Dealer is offering me 9.14% at 72 or 84 months for a 2021 Highlander with 19K miles.
My credit score is above 800.
Engine issues with my current old car so I need to move on something soon. What are the odds that I can refinance that loan to a better rate at a credit union like USSFCU a few weeks or so from now?
With the slow CU pace I’m reading about on here, it would be convenient to do so after I have the car and am no longer in a rush.
whats the price on the car?
you can get a new one for 4-5k off with @Jrouleau426
toyota will finance it for 48 months at 3.99%
It’s a FWD 2021 Highlander LE for $36,700 OTD. I have an option for new in the same trim at $43,100 OTD 5.49% at 72 months, but am not sure I want the higher monthly payment and $6,400 greater principal. Also unsure I want 4 cylinder turbo over 6 cylinder. I’m open to suggestions though.
did you not read what i said?
@Jrouleau426 can sell you A BRAND NEW ONE FOR 4-5000 OFF MSRP
based on the toyota site if you have good credit the apr is 3.99
That rate is insane if you have a good credit situation. Also, if you’re financing at 72 or 84 months in order to afford the payment…you should probably shop for a lower priced vehicle.
I understand we all want the latest and greatest, but I’m saying this with good intentions. I don’t want to see anyone hand over significant money to a bank.
The $43.1k with the 5.49% you would also be paying close to $4k LESS in interest over the life of the loan. Have you calculated any of that?
Your $36.7k, 72 mo loan @ 9.14% would cost over $11k in interest.
Thanks, I’ve sent Jim an SMS and am open to considering that as an option.
I like the convenience of a lower monthly payment while planning to pay down much faster than 84 months. Currently renovating my house and renting offsite so a lower payment is nice now, but won’t matter as much in the future.
Agreed that the 9.14% is very high, that’s why I’m interested in refinancing options, but haven’t done so before so am wondering if this is realistic/whether there are any limitations on doing it so soon. But am still open to just doing new. Just thought it would be nice to save the extra $6,400, but maybe I can get much better pricing with a broker like Jim.
Anyway, I appreciate the advice and don’t want to hijack this thread.
This month the best new loans seem to be
United States Senate FCU
Commonwealth One
ANDREWS FCU
Rates range from 3.99 per 24m to 4.49-4.82% for 60m.
Whats the turnaround time these days to get approved/funded with USSFCU or Andrews?
I’ve heard a few days to weeks then denied
Took almost 3 weeks to get just the initial account open.
Heads up - USSFCU discontinued funding private purchase auto loans as of a few months ago. This contradicts what they have on their website. Found that out yesterday on call to their loan department.
Wildfire Credit Union is 5-6% (Used) for 60 months. 4.5% for. GWagen 2 months ago. Please ask for a contact if anyone wants to use them as I work with this one guy for all my cars when not using the manufacturer. Alot of these high end cars have taken such hits. Time to sweep em’ cheaper than a lease.
eecu in CA is @ 4.89% for 72 months.
Can anyone apply or is CA specific?
I think that at least as of last year anyone could join if you paid for a membership in some organization connected with them (typical CU requirement), but you would have check with eecu as that kind of thing is not always advertised.
Under the EECU auto loan rates it says “Must be titled in California”
Checked their website - vehicle needs to be registered in CA state to be eligible for finance.
Well, that sucks.
Maybe call and ask anyway? Rate is pretty low compared to others and those CUs always want your biz.