New Auto down payment

[71chevellejohn]

It's been a while since I bought a new vehicle without a trade in.

What's the normal down payment that lenders like to see?

The truck is ~$45k. Looking at Chase(if it matters) since I bank with them and auto draft earns a little APR discount.

Thanks in advance.

[idrivea4banger]

Three fiddy

[Sgt Beavis]

Bank = waste of money

Join a credit union and get a lower interest rate pre approved. Then use that as leverage at the dealership to make them get you a better rate.

As for a down payment, I usually don't put down more than 10% but many times you can get a decent rate with 0 down if you have stellar credit..

[sc281]

It's been a while since I bought a new vehicle without a trade in.

What's the normal down payment that lenders like to see?

The truck is ~$45k. Looking at Chase(if it matters) since I bank with them and auto draft earns a little APR discount.

Thanks in advance.

None, as long as the loan to value lines up.

Make sure the buyers order lists every option, which it should. This helps get the right number.

You can ask your banker to ask the underwriter what the best ltv for rate would be. I do it for my customers all the time.

[8mpg]

Penfed... most bank interest rates suck

[sc281]

Bank = waste of money

Join a credit union and get a lower interest rate pre approved. Then use that as leverage at the dealership to make them get you a better rate.

As for a down payment, I usually don't put down more than 10% but many times you can get a decent rate with 0 down if you have stellar credit..

Penfed... most bank interest rates suck

For every rule, an exception.

https://www.chase.com/auto-loans/compare-rates

https://www.penfed.org/New-Auto-Loan/

[Huls2304]

This is who I went through.

https://www.pegasusccu.com/loans/vehicle-loans/

[sc281]

A good tactic is get preapproved with whomever, then go shopping. Negotiate the price.


The best "sales price" is generally negotiated via captive financing (gm financial, ford motor credit, american honda finance, etc), the rate being higher than otherwise to make it up over the life of the loan. That's okay.

Ask your banker to run the same numbers as a refinance, before signing. This rate in generally slightly higher than a "new car purchase" would be.

Assuming you like that rate, you could sign the dealer's deal for the best upfront price, and refinance a few days later for the better rate.

Win/win.

[sc281]

This is who I went through.

https://www.pegasusccu.com/loans/vehicle-loans/

Not bad, assuming you are purchasing GAP or extended warranty to get the best rate.

** APR = Annual Percentage Rate. Rates and terms are subject to creditworthiness of applicant and are subject to change without notice. Lowest rate shown has discount applied for auto payment (0.25%) and purchasing any additional auto mechanical protection or GAP Insurance product (0.25%) and LTV at 90% or below. Vehicles with mileage over 90,000, add 2.00% to the rate.

[94form2000z]

Randolph Brooks, not local but I am sure you can get it done if I can get a home refinance done not living anywhere close to them.

https://www.rbfcu.org/NB/html/Reference/Rates/ConsumerRates.htm#CAR1

Print
Auto/Truck
Model Year Months Rates (APR%*) Payment per $
From: To: From: To:
1909 - 2014
" 24 1.650 12.990 42.39 47.54
" 36 1.650 12.990 28.49 33.69
" 48 1.650 12.990 21.54 26.82
" 60 1.650 12.990 17.38 22.75
" 66 1.650 12.990 15.86 21.28
" 72 1.990 13.990 14.75 20.60
" 84 4.750 15.750 14.02 19.72

[bonnie&clyde]

I have never put anything down when buying a vehicle

[Baron Von Crowder]

I have never put anything down when buying a vehicle

And I have never financed a vehicle. Well, once, but not a new one.

[sc281]

Randolph Brooks, not local but I am sure you can get it done if I can get a home refinance done not living anywhere close to them.

https://www.rbfcu.org/NB/html/Reference/Rates/ConsumerRates.htm#CAR1

Print
Auto/Truck
Model Year Months Rates (APR%*) Payment per $
From: To: From: To:
1909 - 2014
" 24 1.650 12.990 42.39 47.54
" 36 1.650 12.990 28.49 33.69
" 48 1.650 12.990 21.54 26.82
" 60 1.650 12.990 17.38 22.75
" 66 1.650 12.990 15.86 21.28
" 72 1.990 13.990 14.75 20.60
" 84 4.750 15.750 14.02 19.72

Excellent rate.

[smrr1]

Rbfcu is great. Had many people buy from me using them. I just purchased a new $45k truck and only put down money to get my pmt where i wanted it. The finance co did not care. I used regions and got a 1.9 on 60.

[Huls2304]

Not bad, assuming you are purchasing GAP or extended warranty to get the best rate.

Since I am a member there and used auto-draft I was offered 1.67% for 65 months. Maybe that offer changed this month but it was on a sign at my local branch the last time I was there.