How much is your truck payment?

[Pedaldude]

With xplan they said had to go 60 mos at high rate...

yeah, X-Plan isn't contingent on any financing plan, as pointed out in post #9, it's possible that they rooked you in financing and it's not uncommon to see that and dealer add-ons being used to claw back buyer's X-Plan savings by shady dealers. Go see about refinancing with another lender after a few months and you can probably get a better rate.

At $50,000 after taxes and X-plan, I feel that the price was ridiculous for a regular cab XLT truck. However, the price wasn't nearly as preposterous as if I had ordered a base XL with zero options other than V-8 and 4X4. These new trucks are too damn expensive and it's driving up the used prices of old trucks. I was in the market for a used truck with 60-80k miles but because of high prices and the insanely long financing terms, it's almost impossible to find good deals on the open market. Especially if one is looking for a regular cab half-ton that hadn't seen hard use as a service vehicle, delivery truck or for landscaping.

I considered a lease but I hardly put enough miles on my vehicles to justify it and who knows what they are going to be selling 2024 trucks for? Money was available to purchase the truck outright but with the treasury printing cash like it's going out of fashion, potential inflation and the rising market made it easy to decide on financing at least half the purchase price and a $600 monthly payment for 36 months was a good compromise to hedge the possibility of another crash and potential deflation versus the more likely inflation and market gains because of that. The rates are so low, it's almost silly to not finance.

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[Tizzzo]

Put 20k down and financed the remaining 34k at 2.5% APR for 72 months (will probably pay off sooner). $520 a month payment.

 

[Blueshound]

302a, MSRP 57,000, paid $53,000, $0 down (paid 6.5% sales tax in cash) Ford finance was 4.9% to get an extra $1,500 incentive. After 3 months I refinanced at 1.49% for 66 months, payment is $833. Terrible economic decision really, but c'est la vie. It should retain value pretty well.

 

[Merccat]

I am planning on putting 17k down and getting a 72 @ 1.75 loan from my credit union for a payment of about $550/month. I will likely pay off a lot sooner but I like the option of making a lower payment if something were to come up.

Leasing (eternal car payment) not even a consideration for me as I keep cars long after paying them off.

Good points made on balancing the low rates with potential returns, a lot of people fail to consider the opportunity cost of taking that money out of reasonably safe investments, but I also hate debt. In the end I split the difference.

 

[Bryan Simon]

Paid for before my test drive

 

[jeffcrum]

I was going to put a big chunk down. 35k. But, finance dude showed me the numbers of that and 5k.

I went 5k down, 60 months, 3.something. 1k/mo.

Thought about leasing. But, I want to keep it ?

 

[dhrandy]

Haven't bought yet, but here's the plan with $11,000 down. Hoping I'll be as close as possible to the 2.3% from Navy Federal Credit Union.

 

[SumGuy]

Payment will be about $1,100. 60 month financing. Not putting anything down. Keeping my cash and I’ll make double payments to get it paid off more quickly. At 1% financing.

 

[JayceeP]

Leasing simply gives you options beyond just being able to trade in every 3 years and sometimes it makes sense and sometimes it doesn’t. If you are financing and the lease rate and financing rate are the same, there’s not really much incentive to “buy” the truck. After the lease is up you could then buy it out if you wish but of course the downside is the renewal rate may be higher but it also means you defer paying the full taxes which, if you live in Canada, is upwards of 15% of the purchase price. I leased because the financing rate was the same and I didn’t want to pay 15% sales tax on the full purchase price. Nothing stopping me from buying out the truck in 3 years.

 

[Merccat]

Leasing simply gives you options beyond just being able to trade in every 3 years and sometimes it makes sense and sometimes it doesn’t. If you are financing and the lease rate and financing rate are the same, there’s not really much incentive to “buy” the truck. After the lease is up you could then buy it out if you wish but of course the downside is the renewal rate may be higher but it also means you defer paying the full taxes which, if you live in Canada, is upwards of 15% of the purchase price. I leased because the financing rate was the same and I didn’t want to pay 15% sales tax on the full purchase price. Nothing stopping me from buying out the truck in 3 years.

Interesting on deferring the taxes…. Got me looking into it…. Here it sorta works. I guess where I am at what they do is charge you sales tax as you go (on down payment and every payment)… so in the long term (because our sales tax seems to always go up, not down)… it would probably be more sales tax paid in the end. Dang, you got me excited for a moment lol!

 

[saluki1969]

Put $45,000 down plus $11,000 from trade in. Zero percent for remainder for 36 months. Monthly payment $292 and change a month.

 

[flynavy]

I am planning on putting 17k down and getting a 72 @ 1.75 loan from my credit union for a payment of about $550/month. I will likely pay off a lot sooner but I like the option of making a lower payment if something were to come up.

Leasing (eternal car payment) not even a consideration for me as I keep cars long after paying them off.

Good points made on balancing the low rates with potential returns, a lot of people fail to consider the opportunity cost of taking that money out of reasonably safe investments, but I also hate debt. In the end I split the difference.

Where are all these magical sub 2% credit unions?! Do you have to be a member? I’m buying truck tomorrow and would love a low ass 72 rate for some cushion.

 

[additionsola]

Where are all these magical sub 2% credit unions?! Do you have to be a member? I’m buying truck tomorrow and would love a low ass 72 rate for some cushion.

https://www.granite.org/rates/

https://www.penfed.org/auto/new-auto-loans

https://www.chartway.com/loans/vehicle-loans.html

Not sure where you're at, but these are 3 I'm looking at for my truck when it comes.

 

[Merccat]

Where are all these magical sub 2% credit unions?! Do you have to be a member? I’m buying truck tomorrow and would love a low ass 72 rate for some cushion.

Around here they advertise it on TV, there are at least two with rates like that. Yes you do have to join but joining is part of the loan setup if not already a member. The rate is also dependent on having automatic payments setup for a 0.1% discount.

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