paying them back with deflated dollars.  They're paying off your truck for you because your loan turned out to be a pretty bad bet for them.  It may not feel like it, but you're paying back less than you borrowed in terms of real value.  Now your truck is also depreciating, but that is a separate issue.

That is a fun way to think about it! I'm just gonna hate pitching a tent next to my truck all scouting and hunting season. I've already skipped a couple overnights because I didn't want to deal with it.

What truck are you in now?

In terms of saving cash, why not work with what you have? 
Maybe a cheap topper for now? 


Offline jrebel

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Re: New Truck - Loan APR
« Reply #16 on: June 06, 2023, 10:09:25 AM »
If pitching a tent saved me from going into more debt.....I would pitch a tent all day long.  Heck...buy one of those cots with tent built in and save some money.  Especially when you say you want to buy a house one of these days. 


https://www.amazon.com/tent-cot/s?k=tent+cot

Pick one....if it breaks in a year buy another.  You will be money ahead.   :tup:

Offline rainshadow1

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Re: New Truck - Loan APR
« Reply #17 on: June 06, 2023, 10:24:02 AM »
I have about $8k left on my truck loan with WECU. Blue Book is around $24k trade in value.

I really want to move to a crew cab regular bed with a cap so I can build a little sleeper setup. Something under the $30k mark probably. Dilemma is I have a 3.24% rate on my current loan and new rates are at least double that. Is there anyway to keep my rate if I trade in?


Just the way my brain works....

So, you're saying you WOULDN'T be satisfied with a $16k vehicle and NO payment?

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Online CP

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Re: New Truck - Loan APR
« Reply #18 on: June 06, 2023, 10:30:33 AM »
If pitching a tent saved me from going into more debt.....I would pitch a tent all day long.  Heck...buy one of those cots with tent built in and save some money.  Especially when you say you want to buy a house one of these days. 


https://www.amazon.com/tent-cot/s?k=tent+cot

Pick one....if it breaks in a year buy another.  You will be money ahead.   :tup:

 :yeah:  That's what I would do.  I've slept in the back of a Subaru on the last few trips. 

Even if you keep your truck and check into the nearest 5-star hotel every trip.  You’ll come out ahead.

Offline Stein

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Re: New Truck - Loan APR
« Reply #19 on: June 06, 2023, 10:41:30 AM »
 :yeah:

Prices are high, supply is low and rates are high.  Add that all together and it spells K-E-L-T-Y.

Just think, the tax alone on a $60k truck it about $5,500.  For that you can buy a teepee, cots, new down bag, stove, crab legs and rib steaks, diesel heater, new rifle, Montana tag for two years and have plenty for gas and misc expenses.  Or, you can send it all to Jay.  And then more to the bank.  And then more to the insurance company.

You could get a nice tent, one of those ripoff overlander truck tents, even one of those expensive tent/trailer things and a quad to go on top.

Offline luvmystang67

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Re: New Truck - Loan APR
« Reply #20 on: June 06, 2023, 11:00:55 AM »
I love my coleman instant tent for a super quick, homey, place to sleep.  I can pitch it in like 2 min and break it down almost as fast.  Is it great in a super storm... no, but most nights its perfect with a cot.

I know we're derailing your thread a little.

Offline pickardjw

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Re: New Truck - Loan APR
« Reply #21 on: June 06, 2023, 11:59:20 AM »
Also, another fun way to think about debt is how much you're winning by right now.

Interest on borrowed money at 3.5% when inflation is at 6%... you're paying them back with deflated dollars.  They're paying off your truck for you because your loan turned out to be a pretty bad bet for them.  It may not feel like it, but you're paying back less than you borrowed in terms of real value.  Now your truck is also depreciating, but that is a separate issue.

That is a fun way to think about it! I'm just gonna hate pitching a tent next to my truck all scouting and hunting season. I've already skipped a couple overnights because I didn't want to deal with it.

What truck are you in now?

In terms of saving cash, why not work with what you have? 
Maybe a cheap topper for now?

Ram 1500 crew cab with the “extra short” (5’-7”) bed. Got a trifold on it now. I’ve pitched a tarp over the bed before and even slept under the trifold diagonally, but the cot doesn’t fit back there with the tailgate up.

It’s definitely a want, not a need. I want to be incognito, mobile, and have my stuff reasonably secure. Hate leaving thousands in camping gear at a dispersed site while I go off during the day. Also don’t want to put up and take down every evening/morning.

Online Karl Blanchard

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Re: New Truck - Loan APR
« Reply #22 on: June 06, 2023, 12:30:26 PM »
If I had a ram 1500 I'd be looking for a new truck too  :chuckle:




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Online Karl Blanchard

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Re: New Truck - Loan APR
« Reply #23 on: June 06, 2023, 12:33:31 PM »
Also, another fun way to think about debt is how much you're winning by right now.

Interest on borrowed money at 3.5% when inflation is at 6%... you're paying them back with deflated dollars.  They're paying off your truck for you because your loan turned out to be a pretty bad bet for them.  It may not feel like it, but you're paying back less than you borrowed in terms of real value.  Now your truck is also depreciating, but that is a separate issue.

That is a fun way to think about it! I'm just gonna hate pitching a tent next to my truck all scouting and hunting season. I've already skipped a couple overnights because I didn't want to deal with it.
most of the time on overnighters I just drop the tailgate and slide under the truck as I am also too lazy to setup a tent. It's more so the rolling up of the tent as the setting up. Man I hate packing up camp🤮
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Offline luvmystang67

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Re: New Truck - Loan APR
« Reply #24 on: June 06, 2023, 12:39:24 PM »
If I had a ram 1500 I'd be looking for a new truck too  :chuckle:




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Re: New Truck - Loan APR
« Reply #25 on: June 06, 2023, 01:36:11 PM »
I just drove by Fugate Ford in Enumclaw and the sign out front says 0 % interest
beer---it's whats for dinner

Offline KFhunter

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Re: New Truck - Loan APR
« Reply #26 on: June 06, 2023, 01:44:08 PM »
I just drove by Fugate Ford in Enumclaw and the sign out front says 0 % interest

Most dealerships use floor credit, that floor credit will be higher now than a few years ago, so the apr has got to be “baked into the cake” ie: high purchase price

Floor credit = floating credit from banks for dealerships to purchase and then sell vehicles, the bank gets interest

Most dealerships have very little cash to operate on

What’s going on now is banks are pulling floor credit away, forcing new vehicles into auction

Also they’re doing inventory on lot vehicles, they’re appraising them since vehicle prices are dropping since the dealerships bought them, the banks want a check in 24 hours if the appraisal amount is lower than inventory cists


I got people in the repel industry and I verified that yes, they’re emptying entire dealership lots, and sending to auction brand new vehicles. 


Gotaa wait, prices will come down, way down imo

Offline phildobaggins

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Re: New Truck - Loan APR
« Reply #27 on: June 06, 2023, 01:55:40 PM »

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Re: New Truck - Loan APR
« Reply #28 on: June 06, 2023, 02:02:39 PM »
If I had a ram 1500 I'd be looking for a new truck too  :chuckle:




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Offline follow maggie

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Re: New Truck - Loan APR
« Reply #29 on: June 06, 2023, 02:03:49 PM »
If pitching a tent saved me from going into more debt.....I would pitch a tent all day long.  Heck...buy one of those cots with tent built in and save some money.  Especially when you say you want to buy a house one of these days. 


https://www.amazon.com/tent-cot/s?k=tent+cot

Pick one....if it breaks in a year buy another.  You will be money ahead.   :tup:

A friend of mine has something similar to that & it’s pretty awesome. He’s endured some relatively rough weather nights in it.

Offline pickardjw

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Re: New Truck - Loan APR
« Reply #30 on: June 06, 2023, 02:11:28 PM »
I have about $8k left on my truck loan with WECU. Blue Book is around $24k trade in value.

I really want to move to a crew cab regular bed with a cap so I can build a little sleeper setup. Something under the $30k mark probably. Dilemma is I have a 3.24% rate on my current loan and new rates are at least double that. Is there anyway to keep my rate if I trade in?


Just the way my brain works....

So, you're saying you WOULDN'T be satisfied with a $16k vehicle and NO payment?

(I hate debt! Wife has gained 200 credit rating points since meeting me, and she isn't really all the way on board yet!)

My credit is in the excellent range. I've always been told I need two active lines of credit, so I have a credit card that I consistently pay off and an auto loan.

I would much rather have an auto loan and a reliable car than no debt and a car I constantly have to fix.

Offline pickardjw

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Re: New Truck - Loan APR
« Reply #31 on: June 06, 2023, 02:30:22 PM »
:yeah:

Prices are high, supply is low and rates are high.  Add that all together and it spells K-E-L-T-Y.

Just think, the tax alone on a $60k truck it about $5,500.  For that you can buy a teepee, cots, new down bag, stove, crab legs and rib steaks, diesel heater, new rifle, Montana tag for two years and have plenty for gas and misc expenses.  Or, you can send it all to Jay.  And then more to the bank.  And then more to the insurance company.

You could get a nice tent, one of those ripoff overlander truck tents, even one of those expensive tent/trailer things and a quad to go on top.

Yeah I'm not really considering a $60,000 truck. Only mentioned the Trail Boss because phildo mentioned the APR on new is supposedly much lower on new than used.

I have 3 trucks saved that already have canopies. $26k-$28k range, all under 100k miles and no accidents. Currently paying $300/mo on my loan. At that rate it'll be paid off in 28mo with $317 interest accrued from now until then. If I get $24k for the trade in and pay off the new loan in that same time frame, say worst case my principal goes up the $12k, in the same time period the monthly is higher and the interest is an extra $700...but I have a truck that's more useful to me...and hopefully, one that doesn't have the freakin hemi tick, that is driving me crazy.

I think that math makes sense. Got a lot of people talking me out of it and only Karl seems to be talking me into it! :chuckle:

Offline buckfvr

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Re: New Truck - Loan APR
« Reply #32 on: June 06, 2023, 02:34:16 PM »
You'll get more money if you sell it yourself on Craigslist etc. vs. trade in.

Offline pickardjw

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Re: New Truck - Loan APR
« Reply #33 on: June 06, 2023, 02:36:06 PM »
You'll get more money if you sell it yourself on Craigslist etc. vs. trade in.

Won't tax be much greater on the new purchase since there's no trade-in differential?

Offline jrebel

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Re: New Truck - Loan APR
« Reply #34 on: June 06, 2023, 02:40:31 PM »
You'll get more money if you sell it yourself on Craigslist etc. vs. trade in.

Won't tax be much greater on the new purchase since there's no trade-in differential?

If you get 25% more for your truck....no, you will be money ahead.  if you sell it for the trade in value....yes, you will have made a poor decision.  Sales Tax is 6.5% so you just have to beet the trade in value by 6.5%...which should be easy. 

Offline Stein

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Re: New Truck - Loan APR
« Reply #35 on: June 06, 2023, 03:09:12 PM »
:yeah:

Prices are high, supply is low and rates are high.  Add that all together and it spells K-E-L-T-Y.

Just think, the tax alone on a $60k truck it about $5,500.  For that you can buy a teepee, cots, new down bag, stove, crab legs and rib steaks, diesel heater, new rifle, Montana tag for two years and have plenty for gas and misc expenses.  Or, you can send it all to Jay.  And then more to the bank.  And then more to the insurance company.

You could get a nice tent, one of those ripoff overlander truck tents, even one of those expensive tent/trailer things and a quad to go on top.

Yeah I'm not really considering a $60,000 truck. Only mentioned the Trail Boss because phildo mentioned the APR on new is supposedly much lower on new than used.

I have 3 trucks saved that already have canopies. $26k-$28k range, all under 100k miles and no accidents. Currently paying $300/mo on my loan. At that rate it'll be paid off in 28mo with $317 interest accrued from now until then. If I get $24k for the trade in and pay off the new loan in that same time frame, say worst case my principal goes up the $12k, in the same time period the monthly is higher and the interest is an extra $700...but I have a truck that's more useful to me...and hopefully, one that doesn't have the freakin hemi tick, that is driving me crazy.

I think that math makes sense. Got a lot of people talking me out of it and only Karl seems to be talking me into it! :chuckle:

If you're talking selling a truck for $25k and buying one for $26k that's a lot different than trading one in for $24 and walking out with a $70k truck.

I would do that.  If I owed $12, I might even look for a $15k truck.   :chuckle:

Online Karl Blanchard

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Re: New Truck - Loan APR
« Reply #36 on: June 06, 2023, 04:30:42 PM »
:yeah:

Prices are high, supply is low and rates are high.  Add that all together and it spells K-E-L-T-Y.

Just think, the tax alone on a $60k truck it about $5,500.  For that you can buy a teepee, cots, new down bag, stove, crab legs and rib steaks, diesel heater, new rifle, Montana tag for two years and have plenty for gas and misc expenses.  Or, you can send it all to Jay.  And then more to the bank.  And then more to the insurance company.

You could get a nice tent, one of those ripoff overlander truck tents, even one of those expensive tent/trailer things and a quad to go on top.

Yeah I'm not really considering a $60,000 truck. Only mentioned the Trail Boss because phildo mentioned the APR on new is supposedly much lower on new than used.

I have 3 trucks saved that already have canopies. $26k-$28k range, all under 100k miles and no accidents. Currently paying $300/mo on my loan. At that rate it'll be paid off in 28mo with $317 interest accrued from now until then. If I get $24k for the trade in and pay off the new loan in that same time frame, say worst case my principal goes up the $12k, in the same time period the monthly is higher and the interest is an extra $700...but I have a truck that's more useful to me...and hopefully, one that doesn't have the freakin hemi tick, that is driving me crazy.

I think that math makes sense. Got a lot of people talking me out of it and only Karl seems to be talking me into it! :chuckle:
I'm here for ya buddy  :chuckle:
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Re: New Truck - Loan APR
« Reply #37 on: June 06, 2023, 04:44:07 PM »
You'll get more money if you sell it yourself on Craigslist etc. vs. trade in.

Won't tax be much greater on the new purchase since there's no trade-in differential?

If you get 25% more for your truck....no, you will be money ahead.  if you sell it for the trade in value....yes, you will have made a poor decision.  Sales Tax is 6.5% so you just have to beet the trade in value by 6.5%...which should be easy.

Yeah I think the logistics between selling the one car I have and hoping one of the ones I want is still available when it does sell makes private sale tough. One truck is in Portland and another is in Utah...just makes me nervous. Also, I'm a terrible negotiator  :dunno:

 


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