I'm out!

[Docwagon1776]

Are you a veteran or first responder? Credit unions with those membership criteria are generally among the lowest interest rates for loans. My local credit union:

*New Autos	as low as	3.40%​
*Used Autos	as low as	3.65%​

That's up to 71 months. They'll do an 83 month load for a bit more.

Navy Federal is usually competitive.

Or, start putting that truck payment back in your own account and pay cash down the road. I put money back for 5 years and wrote a check for my current Power Wagon, didn't finance any of it. And now I'm putting money back for whatever the next vehicle will be (probably a Bronco for my wife in a couple years). Get ahead of the cycle and you never have to make a payment. We only finance if there's some incentive tied to it that makes it cheaper than paying cash up front.

 

[coobie]

I considered that, but you also have to remember - houses cost WAY less in that day.

If I can buy a truck super right, then I can always refinance later.

To put everything into perspective wages were a lot lower back then verses today also..

 

[Docwagon1776]

To put everything into perspective wages were a lot lower back then verses today also..

True, but not in the same ratio. Average housing vs average wages has a significantly higher gap today. Part of that is because houses are larger and more 'feature rich' today as well. Every room is larger than it used to be, from closets to kitchens, more and larger windows, HVAC systems are much more expensive, etc. Each home has more bathrooms, kitchens have more gizmos, etc. But part of it is just population re-urbanizing and setting some markets on fire and prices increasing even beyond inflation.

 

[Kap1]

Thanks for the compliment! I like to think I can pick a winner. But, I get where you are coming from, and it's a valid point.

If I was single with no kids, I'd definitely say we're all in. But the decisions I make has ramifications for the entire family, so I have to think a little harder. Can I afford it? Sure! SHOULD I? Ehhhhh, that's where we have a gray area! At this point, my kids are sacrificing things, and so is my wife. That's not very fair to them when I don't have to have this.

One place I consider myself lucky.....I can always pull the F150 into the garage and make modifications to make it suit me!

You know what's the right decision here

 

[06 Dodge]

Actually, I tried it both ways. In this case, the dealer was cheaper. I have a VERY long relationship with Capital One, and decided I would try them for auto financing. They quoted me 9.1%.

And that's the thanks I get for never missing a payment in our 18 year history.

Wowzers I have my current truck with Cap1 so I'm shocked to read this, when I got it back in March they beat my credit union by 0.45%, that put my interest rate down to 2.49%, I was shocked the dealer was able to get me that rate, it saved me a few $$ so I could care less if they also made a $ on the loan...

 

[GTyankee]

I intended to pay cash for my next truck
I did pay cash for my current truck

But, life got in the way & i will have to start working again.
It is not physical work, i just drive my Ram & either follow or lead a semi truck to the truck loads destination.
average 200 dollar day minus cost of fuel, ( which is way to high, right now )

 

[Zorin]

I intended to pay cash for my next truck
I did pay cash for my current truck

But, life got in the way & i will have to start working again.
It is not physical work, i just drive my Ram & either follow or lead a semi truck to the truck loads destination.
average 200 dollar day minus cost of fuel, ( which is way to high, right now )

I would like being a pilot car. I love to drive.

But don't feel bad. I work two jobs - one as a sales rep for a CNC machine distributor, and the other at my repair shop......and I still can't pay cash for a truck.

 

[DerickE]

I have over an 800 score, and the BEST I could get was 7.02%

Holy crap, I woulda walked too. In fact, I was in the exact opposite scenario. I was thinking of walking but when they came back with financing, that was the sign that made me pull the trigger. I walked out spending 5.5% on my new-to-me 2500.

 

[jejb]

Are you a veteran or first responder? Credit unions with those membership criteria are generally among the lowest interest rates for loans. My local credit union:

*New Autos	as low as	3.40%​
*Used Autos	as low as	3.65%​

That's up to 71 months. They'll do an 83 month load for a bit more.

Those are some good rates! The CU we use is at 5.59% currently.

 

[znrh]

I agree the interest rates are nuts! I too have excellent credit and when I went to buy my new 2022 Night edition They charged me a 7.99 interest rate too so I paid it off before my first payment was due in January. No way I'm paying over 800 a month in payments. This is a savings of almost 9000 in interest charges. There goes the dealer's kickback. Too bad. I did get a great deal on the 1500 though and wasn't charged for the dealer add-ons window tint, spray-in Bedliner, or the paint protection.