Auto loan

[lincolnboy]

Anyone recently get an auto loan? Looking to getting a used pickup and from what I'm seeing. Alot of place are at 7% apr and up. Found a pick up at the Ford dealer in Greenville. Going to take a look this week possibly.
Any good places to look into for an auto loaner with low APR?

[bird_dog0347]

with the Fed raising rates as much as they have in the last year there's not much you can do to get a low interest loan other than possibly buying new and getting a low rate from the auto manufacturer lending arm.

[TX_92_Notch]

Depending on your credit, I've always had better luck at credit unions or places like PenFed.

Penfed's current used car rates are 6.04% to 6.99% depending on finance term. Not a lot less but a full point makes a difference on payments.

[lincolnboy]

with the Fed raising rates as much as they have in the last year there's not much you can do to get a low interest loan other than possibly buying new and getting a low rate from the auto manufacturer lending arm.

Yeah, I read that new car loan offer lower apr. Doesn't make sense but o well.
credit unions and PenFed I saw are lower which I'm sure could change day to day.

[Tx Redneck]

Yeah, I read that new car loan offer lower apr. Doesn't make sense but o well.
credit unions and PenFed I saw are lower which I'm sure could change day to day.

New car note, they make money the second you leave the lot, not on a used car.

[Rick Modena]

New car note, they make money the second you leave the lot.

What exactly are you referring to? Just a question, not being a dfwstangs prick.

[Rick Modena]

I've been buying new cars for all of going on 30 years. I always buy at the end of the year and usually the model year of the car/truck. I don't mind a new/older car, ex: I buy a 2020 in early 2021. I find the best deals and still get a new car APR. I typically never buy a first year model and wait a year or two to clear out the suckers and any first year issues on new cars.

I found that dealerships new or used are not in business to lose money, so you'll still get the fuzzy end of the lollipop, but it depends on which end you want.
If you buy a used car, your risking problems with that vehicle because you don't know of that car has been taken care of as you would take care of your vehicle. Of course, Carfax, Autocheck, etc. are now good tools to have but you have to educate yourself while using these tools. And you will pay more in interest on the life of the loan and the value of the car will not be the same at the end of the term as a new car would be.

[Rick Modena]

On the used car side, I have been helping a long time friend buy a used Suburban, his wife is a nuisance in the fact that she wants certain options and didn't want to be flexible at all. She was dead set on color and interior color (white and tan), My buddy hasn't ever bought a new car, always used so it was hard as he was as hard headed as she was in price ($50K), I finally got him to be a little flexible at $47.5k-$52.5k. we looked at no less that 10 vehicles and he even spent almost a $1k on inspections that he lost as he didn't buy those cars as the inspections revealed damage that were NOT on the CF and AC reports.
He finally bought on in San Angelo that turned out to be what the reports stated and it was clean and not ever involved in a accident, as most of you remember I had my own shop and was in the collision repair business for over 40 years, so I inspected all of the vehicles he was interested in an even the last one. He also pay's cash, so take that with a grain of salt.

[quikag]

PenFed, Navy Federal, etc. Research online. Might be able to find a rate for a fixed 60-84 month in the high 5's.

[ram57ta]

I've never bought a new car or truck from a dealership and HIGHLY doubt I ever will due to the bullshit dealerships pull and fees out the ass.

[TX_92_Notch]

Yeah, I read that new car loan offer lower apr. Doesn't make sense but o well.
credit unions and PenFed I saw are lower which I'm sure could change day to day.

Credit unions are historically lower. The only time they'll get beat is when dealerships are offering zero percent or crazy low rates like 0.9%, but when was the last time that happened?

New car note, they make money the second you leave the lot, not on a used car.

Dealerships are making more money on used cars now than they made selling a gazillion new cars in the recent past. My nephew is a salesman at a Ford dealership and he makes considerably more money per year now selling mostly used cars - and he's selling 1/4 of the volume now than before when the dealerships had hundreds of new vehicles sitting on their lots. Bored to tears at work and making more money than 97% of grown men with a long career under their belt.

[lincolnboy]

Now I'm stuck on new or used.i want ro get a nice pick up, yet don't want to spend that monthly payment. Now if I can get an F150 XL and have some Ford dealer install a whipple. Then maybe new would do. Thats what I get for not getting a vehicle years ago install of relying on company truck.

[lowthreeohz]

Credit unions are historically lower. The only time they'll get beat is when dealerships are offering zero perfect or crazy low rates like 0.9%, but when was the last time that happened?

Ford has 0% on some models right now. We got 2.9 on a new explorer ST recently.