Financing + Auto Loan Rates (APR %) -- Share What You've Found

[Pootklopp]

Trd offroad upgraded package long bed is msrp 50,385 plus tax and fees 55,xxx
Down payment of 22,700
Rate for 72 months at 6.64
My payment is $550
That was thru Toyota financing

That's interesting. While I didn't have my credit pulled, everything I have seen from Toyota has been like 9% or something crazy.

Local credit unions look like the best option (5.25-6) if Toyota isn't offering a price discount.

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[Mykale220]

Here is my experience with Toyota over 3 or 4 vehicles in the past dozen years or so. I have found they (Toyota) give me the best deal (out the door price) if I use Toyota financing, which is never the best (financing) deal. I don't put any or much down at all. Make one payment (or not), I then go to to my credit union and for $75 total, I refinance, put all my cash down 10k 20k whatever and always get the best interest rate, terms and reasonable payments.

This is the way! I do this same exact thing!

 

[SleepyBear]

Financing does not mean you can't afford something. In many situations it's a better financial decision to finance. Discussing financing options and strategy can help people learn this.

Not saying you could learn something but it's possible.

The mental gymnastics people play for greed is astounding.

I shouldn't be surprised, you can finance a pizza in 2024.

I doubt I'm going to learn much, but I can encourage people not to be enslaved to debt for mass produced consumer goods.

I'll start with a lesson: Don't take finance advice from someone trying to sell you something.

 

[SleepyBear]

Not trying to start shit.

Meanwhile:

I just knew someone was going to come into this thread to talk (or brag) paying cash!

Was a little late when you replied to me, starting shit.

I'd encourage anyone that needs to finance a brand new car/truck to find something you can afford or is a stepping stone to being debt free.

We're brainwashed by billion dollar companies marketing departments to buy stuff we can't afford.

Wealth doesn't come from what you spend, it comes from what you don't spend.

 

[Manny991220]

Total interest: $7013.

Thanks for telling me I didn’t know

 

[Manny991220]

That's interesting. While I didn't have my credit pulled, everything I have seen from Toyota has been like 9% or something crazy.

Local credit unions look like the best option (5.25-6) if Toyota isn't offering a price discount.

Yeah its a bummer but if you think about cars in general are starting to be expensive

 

[Pootklopp]

The mental gymnastics people play for greed is astounding.

I shouldn't be surprised, you can finance a pizza in 2024.

I doubt I'm going to learn much, but I can encourage people not to be enslaved to debt for mass produced consumer goods.

I'll start with a lesson: Don't take finance advice from someone trying to sell you something.

Not sure what you mean by your greed statement. But in some situations paying 100% cash on a depreciating asset will net you less money in the long run. If you can finance at a lower rate and invest the cash at a higher rate of return you make money in the long run.

As others have said you can sometimes get a lower purchase price if you finance. Then refinance or pay off the balance.

Lots of options out there.

 

[TrustButVerify]

Loan rates I found as of 5/29/2024

Pentagon Federal. Anyone can join. I have exceptional credit, and tried preapproval for a loan. Not sure how you get the 5.59% rate as the lowest offer I got was 5.99 with 800+ credit on a 60 month for $40k.

Navy Federal Credit Union. Basically if you can join USAA, you'd be eligible to join Navy FCU. Not open to everyone. Requires some service-related connection or relation to another member.

Alliant Credit Union. Anyone can join.

Consumers Credit Union (myconsumers.org). This is the Illinois Consumers CU. Anyone can join.

*.25% rate reduction requires automated ACH payments from a linked account.

Firefighters First Credit Union (firefightersfirstcu.org) -- If you have some sort of fire dept job nationwide, you'd be eligible. This is an odd find, but there's a lot of little credit unions like this that won't show up on a typical search.

There's also a lot of small credit unions in most cities that have decent rates. Look for teacher credit unions, nursing and hospital credit unions, various trade union credit unions. Many of these will allow geographic membership as well as employment-related membership. I found a couple where I live that have rates around 5.75%. I'm not posing them because very few of you would be eligible, but look in your city.

These are often little places like 1-2 office credit unions. Look on Google Maps to find them. Some real hidden gems.

Another list that seems to jive with what I found. But be wary of sponsored clicks, referral link or paid placement when you look for loans. I would generally be *very* wary of loan aggregators, fintech startups or anything that is NOT a credit union.

Best Auto Loan Rates of June 2024 – Forbes Advisor

The last thing to consider is not just the APR. But how easy it is to pay. Some places actually make paying your loan complicated, charging you fees unless you follow a convoluted process or require mail-in checks, etc.

Finally, consider how easy it is to get a lien release from your lender when you satisfy the loan. This is overlooked. I had a Wells Fargo loan some years ago. They flatly refused to mail me a lien release. They were literally holding my title hostage despite having fully satisfied the loan. Took almost a year of fighting with them, getting consumer protection and goverment watchdog complaints, attorney general consumer complaints, before they would send me a lien release.

Contrast that with an old Pen Fed loan I had. Got a lien release. Never retitled the car. Just kept the letter on file. Lost the letter. 10 years later, went to finally retitle the car with a clean title, and contacted them. They found the old letter from a loan 14 years prior and mailed it to me. Very impressed with them.

 

[StreeTaco]

United States Senate Federal Credit Union is another good option. Approved me for a $70k loan, $0 down, 60 months @ 5.24%. There are several small hoops to jump thru to become a member, but it’s all online, pretty easy process, anyone can join.

 

[Kielly]

I don't think I ever did post in here but in Canada Toyota Financing was the best interest rate I could find @5.9% every other bank was trying to go in dry with me like usual.

 

[Wags]

I got 4.99 with Navy Federal for 60 months

 

[SonoranSurvivalist]

I put $32,000 down and got an interest rate of 5.29%

 

[WKTJR1]

The dealer will have to drop the price of the vehicle if they want me to take someone elses financing. Then I will refinance.

With that, I'll be getting 4.3% throught Navy Federal when the time comes to apply.

 

[Whiskey3]

I got a 4.59 for 60 months through Navy Federal recently. They've always had the best auto rates for me.

 

[sugammadex]

4.09% at Navy Federal for 36 months. Plan on paying off TRD PRO off within the first year.

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