Financing

[buzzuti]

Hypothetical question, in a lenders eyes what's better ?

On a new $90k vehicle, good credit with a really large down payment say 45% or excellent credit but zero down?

We were talking about this at lunch today and I thought it was the excellent credit score, my friend said with that much down it would be better because it would be less of a loan...

Leanders operate off of risk.
Smaller loan, less risk.
Difference from good credit to excellent credit would be outweighed by size of the loan.

In your analogy, a 45k loan is far less of a risk.

 

[Truckman]

I've used Navy Federal since '07 for financing trucks. Always shop around but they haven't been beat yet.

 

[jort2750]

My truck should be arriving at Mark Dodge before too long and plan to meet them at the Houston airport. For those who have used local credit unions to pay for the truck, how was the process? I’m assuming I’ll just have to mail the cashiers check to them prior to arrival ? TIA.

 

[Thisnthat]

My truck should be arriving at Mark Dodge before too long and plan to meet them at the Houston airport. For those who have used local credit unions to pay for the truck, how was the process? I’m assuming I’ll just have to mail the cashiers check to them prior to arrival ? TIA.

Not sure that they take cashiers checks...they may, but you'll want to confirm. I put a little over half down and they required it to be wired, so I'd think anything feom another financial institution would have to be wired as well.

Also take note that the time to complete the purchase seems to fluctuate on here some...some have said they were told they had to complete the purchase within 7 days in order to retain the initially agreed upon price (the price protection)...MD told me four days from the time I was notified it was on the lot...I actually "went through finance" the first day but wasn't able to wire my down payment until two days later (proceeds from selling my truck that wasn't even advertised yet when they let me know my new one was there)

 

[JimKIII]

No, they didn't as of 2 weeks ago... I checked with them and while I cannot remember exactly what their rates were, they were significantly higher than what I got elsewhere. I was really kind of surprised by it - I've been with them for 30 years.

My loan is through USAA (been with them for 43 years as has my entire family) and the interest rate is 1.89%, APR 1.88% for 60 months. The loan date was 1/26/2022. They may have increased the interest rate since. Lots of changes in the financial markets in the past 5-6 weeks.

When I finalized the truck sale through MD, they saw I was financing through USAA and said that it was a bit better than what they could offer - but not by much.

 

[mkmsr]

I finalized financing the other day and MD could offer me 1.99 but I stuck with USAA at 2.24 because the convenience of having everything with USAA was worth $5. a month to me.

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[JimKIII]

I finalized financing the other day and MD could offer me 1.99 but I stuck with USAA at 2.24 because the convenience of having everything with USAA was worth $5. a month to me.

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Completely agree with, "having everything with USAA was worth $5. a month". Same here!

 

[custombusa]

i have a credit score between 675 and 700 and putting around 6k down on a 47,000 truck. Dealer wants me to try chrysler capital but im hoping my credit union would pick it up. Im trying to keep my inquiries down. Has anyone dealt with chrysler capital? Appreciate any info

 

[sstoner911]

Chrysler Capital can be a nightmare if you don't have excellent credit.

Go to a credit union.

 

[JA345]

Local credit union (Cedar Point Federal Credit Union), 84 months 2.99%

 

[Thisnthat]

i have a credit score between 675 and 700 and putting around 6k down on a 47,000 truck. Dealer wants me to try chrysler capital but im hoping my credit union would pick it up. Im trying to keep my inquiries down. Has anyone dealt with chrysler capital? Appreciate any info

yeah I’d try and have the conversation with the local credit union even before they possibly ran your credit…just be honest with them and get an idea of what kind of rates they’d offer on your loan…agree That I’d try and stay away from Chrysler capital if at all possible

 

[robbyreneeward]

i have a credit score between 675 and 700 and putting around 6k down on a 47,000 truck. Dealer wants me to try chrysler capital but im hoping my credit union would pick it up. Im trying to keep my inquiries down. Has anyone dealt with chrysler capital? Appreciate any info

I’m in roughly Same boat. If a Local CU doesn’t work out, Ally has been good to us in the past.


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[mcarey]

i have a credit score between 675 and 700 and putting around 6k down on a 47,000 truck. Dealer wants me to try chrysler capital but im hoping my credit union would pick it up. Im trying to keep my inquiries down. Has anyone dealt with chrysler capital? Appreciate any info

I may be wrong here, but I'm pretty sure that doing multiple inquiries within a slightly variable time period* will hit your report as one.

Just throw a few loan requests out in the same day, if you're unhappy with the first one, and the impact will be the same on your report.

* wanted to add that it seems the time period ranges from like 14 days to 45 days, dependent on the reporting agency. I'd still just knock out a few apps in one day, just for simplicity sake if nothing more.