Financing for a new Laramie

[nilsobrien]

I have an 03 black laramie and am looking to get into a new one next month. What is the best way to get financing? Should I use my credit union or should I go directly with what they offer me at the dealership for the loan? I haven't used my credit union before but my parents say its a good way to buy a car but I think the dealership would give me a better deal...

Any thoughts? What do you recommend?

best
NO

 

[bendirkss]

Dealers can usually get lower interest rates

 

[myoung84]

I always get pre approved through a credit union but also try and let the dealer beat that rate.

Sent from my Samsung Galaxy Note 3.

 

[Ram-Rod]

I work for a dealer. We work with a TON of banks, including the local credit unions. 99.9% of the time you will get as good, or better rates, at the dealer than if you go to your local credit union. Assuming your dealer works with the credit unions and banks they will find you the best possible rates. Sometimes the credit unions aren't the best.

 

[NYCruiser]

Get a commitment from your bank and take it with you. Only have to take it out if the rate you get quoted is higher. Can't hurt. Saved me some interest. Dealers make money arranging your loan, so there is room there too.

 

[mowin]

Definitely go to your credit union and get pre approval. Than see what the stealer can do. I did this last month, and the dealer couldnt beat my banks 1.99%. I also belive I got a better deal overall because I told my dealer I allready had my financing, and they didnt want me walking out of there without doing there best to keep me there.

 

[NewBlackDak]

My CU had a .99% deal going on, and the dealer couldn't beat it. It really depends on where you are in the buying cycle, and who's fiscal year is coming to an end.

 

[Ocelot]

Absolutely get a pre-approval from the credit union first with the best rate you can find. Then if the dealer can match the rate, fine. Lots of dealer finance departments get commissions on loans so the better the loan for you, the less they get.

When I financed my used 2011 in 2012, I had a pre-approval for 2.1% from Pentagon Federal credit union in Washington (I'm a Veteran) I didn't tell the dealer until I had a price deal and it was time to talk financing. It took some doing, but they came close enough - 2.2% - I took the dealer finance because I would have had to wait a week to get the check from the credit union

Ray

 

[jsl6v8]

I'd work with your credit union then see what the dealer can do, also sometimes Ram has a 2k incentive or something for financing through them, my dad did that with his ford then turned around the next day and refinanced at a lower rate with his CU and they gave him $250 for the pleasure. The dealer couldn't touch my 1.45% though, yay credit union!

 

[argray90]

Statefarm smoked the interest rate that the dealer offered so might not hurt to check them out.

 

[jagr200]

Credit Union for sure. Or like someone said finance through the dealer and get the incentives. Make them give you everything like step boards and bedliner for you to finance with them. Then turn around and finance with your CU after you buy the truck. I've done it and saved tons of money.

 

[nilsobrien]

Thanks everyone. I'm going to talk to the credit union... I'm hoping its easy.

Did any of you buy the extra add on stuff, like extended warranties?

 

[ramenthusiast]

I used to think a credit union was the best deal, but Chase made me a better offer, so I transferred the loan to them and knocked 1.5% off the interest rate I had with my CU. The dealer is only better (usually) if you have sterling credit score and good down payment. The best deal my dealer offered me was through Ally and they were definitely not the best. I did buy the lifetime warranty and added it to my finance deal.

 

[arod412]

Start with the credit union....but I would definitely try all angles on this one.....you are the real winner in the end.

Angel

"worrying about MPG in a truck is like looking at a Prius tow rating"

 

[jsl6v8]

Extended warranties are another area where dealers will try to gouge you on, there was a thread on here about it, someone ended up bringing in a quote from an online dealer for factory warranty and his dealer honored it, cut the price down more than 50% from what they had quoted him originally, but they start high. At the same time I look at it like this, its like insurance, they aren't selling them if they aren't making money on them, do some people make out on the deal, yeah sure, but most people just threw a handful of 100s in a trashcan for a little piece of mind.

 

[aIIan]

Can't hurt to check with your local credit union.

My bank (BoA) has always beat what the dealership could offer.

 

[zogg]

When I bought my new ram last week I got a deal by financing at the dealer through Ally bank. Rate was one point higher, but I got a $3000 rebate...saved over $2000 overall, and I'll eventually refinance at a lower rate in a few months....I think I am obligated to say with ally for six months

 

[ramenthusiast]

I think I am obligated to say with ally for six months

I wasn't. I refinanced after 2 months and said goodbye to Ally.

 

[Z77Z77Z]

Bought mine last week, got pre- approved from my credit union through work. It's a private credit. Union so their rates are always hard to beat, had the dealer look into it anyways, went with the credit union.

Like everyone above said shop for the best deal, and refinance if needed.

One other thing to consider is my CU doesn't do credit reporting so if you're looking to build credit for future purchases keep that in mind.