Auto loan rates differ on 2500 vs 3500?

[jadmt]

In 1977 the average home loan was 8-10% or more. Im sure a personal loan was much worse. Smart dad.

Boy times have changed though.. money is cheap now.

It was like 14-16% if I remember correctly not sure just remember it was a lot.. I was 18 and never had any kind of loan before so not sure if they even had credit scores back then but I would not have had any if they did. I had paid cash for everything.

 

[Lamiglas]

GESA credit union is 2.49% for 84 months

 

[First World Problems]

No difference between 3/4 and 1 Ton trucks for me. Ended up with 2.15% / 72 months with US Bank.

 

[max31man]

Definitely going USAA here. Just need my truck to get delivered! I'll always get pre-approved through them and give the dealer a chance to beat it. It's has been about 50/50 which financing comes out on top.

 

[mcarey]

In 1977 the average home loan was 8-10% or more. Im sure a personal loan was much worse. Smart dad.

Boy times have changed though.. money is cheap now.

No kidding. Every time I see someone here talk about how they bought their truck in cash, as if they are bragging about it, a small part of me winces. I'll happily take your ~70K in cash, take out an extended auto loan, and pay the loan (w/ interest) off for you.

 

[Grayson]

With all of the financial uncertainty it's definitely a tough call right now. My current goal is to move as much of my cash into durable goods for safety. Then again, if you can purchase something significant at such a low interest rate you will actually be making money if hyperinflation begins.

I financed my truck this time just for that very reason, commercial loan for 3.09% for 60 months. I am estimating inflation is in double digits by April 2022 even if the Fed's do a significant rate hike and cause a recession. Also with current pricing trends on used vehicles especially trucks I bet I could sell and come out at least a few dollars ahead.

The 3500 is considered "commercial vehicle" by GVWR alone. This changes every couple of years depending on lender, risk tolerance, balance sheets and demand.

 

[Herrred]

Overall sound like that USAA is worth looking into.
That RAM 3.49 on 96 is not all that bad either.
All a heck of a lot better than 4.5 on 60 I was quoted for this 3500 penalty rate from my regular Bank.

Like a few others here, I'm at 60 months at 1.88% with USAA (with auto pay) for my 3500. Fourth loan I got from them, this being the lowest rate yet.

 

[WXman]

What shocked me was the lease rates between a 1/2 ton and a 3/4 ton truck. The 3/4 ton and above leases like sh*t. I guess they ASSUME people will beat the piss out of a HD truck, which usually isn't true.

 

[Brutal_HO]

No difference between 3/4 and 1 Ton trucks for me. Ended up with 2.15% / 72 months with US Bank.

Nice. When I got my 2020, I was preapproved best credit rates with USAA and US Bank (my bank). Dealer beat both and I still ended up with USB at 2.88 for 72 mo. If it wasn't an extra payment, I would have refi this summer at a lower rate. Only financed $40K.

 

[cc1999]

Well, my truck came in yesterday. I was able to get 2.69 on 72, which was a lot better than my Bank rate on a 3500.
Apparently not all banks discriminate against a 3500. Needless to say, my personal Bank didn't get this one.
This was also with US Bank.
I am sure the past week or two of FED talking raising rates in 2022, likely cost me a few extra tenths.

 

[H3LZSN1P3R]

Congrats on your new truck! It's awesome that you were able to get a lower rate on the 2500 compared to the 3500. Not all banks discriminate against the 3500, huh? That's good to know. Too bad your personal bank didn't offer you the same rate. Sometimes it's surprising how rates can vary between lenders. I heard the Fed talking about raising rates in 2023 and 2024, and it's possible that it affected the rates you got. Those extra tenths can make a difference, right? By the way, I recently came across this Mortgage Broker in Ferriby, and they seem pretty helpful when it comes to mortgages and loans. It might be worth checking out!

This thread is 1.5years old so no the new increases did not affect him….

 

[JoseBron]

Haha, your dad had some pretty sound advice back in '77!

 

[MaxDailies]

Auto loan options have come a long way since then, and it's fascinating to see how they've evolved. Now you can explore different terms, from short to long, and rates can indeed vary depending on the amount you're borrowing. It's all about finding the right balance for your budget and needs.

By the way, if you ever venture into the world of mortgages, there's a great Mortgage Broker in Wolverhampton who might be able to help you navigate that path.