Crazy Finance Rate on Used 2500.

[Trtlvr]

So I was going to pull the trigger today on a 2017 Ram Mega Cab Certified Preowned. We get everything done then it cam down to financing. My credit is excellent and I have a great job. He came back with 6.8% which I was shocked. The finance manager told me that it being classified as a HD truck you can only finance with a commercial loan. Which is a higher rate. Anyone heard of this? Needless to say I walked as they were scrambling to seal the deal. I know rates have increased but I just bought my daughter a car about 4 months ago and it was 2.2% on a used car loan. Is this for real or just a FL thing? Thanks for everyone’s help on this.

 

[AFMoulton]

My 2500 isn’t financed with a commercial Loan. My is through Chrysler capital and it’s not even half that rate.


2018 2500 6.4 4x4 4.10 Amsoil SS 0w-40, Softopper
Black Rhino Armory 18x9 +12mm
Cooper Stt MAXX LT295/70R18

2016 Durango 5.7 AWD 3.07 Amsoil SS 5W-30
1996 Nissan Altima 2.4 Amsoil SS 5W-30

 

[JoshR104]

So I was going to pull the trigger today on a 2017 Ram Mega Cab Certified Preowned. We get everything done then it cam down to financing. My credit is excellent and I have a great job. He came back with 6.8% which I was shocked. The finance manager told me that it being classified as a HD truck you can only finance with a commercial loan. Which is a higher rate. Anyone heard of this? Needless to say I walked as they were scrambling to seal the deal. I know rates have increased but I just bought my daughter a car about 4 months ago and it was 2.2% on a used car loan. Is this for real or just a FL thing? Thanks for everyone’s help on this.

Yea he is full of crap.. I just bought a megacab 2500 and finaced it through a local credit union for way less than that interest rate. I would line up your own financing or just make sure that there is no prepay off penalty and refinance it with better rates.

 

[mboymopar]

So I was going to pull the trigger today on a 2017 Ram Mega Cab Certified Preowned. We get everything done then it cam down to financing. My credit is excellent and I have a great job. He came back with 6.8% which I was shocked. The finance manager told me that it being classified as a HD truck you can only finance with a commercial loan. Which is a higher rate. Anyone heard of this? Needless to say I walked as they were scrambling to seal the deal. I know rates have increased but I just bought my daughter a car about 4 months ago and it was 2.2% on a used car loan. Is this for real or just a FL thing? Thanks for everyone’s help on this.

Could it have something to do with the miles?

 

[Hd74ica]

You in Californication? There you have a truck you have a "commercial" vehicle according to the DMV. I left Socal because of all the Tax and regulations.

 

[Trtlvr]

Could it have something to do with the miles?

It only has 20k on it. Which I financed my 1500 Certified Preowned from a Ram dealer as above and the rate was 2.3%.

 

[Trtlvr]

No

You in Californication? There you have a truck you have a "commercial" vehicle according to the DMV. I left Socal because of all the Tax and regulations.

No Florida.

 

[McBroom]

My truck is financed with ally bank which is a non commercial loan.
I bought my truck last January at 5%. I don’t have the greatest credit either.

Don’t walk run fast away from that rate and bank.
You can even apply at allybank.com


I Love my 18 Ram 2500HD 4x4 CC
Blue Streak Pearl off-road

 

[wgreggking]

When I got mine in Aug 17, Chrysler had 0 or 1%, only on 1500's, 2500's were approx 5+%. But all the incentives were only if you financed through Chrysler. I had to wait 4 months, then you can get a different loan. I did the credit union at 1.75%. done this several times now.

 

[Trtlvr]

Thanks guys I will call the credit union I have my other cars financed with and see what I can get.

 

[Fitz-0518]

Trtlvr you are a wise man. Love to hear a member take the walk when slime sales dealers try to pull the Hollywood two step. Commercial,, sales BS. The dealers "buy rate' on that loan could be 4-5%. They make "vig" on the difference. As stated, credit unions have the best rate today. I checked our CU and your truck with 20k miles and credit score above 750, 2.9%. Well done.

 

[Jimmy07]

Trtlvr you are a wise man. Love to hear a member take the walk when slime sales dealers try to pull the Hollywood two step. Commercial,, sales BS. The dealers "buy rate' on that loan could be 4-5%. They make "vig" on the difference. As stated, credit unions have the best rate today. I checked our CU and your truck with 20k miles and credit score above 750, 2.9%. Well done.

Exactly. “It’s because you need a commercial loan” is their way of saying “we padded ~3% on top of the bank’s rate for ourselves”. This is why it’s best to go in with your own financing rates. Sometimes the dealer can beat it, sometimes they can’t, but at least you’ll have the leverage.

 

[Ratket]

... when you go back... pick out a brand new truck, let them think they are getting the financing. Not sure what the price on the truck was, but at 4% apr or less you can prolly get a brand new truck with the same options and pay less. No such thing as a commercial loan on a truck you are buying for personal use. They are just trying to rake you over.

 

[Trtlvr]

Thanks guys haven’t found a dealer in Florida I like yet. Seems like there is always some kind of crap. I consider myself very thurogh on my research and I don’t make a big purchase at the drop of a hat. I will admit the “commercial loan” through me for a loop, never heard anything like that before. The funny thing was it went from going to detail to no deal in 30 seconds. Then they started the fast talk mark all over a sheet of paper crap. When I said give me the keys back on my truck they huddled in the office. Had to ask twice for my keys. Then came the car dealer 101 question...What is your objective...

 

[22hemi13]

Thanks guys haven’t found a dealer in Florida I like yet. Seems like there is always some kind of crap. I consider myself very thurogh on my research and I don’t make a big purchase at the drop of a hat. I will admit the “commercial loan” through me for a loop, never heard anything like that before. The funny thing was it went from going to detail to no deal in 30 seconds. Then they started the fast talk mark all over a sheet of paper crap. When I said give me the keys back on my truck they huddled in the office. Had to ask twice for my keys. Then came the car dealer 101 question...What is your objective...

My response woulda been been “ well I got laid this morning. So no need for me to get screwed again today. Gimme my keys back or buy my truck.

 

[22hemi13]

Side note. I hate when dealers start telling me what I want or what I need. Noooo you have no idea what I need or want. You’re the monkey you dance for me hahaha. I dance for nobody

 

[Bock]

My last truck 2017 PW I got a rate of 1.9 for 66 months thought Capital One, I have use them before and find there rate to be good. You can go on line and get a rate then go into a dealer and if they can beat the rate you have great, if not they can use the loan you have in place.

 

[cuminslvr]

I got 3.4% for 60 months from a local credit union in August. Not terrific but looking at refinancing from other banks I could save a few bucks a month but not worth the aggravation.

 

[Sandbox]

That's crap and good job walking out. I was always taught that they need to sale that vehicle more than you need to buy it so, never be afraid to walk. We financed our '17 2500 through PENFED for 2.99%. No mention of whether or not it was a commercial vehicle.

 

[GIJoe2010]

Like others have said, they're just padding the rate to boost profit on the truck. The last few vehicles I've purchased I've already had financing set (USAA and PENFED) when I walked in the door. My last rate was 1.95% . . . they really hate it when you come prepared, especially cuz they'll upsell you on "Lifetime Nitrogen Refills" or some other nonsense not worth the time or money.