I'm out!

Disclaimer: Links on this page pointing to Amazon, eBay and other sites may include affiliate code. If you click them and make a purchase, we may earn a small commission.

OP
OP
Zorin

Zorin

Member
Joined
Jun 11, 2022
Posts
64
Reaction score
204
Location
Southern Kansas
Try a Credit Union, if you are a member. If not, join one if you can. Good luck and I don’t blame you for backing off.
I do have a credit union membership. However, they will not work with a dealer that isn't semi-local. Both trucks were out of their reach of where they like to do business.

For the record, they would go at 5.5% if I bought at a dealer that they did business with, but let's be realistic. When you work that hard to maintain perfect credit, money shouldn't cost that much. There's not a hell of a lot risk in this proposition, as I have stellar credit, AND they have a security interest.

No big thing. You guys know me well well enough by now to know that I'm pretty handy with a wrench, so driving my truck a while longer doesn't scare me in the slightest. I posted this up mostly in case someone else was wondering "Hey, what could I get with perfect credit......answer is....be prepared to pay!
 

Justin33

Senior Member
Joined
May 16, 2015
Posts
483
Reaction score
111
Ram Year
2015
Engine
Hemi 5.7
I looked at a Chevy and they lowballed me on trade, and at a Ford, but no LED lighting, They were talking 3.49% interest at Chevy. RAM dealer here, friggin no well optioned RAM under 56K unless U went V6. No V6 for me and no E Torque either. Guess I be in my 2019 (is paid off tho, LOL). I will not buy a vehicle w/o LED lighting, I will never go back to Halogen or even the silly sorry Quad 4 RAM setup.
That remind me of my next mod I need to get morimoto heads to match my Hikari fog lights.
 

Ratman6161

Senior Member
Joined
May 16, 2022
Posts
243
Reaction score
256
Location
Buffalo, MN
Ram Year
2022
Engine
6.4 Hemi
I do have a credit union membership. However, they will not work with a dealer that isn't semi-local. Both trucks were out of their reach of where they like to do business.

For the record, they would go at 5.5% if I bought at a dealer that they did business with, but let's be realistic. When you work that hard to maintain perfect credit, money shouldn't cost that much. There's not a hell of a lot risk in this proposition, as I have stellar credit, AND they have a security interest.

No big thing. You guys know me well well enough by now to know that I'm pretty handy with a wrench, so driving my truck a while longer doesn't scare me in the slightest. I posted this up mostly in case someone else was wondering "Hey, what could I get with perfect credit......answer is....be prepared to pay!
Will they do a re-finance? When I bought back in May. rates were MUCH lower but Ram still wanted 4.88% where I could get 2.79% from USAA. So, I took Ram's 4.88 to get the $500 off for using their financing then refinanced with USAA before even making the first payment. But I'm like you with the 800+ so in your shoes, even 5.5% is too high. Even at 5.5% if I had a truck that was meeting my needs I'd just wait. I think this time next year things will be better.
 

Kenobi

Senior Member
Military
Joined
Nov 10, 2021
Posts
119
Reaction score
172
Location
Colorado Spirngs, CO
Ram Year
2021
Engine
3L Diesel
OK, folks.....I tried.

I zeroed in on two trucks. Both were 2019 Ram 1500 Laramies, both with 5.7 Hemi and 4x4, both with panoramic roof and 12" Uconnect. One was Delmonico over silver two tone, the other was solid Delmonico with the 4x4 Off Road Group, and both were in the low 20's on the mileage.

I had hammered out excellent deals on both trucks, but the interest rate took me out of the game. I have over an 800 score, and the BEST I could get was 7.02%.

Sorry, but with that credit score, I'm simply not doing it. My F150 still runs very well, so we'll keep trucking till the rates come back down. Regardless, I DO plan to buy one at some point, so I'll hang around if you don't mind.

Tim
Wow. I bought my BigHorn in Nov 2021 and literally got 0% interest from Chrysler Capital. 800-ish score as well. Sorry you couldn't work a good deal.
 

caltx01

Member
Supporting Member
Joined
Feb 10, 2019
Posts
65
Reaction score
62
Location
Tyler, Texas
Ram Year
2014
Engine
Pentastar
I have an 835 credit rating and the dealers here in the small towns of north east Texas are offering around 7.2 to 7.5%, closer to Dallas the rates are approaching 8%. But our beloved "leaders" tell us that inflation is transitory so I am sure that it will be better next month! :flame:
 

IvanCohen46

Junior Member
Joined
Oct 13, 2022
Posts
1
Reaction score
1
Location
Strathroy ON, Canada
Ram Year
2014
Engine
5.7L Hemi
OK, folks.....I tried.

I zeroed in on two trucks. Both were 2019 Ram 1500 Laramies, both with 5.7 Hemi and 4x4, both with panoramic roof and 12" Uconnect. One was Delmonico over silver two tone, the other was solid Delmonico with the 4x4 Off Road Group, and both were in the low 20's on the mileage.

I had hammered out excellent deals on both trucks, but the interest rate took me out of the game. I have over an 800 score, and the BEST I could get was 7.02%.

Sorry, but with that credit score, I'm simply not doing it. My F150 still runs very well, so we'll keep trucking till the rates come back down. Regardless, I DO plan to buy one at some point, so I'll hang around if you don't mind.

TimView attachment 509206View attachment 509207
Credit is a profitable business. The only way to get a lower rate is to have a good relationship with your bank and get it o9n a line of credit. Ours is 1% over bank prime. We can do whatever we want with the money on our line of credit, and pay it down anytime with no penalty. Dealers sometime offer lower interest rates because they add the loss into your price, and they sell the finance to a bank or other lender.

Just be aware it’s a floating interest rate and goes up and down with prime rate changes.
 

06 Dodge

Senior Member
Joined
Jan 4, 2022
Posts
1,900
Reaction score
1,781
Location
Forest Grove, Oregon
Ram Year
2022
Engine
6.7L CTD
I do have a credit union membership. However, they will not work with a dealer that isn't semi-local. Both trucks were out of their reach of where they like to do business.

For the record, they would go at 5.5% if I bought at a dealer that they did business with, but let's be realistic. When you work that hard to maintain perfect credit, money shouldn't cost that much. There's not a hell of a lot risk in this proposition, as I have stellar credit, AND they have a security interest.

No big thing. You guys know me well well enough by now to know that I'm pretty handy with a wrench, so driving my truck a while longer doesn't scare me in the slightest. I posted this up mostly in case someone else was wondering "Hey, what could I get with perfect credit......answer is....be prepared to pay!

When I buy out of state my CU has me write them a personal check for the amount of vehicle & my auto loan then covers the check when it comes in ( its nice no interest on loan until check clears) dealer has address of where to send all signed paperwork...
 

tron67j

Senior Member
Joined
Oct 14, 2019
Posts
2,796
Reaction score
2,829
Location
Maryland
Ram Year
2018
Engine
6.4 Hemi
OK, folks.....I tried.

I zeroed in on two trucks. Both were 2019 Ram 1500 Laramies, both with 5.7 Hemi and 4x4, both with panoramic roof and 12" Uconnect. One was Delmonico over silver two tone, the other was solid Delmonico with the 4x4 Off Road Group, and both were in the low 20's on the mileage.

I had hammered out excellent deals on both trucks, but the interest rate took me out of the game. I have over an 800 score, and the BEST I could get was 7.02%.

Sorry, but with that credit score, I'm simply not doing it. My F150 still runs very well, so we'll keep trucking till the rates come back down. Regardless, I DO plan to buy one at some point, so I'll hang around if you don't mind.

TimView attachment 509206View attachment 509207
Well, it does suck about the Ram, but look at it this way: if you were told that between the time you left your house in the morning and when you returned in the evening that you would lose $12k, you would probably stay home under the covers. That is a guestimate on difference in depreciation for three years on a newer Ram versus your older Ford, tax on difference from trade in, fees, etc. Keeping a vehicle longer spreads the depreciation out so the cost per year is very high in the beginning. And not buying means no taxes paid, none of your money lining the dealer's pockets; you can instead invest it and make money. While CDs are only hovering around 4% or so, a $60k CD will earn about $2k a year over 5 years.
 

Maryland_Man

Member
Military
Joined
May 22, 2022
Posts
75
Reaction score
68
Location
Maryland
Ram Year
2021
Engine
5.7L V8 HEMI MDS VVT
Mine depreciated from 68k to 50k. Its a 2021 Limited. I noticed 2022 Limited MSRP listed at 75k. Ford keeps increasing price on Lightning. We are getting boxed in.
 
OP
OP
Zorin

Zorin

Member
Joined
Jun 11, 2022
Posts
64
Reaction score
204
Location
Southern Kansas
Well, it does suck about the Ram, but look at it this way: if you were told that between the time you left your house in the morning and when you returned in the evening that you would lose $12k, you would probably stay home under the covers. That is a guestimate on difference in depreciation for three years on a newer Ram versus your older Ford, tax on difference from trade in, fees, etc. Keeping a vehicle longer spreads the depreciation out so the cost per year is very high in the beginning. And not buying means no taxes paid, none of your money lining the dealer's pockets; you can instead invest it and make money. While CDs are only hovering around 4% or so, a $60k CD will earn about $2k a year over 5 years.
I like where your head is at.

Actually, had I taken Capital One's financing, it would be right at $12,000 ($11,804, to be precise) in just interest charges. That's before dealing with depreciation, taxes, fees, anything! That's a lot of coin to just use someone else's money.

Do you know what I can do to my current truck for $12,000?
 

gofishn

Senior Member
Joined
Sep 12, 2014
Posts
5,082
Reaction score
10,130
Location
Iowa
Ram Year
2022 Ram 1500 5th Gen, Big Horn, 4X4, Crew Cab, 6'4" Box
Engine
hemi 5.7L, 345 cu in
I do have a credit union membership. However, they will not work with a dealer that isn't semi-local. Both trucks were out of their reach of where they like to do business.

For the record, they would go at 5.5% if I bought at a dealer that they did business with, but let's be realistic. When you work that hard to maintain perfect credit, money shouldn't cost that much. There's not a hell of a lot risk in this proposition, as I have stellar credit, AND they have a security interest.

No big thing. You guys know me well well enough by now to know that I'm pretty handy with a wrench, so driving my truck a while longer doesn't scare me in the slightest. I posted this up mostly in case someone else was wondering "Hey, what could I get with perfect credit......answer is....be prepared to pay!
something aint right here.
what the heck does that have to with anything?

The credit union is loaning money to you.
period.

who you buy from, what you buy, has nothing to do, with jack crap.
At WORST, it;s a matter of what asset you purchase and how much the loan value is, of that asset.

AT WORST.

At best, its what kind of risk, are you?
How much credit, high credit, payment ranges, do you play with, and how much will they loan, based on that assesstment and the amount of ink, left in your pen.
No Asset actually needed.

just re-read your first post.
7.02% ?

I just got a credit card interest rate update, due to new Fed rate and it is still going to be below 7.02% so something is way way off here.

navy Federal and USAA are both right at or hair below 5% for late model loans
1st class CU, old Postal credit union, is at 5% for 84 months
84 months!
 
Last edited:

jejb

Military
Joined
Apr 7, 2020
Posts
1,569
Reaction score
1,438
Location
NW Arkansas
Ram Year
2022
Engine
6.7 Cummins
While CDs are only hovering around 4% or so, a $60k CD will earn about $2k a year over 5 years.
True, but at the current inflation rates, you are still losing money. Better than investing in a risky market though.
 

Docwagon1776

Senior Member
Military
Joined
Mar 16, 2012
Posts
2,177
Reaction score
3,565
Location
Midwest
Ram Year
2012, 2021
Engine
5.7, 6.4
True, but at the current inflation rates, you are still losing money. Better than investing in a risky market though.

Losing money slower, though.

Market is certainly risky short term. Long term, I think it's a pretty good time to be stocking up (heh) in some sectors. Besides my normal investments, I'm picking up energy infrastructure stocks each check. Natural gas demand is only increasing, and infrastructure providers are insulated from the big price swings. Canada and the US are going to be supplying Europe more than they have in the past, and that gas has to move through pipes to get to ports. They also tend to be strong dividend payers. My goal is to have enough in dividends to make up the difference between my pension and my current salary so that when I retire I take zero pay cut. Buying dividend stocks today 'on sale' is certainly helping that goal become closer to reality.

That said, the spread between what my credit union would charge in interest on my truck vs what safe short term investments like CDs would make, minus the taxes I would owe, isn't worth bothering with for me.
 

tron67j

Senior Member
Joined
Oct 14, 2019
Posts
2,796
Reaction score
2,829
Location
Maryland
Ram Year
2018
Engine
6.4 Hemi
I like where your head is at.

Actually, had I taken Capital One's financing, it would be right at $12,000 ($11,804, to be precise) in just interest charges. That's before dealing with depreciation, taxes, fees, anything! That's a lot of coin to just use someone else's money.

Do you know what I can do to my current truck for $12,000?
Does it end with crushing cars as you drive over them?
 

Ratman6161

Senior Member
Joined
May 16, 2022
Posts
243
Reaction score
256
Location
Buffalo, MN
Ram Year
2022
Engine
6.4 Hemi
Credit is a profitable business. The only way to get a lower rate is to have a good relationship with your bank and get it o9n a line of credit. Ours is 1% over bank prime. We can do whatever we want with the money on our line of credit, and pay it down anytime with no penalty. Dealers sometime offer lower interest rates because they add the loss into your price, and they sell the finance to a bank or other lender.

Just be aware it’s a floating interest rate and goes up and down with prime rate changes.
Unfortunately 1% over prime is worse since prime as of 12/15/22 is 7.5% :( . Of course a variable rate could go down, but I'd still just wait cause there is no telling when that will be.
 

DerickE

Member
Joined
Dec 16, 2022
Posts
39
Reaction score
56
Location
Indianapolis Suburbs
Ram Year
2019
Engine
6.4L Gasser
navy Federal and USAA are both right at or hair below 5% for late model loans
1st class CU, old Postal credit union, is at 5% for 84 months

Yeah it seemed off to me too when I got my rates back...but I called my own personal credit union, one that I've done business with for several years. On a 2019, with excellent credit, they were estimating 7-9%. Messed up, but that came from the horses mouth. The credit union that I ended up with from the dealer with 4 percent lower than that!
 
Top