Any good referrals for financing?

[RickLightning]

Got a few offers....so far my best is 6.5%@96mo. I will probably go with that, as i prefer the lowest payment, and pay way more. I guess the interest really does not matter if I am paying that much more.

8 years?

Anything over 6 years tells you that you should buy something less expensive - Google it.

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[ooSHAZAMoo]

8 years?

Anything over 6 years tells you that you should buy something less expensive - Google it.

Not sure if you saw the previous message, but putting more down later this year and refi

 

[RickLightning]

Not sure if you saw the previous message, but putting more down later this year and refi

What you put down has zero to do with term. If the issue is payment affordability pushing you to a longer term, that's a sign that your payment is too high for your income stream. If you're going to refinance, then I guess it doesn't matter, except that you should take the highest payment / shortest term you can afford to pay less interest $$$.

 

[ooSHAZAMoo]

Correct but, you are not paying all of that interest if you pay off sooner.

 

[jimfigler]

Correct but, you are not paying all of that interest if you pay off sooner.

You pay much more interest in the early years than the later years. Make sure any extra money you pay goes just to the principle.

 

[RickLightning]

You pay much more interest in the early years than the later years. Make sure any extra money you pay goes just to the principle.

In principle, it should go to the principal.

 

[jimfigler]

In principle, it should go to the principal.

thanks brah

 

[Heliian]

What you put down has zero to do with term. If the issue is payment affordability pushing you to a longer term, that's a sign that your payment is too high for your income stream. If you're going to refinance, then I guess it doesn't matter, except that you should take the highest payment / shortest term you can afford to pay less interest $$$.

That's the obvious and smart thing to do.

A) Ain't nobody being smart with money by buying any new vehicle, doubly so an EV and even more so a bleeding edge supertruck.

B)every finance deal is different, some have no interest on buyout, some have penalties for paying it off quicker.

I went 6 years for a great rate, doesn't mean I'm keeping it for 6 years.

 

[Ginger Trouble]

https://www.rtpfcu.org/home/rates/loan

Did they close down? Phone number disconnected and email sends back

 

[ooSHAZAMoo]

Did they close down? Phone number disconnected and email sends back

Tori Browning
Branch Manager
NMLS #1014394
RTP Federal Credit Union, Cary Branch
915 N Harrison Ave | Cary, NC 27513
Direct: 919.941.5700 x7024 | Fax: 919.460.8895
[email protected] | https://www.rtpfcu.org

 

[ooSHAZAMoo]

Update.... Just got approved for 5% @ 84mo. Will be getting this beat/matched to 3%!

 

[RickLightning]

Update.... Just got approved for 5% @ 84mo. Will be getting this beat/matched to 3%!

Call me a skeptic, post back when you get a 3% loan for 84 months.

 

[ooSHAZAMoo]

Call me a skeptic, post back when you get a 3% loan for 84 months.

UPDATE:
Picked up truck last Friday!!!!!

Went with the dealer loan rate of 9% @84 months just to get off lot since I purchased out of town and could not close with the local CU before I made it to dealer. I will be refi with that CU getting 4.5% @84. Only got this rate so I could get another CU to match that at 3% @84 (they need the rate with another lender for their auditing purpose). Just confirmed today with the final CU thatt they could still beat a higher rate. Seems like a lot of work, but does not cost me a dime and is totally worth it.

Again, not planning to pay for 84 months, but If I can get a low rate like that and aggressively pay down, why not?

BLUF: Final is 3% @ 84mo. (RTP Federal CU in NC)

 

[ooSHAZAMoo]

You pay much more interest in the early years than the later years. Make sure any extra money you pay goes just to the principle.

Good point. Thanks because I was just going to pay weekly and have it auto draft, but forgot about that.

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