Should I trade in for a new truck now or wait?

Hello all, so I have a 2011 1500 with 97k on the dash(lots of scratches from the previous owner). Ive always wanted a new truck so i went out looking yesterday. Found some pretty good deals, specifically a big horn with an msrp of 47,475 discounted down to 34,991. But, after my 3k in negative equity on my trade in, fees and taxes, im back up to 40,700 out the door.

I just bought a house so my credit score took a little hit, therefore theyre offering me a 10% rate on an 84 month loan equaling 680 a month. Compared to the 3.8% rate I have on my current truck.

I dont want to pay more then 650 per month, So heres the 2 options ive been debating, I could ask them to work on the dealer fees to work the final price down so the payment is 650 (maybe even asking them to throw in a bed liner). And get the new truck I want now. My thought proccess behind this, is that if i plan on keeping the truck until it dies, (what do you guys think? 20-30 years?) why wait on getting the new one and pay 2 more years on something im going to trade in anyways. Plus, in 2 years, maybe even just one, i could probably go back to my credit union and refinance for a better rate anyways.

What are your guys thoughts? Trade up now to get the new vehicle I want to keep for years started paying off now, or wait 1-2 years and then trade my current truck for a new one?

If you can swing it go for it.

10% interest! Hell no. I would go see what kind of interest rate you can get from a credit union or wait until your credit goes back up.

They may be trying to get you to pay really high interest to make some money back on the discounted truck.

Not sure what your credit score or history is, but my credit union has a 7.74% (which I still find high) on an 84 month loan with a score between 640 -659. That rate drops down to 3.74% if you have a 730+.

Walk away!!! Pay this one off even though you want a new one. $650 a month for any vehicle is ludicrous.

Run away 10%, are you going to a buy here pay here lot.

10% interest rate? 84 months?
Are you nucking futs?
Dude those terms are ludicrous. If you make that deal, you better just go check yourself in.
Keep what you have and double up on your current payments. Between that and showing you can pay on the house will put you in a much better situation.
If you can't afford to do 48 months, you shouldn't buy a new truck....

Been there, don't do it. Take some time to build your credit back, and try to sell your truck outright first. You'll usually get more than trade.

I say no just wait for your credit to get better to get a better interest rate.
Good thing about rams is that there is always good sales/rebates going on throughout the year so when it gets more financially smart to buy you'll have no problem finding deals

Good luck!

As others have said, no way. 10% is way too high and the absolute maximum amount of months I'm willing to sign is 72.

If I signed an 84 month loan today I'd be paying it off when my oldest would be graduating high school and she's still in elementary. No thanks.

Be smart and wait. Get yourself squared away and buy when it makes sense, and when it is on your terms, not some loan-shark rate and paying interest on interest.

Looking at every purchase as a monthly payment is the sure way to stay in debt your whole life and make the banks rich. You're already 3K upside down in your current vehicle and asking if you should make is worse by buying a new truck????

The 10% interest rate is basically the system giving you the answer.

Laugh in their face and walk away.


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No way no how. Like most have already said...walk away this is not a good deal for you and your family.

My wife had (and I went along with) a very strict no credit card policy back when we first got married. So when we went to go buy our first car together, she was surprised (I was not) that the lowest interest rate we could get with no credit history was 13%. This was back around 2007 or so. We wanted to do it on our own, without any help from relatives, and get a credit history established, so we did it. But we paid the vehicle off in about 36 months.

My credit history is still a bit of a wreck after fighting with a student loan company a while back (in the neighborhood of 600), but the wife's is about the 700-750 range. We still had my 2013 loan "on the books" after it was totaled when we went to buy my current 2014, and we still got about about 4-5%. I consider that to be somewhat high anymore.

10% is bad anymore, unless you have no credit history at all and no one to help cosign. Either there is something else on your credit/financials that is scaring financing companies (more so than your rate alone), or the dealership was wanting to take you for a ride. They can legally add several interest points to a rate offered by the companies they help you finance through, if they want to.

Go used and don't take the depreciation hit and the high interest rate. Trucks don't hold their value anymore.

I just picked up my 14 express 4x4 RCSB with a hemi for $20k. They had a whole bunch of quad cabs for $25-30k. No shortage of slightly used Rams in the market.

Dude - did the salesman at least kiss you before fusking you, your wife, dog, cat, pet rabbit, and other living relatives?

Put that money into your house, investments; but not on a 10% note for a depreciating hunk of steel.

Well they called me back this morning and said they got a response from another bank at 8%. I told them I lost interest. So not even 5 minutes later he texts me and says we got 6% and 75 months instead of 84. So I went ahead and got it. 6% isn't terrible. But I know I can refinance in a year or 2 and get a better rate at my credit union.

I wouldnt....They can do better on a new truck that 10%...I wouldnt do it cause there are options of low single digit rates and even 0%.......Based on your #'s posted your payin out 10,500 in interest....
I went into my local dealer in late dec and got a almost loaded sport with 25,000 for my 2010 with 48,000 km,$12000 off dealer bs,$500 for preferred customer and 0% plus my wheelin and dealin..
On jan 7th past i drove out in this lil baby...

Make the dealers fight for your business and look further outside your city...Maybe some smaller towns have better rates,truck prices to..

Personally i dont think credit unions are the answer cause dealerships have their banks they deal with and use them cause of business bs..

6% isn't terrible but not great either. I got my truck at 4% for 84 months and I had bought my house a year before.


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if the truck is a want not a need, don't do it. You just bought a house. takes a few years to catch your breath again, not only for credit purposes but also so you're not eating top ramen just to make payments on a new house and new truck. Atleast it took me a few years. anyway, if you wait, you can get one of those new redesigned 2019 Rams and let us know how you like it!