Interest rates

[Chaser]

Hey guys,

Long time lurker first time poster. Looking to pull the trigger on a new ram in next month or so. Curious what kind of interest rates you guys were seeing from the dealerships. Seeing mid 4’s for good credit but wanted to see what everyone else has experienced.

Thanks!

 

[Fitz-0518]

Chaser, respectfully, never allow the dealer to provide the financing unless they are beating or matching your best rate. Many dealer who believe they have a payment mouch are charging 4.5-6.5%. Best auto rates are at your credit union. In our area, credit unions are offering 1.9-2.9% for credit score customers over 750. I use Bankrate.com to check and track all interest rates. The only time I look at dealer rates is when the "factory" FCA, is running a promotion and the incentive to finance with the factory is compelling.

 

[MADDOG]

^^^ This! ^^^ Get prequalified at your financial institution then see if the business manager can meet or beat the rate.

 

[stepbill]

Just bought a 2019 1500 Bighorn crewcab and got 3.4% through the bank that the dealer uses (Wells Fargo). They were .2 higher than my bank so I just decided to use them.

 

[Chaser]

Chaser, respectfully, never allow the dealer to provide the financing unless they are beating or matching your best rate. Many dealer who believe they have a payment mouch are charging 4.5-6.5%. Best auto rates are at your credit union. In our area, credit unions are offering 1.9-2.9% for credit score customers over 750. I use Bankrate.com to check and track all interest rates. The only time I look at dealer rates is when the "factory" FCA, is running a promotion and the incentive to finance with the factory is compelling.

Hey Fitz thanks for the reply. I haven’t seen anything near 1.9-2.9 in the last few months down here in Texas.

 

[Gottabdcheese]

Don’t forget to include the term length. 2.99 for 60months is the lowest I’ve seen from a credit union in CA

 

[o2cmefly]

Best the dealer could do with any of their banks was around 5% (including Chrysler Financial). My local credit union offered 3.69% for 72, or 4.09% for 84 months for my 2019 Limited.

 

[bigred74]

Looks like rates have gone up some at my local credit union, last year my 65 month loan was 2.9%. Here are their current rates

 

[WilliamS]

I work at a dealer, the 1.9s are gone for a for quite some time in the Florida market. The best I have now is 2.85. If you are in the 720+ club you should be able to find a 3% range readily available at local credit unions. That also on some banks is determined by structure, negative equity can drive that a different direction.

 

[mjamesgt]

I just brought mine home last night. FCA has 36 month 0%. Hard to beat that.

 

[JoeCo]

I just brought mine home last night. FCA has 36 month 0%. Hard to beat that.

What does it go to after 36?

 

[Chaser]

I just brought mine home last night. FCA has 36 month 0%. Hard to beat that.

Did you get rebates/discounts with the 0%?

 

[Scottly]

4.09% for 84 months .

We're talking about trucks, not houses.

 

[mjamesgt]

What does it go to after 36?

The loan is over, the vehicle is paid off.....

 

[mjamesgt]

Did you get rebates/discounts with the 0%?

I didn't get any FCA rebates, but still received a healthy discount off the MSRP (8500) from the dealer). The offer was another 1250 off rebate or the 0%, not both.

 

[Graygoose]

I got 3.29% for my 2019, I knew what my credit union offered when I went to the dealer. Dealer found one even a tick shorter, but at least in my back pocket I had a good rate and approval already.
So I went with the dealers option.
So then wife got a CU check for $45k the other day offering her to go buy a new car...she doesn't need one, but was cool they sent an open UP TOO check without even asking for it.

 

[JoeCo]

The loan is over, the vehicle is paid off.....

Oh gotcha, guess I'm just used to hearing about auto loans that are 60 months or up. I've had to do 60 for my last 2 loans, if you can do 36 I'd say you definitely deserve that 0%.

 

[chrisbh17]

My 800+ score at "the big 3" didnt seem to mean squat to my dealer. When pressed it sounded like they didnt even bother running my credit and gave me a lovely 5.9%. After I said thanks no thanks they "reviewed my credit" and brought it all the way down to ..... 5%.

All the while my credit union was offering 1.something % for a new car loan or 2% for a refi.

FCA was offering better % at the time but I would give up a lot of the rebates that brought my truck down to a price I thought was good. Financed through the dealer to get the additional cash back rebate then refinanced with my credit union and paid off the dealer a week later.

Had they been anywhere close to my credit union I might have considered leaving the loan with the dealer, but their "we know better than you" attitude disqualified them from that.

 

[likes2build]

And don't let the dealer try to tell you you have to wait X number of days to pay off the loan arranged by them in order to get the additional "cash back". You can pay it off as soon as you like (next day even) if you've lined up a better finance rate. The dealer is just worrying that they are going to lose their % on the financing and they will tell you anything to keep that money. Once you do the deal and drive off, your price is your price.

 

[DwnDak]

I just wait until FCA offers 0% and deep discounts on the trucks, as they do every year, every time without fail. Longer you can wait, the better the discount, and the 0% remains. Can't beat 0% for anything from 24mth to 96mth (Here in Canada) ... Just have to wait till end of MY to do it.
Right now they are at 4.49% ... No Thanks!