Used vehicle, rate shopping

Anyone get a great (yeah right!) rate at a particular bank or credit union recently? My
CU is at 7.19 for 5 years and 7.35 for 6 years for vehicles in the 2017-2021 range. Going on a couple test drives tomorrow, probably not buying unless the dealerships have unexpectedly good financing deals. Need to get my ducks in a row this week, so curious to know if it’s worth digging or if these numbers are in line with what others are seeing. Excellent credit btw. Nervous using the online tools that gather you a bunch of rates.

Thanks!

Wakota credit union had the best rate on my last 2 vehicles

Thanks dude! They are at 6.74 so definitely in the right direction.

Ideal Credit Union is at 6.24%

Rates are all over the place. Man my wifes care the best we could do 8% because it was a 2013.

I was looking at a used truck last summer and was finding 7-9 with the dealerships, and that’s with a great credit score. Was hoping Hiway (now Blaze) CU would be lower than that but it doesn’t sound like they are by much. Too bad.

Crazy the used car rates are so high, especially with the prices being higher then ever. Pay cash and talk them down in price. That’s what we do with all our vehicles

Wings is usually one of the best, and they are at 6.74% for 3 years, 7.19% for 5 years and 7.35% for 6 years too.

Thanks for all the feedback. Wings is my current CU but that’s only because they had the lowest rates on my previous ride. Not wedded to them because the locations aren’t convenient for me either. This gets me some options to explore for sure.

Out of curiosity I checked a few traditional banks, and they were all 9-11% depending on year and credit score. Yikes!

Bearcat89 wrote:

Crazy the used car rates are so high, especially with the prices being higher then ever. Pay cash and talk them down in price. That’s what we do with all our vehicles

It’s a crappy time to need a new whip for sure. Interest is almost twice what my last loan was. But I still prefer to keep my cash in a high yield savings where I cab access it immediately if needed. If I compare what I’m making in interest monthly there vs what I will spend monthly in interest on the auto loan, a 7% auto loan feels more like 3.5%

Prices for the vehicles I’m looking at aren’t too outta whack, fortunately.

The Honda dealer offered the best rates when we bought a new Pilot.

FWIW rates should be coming down later this year, if you can wait. Or just refinance then.

Royal Credit Union is in the range of 6.24% to 8.5% depending on the age of the vehicle and length of the loan.

bigcrappie wrote:

The Honda dealer offered the best rates when we bought a new Pilot.

Yes, for new vehicles dealers usually have the best rates due to promotions etc. Less then 1% for our vehicle; but that was purchased a few years ago.

My truck is .7% buy new I see Gm finacial is as low as .9% now depending on what your looking at.

BigWerm wrote:

FWIW rates should be coming down later this year, if you can wait. Or just refinance then.

With inflation numbers ticking up the last few months. The Fed has gotten squishy on dropping rates. I wouldn’t expect any loan rates to come down this year like they mentioned would happen.

Michael Best wrote:

<div class=”d4p-bbt-quote-title”>BigWerm wrote:</div>
FWIW rates should be coming down later this year, if you can wait. Or just refinance then.

With inflation numbers ticking up the last few months. The Fed has gotten squishy on dropping rates. I wouldn’t expect any loan rates to come down this year like they mentioned would happen.

This is my thought too. I have been following closely and one article will come out saying “expect rate drops” and another will follow it a week later that says “don’t expect rate drops.” Ultimately if rates drop significantly I think the used car market will get more competitive at that time, and I’m not trying to be wrapped up in a frenzy like that either.

The best offer I got at the dealer was 7.9% from Topline and Trustone, despite having an 840 credit score. I ended up calling around and getting 6.29% from St Paul Federal CU which I can live with. My 2019 Ridgeline is getting detailed as we speak so I’m happy. I know, I know, not a “real truck” — but perfect for my needs towing a 16 foot tin boat.

dirtywater wrote:

My 2019 Ridgeline is getting detailed as we speak so I’m happy. I know, I know, not a “real truck” — but perfect for my needs towing a 16 foot tin boat.

Its a pretty sweet truck

Youbetcha wrote:

Its a pretty sweet truck

I’m just happy there is another Ridgeline owner here, so Carter Youbetcha can start his IDO Subgroup now!

Some of us are man enough to drive a v6 unibody

Theres probably more guys with them you just scare them off

dirtywater wrote:

Some of us are man enough to drive a v6 unibody

Hahaha yes! I don’t hate on Ridgelines, I think they are perfectly fine vehicles. However, don’t join the FB Ridgeline Group and then post you doing truck stuff with your Ridgeline. One of my best friends did that once with some dead deer in his Ridgeline during hunting season, and somewhere out there are some very upset cat ladies, still!

You’re just giving me ideas now. The cargo trunk has a drain so I’m thinking fill that bad boy with ice and toss a few walleyes on to bleed out. And then photograph my wife’s cats salivating over the scene. This is the kind of content that Facebook lacks.

So with rates for used at an all time high, is it the same if you finance new? It has been 24 years since I bought new and it was like 1% through Chrysler.

Anybody buy a new truck recently? I would probably just pay cash but if the financing aint brutal, I would just do that?

eyeguy507 wrote:

So with rates for used at an all time high, is it the same if you finance new? It has been 24 years since I bought new and it was like 1% through Chrysler.

Anybody buy a new truck recently? I would probably just pay cash but if the financing aint brutal, I would just do that?

Most manufactures are offering pretty good rates for new trucks. But if you would pay cash it wouldnt matter.

Thought about getting into something with a crew cab to make kid seats simpler, but the price of used trucks and SUV’s combined with outrageous (IMO) interest rates have me loving my paid off ext cab and commuter car combo.

Westconsin had me at 3% when I was paying for my truck and now the best they say they can do for gold members is 6… so no thanks, I’ll pass.

Good luck man hope you find something worthwhile, and pay it off early.

I did visit the dealer and looked into buying new since the rates are so much better. Honda had a pretty good incentive going for the ridgeline but my payment still would’ve been almost twice what I ended up with for a 2019 with 60k miles. Not to mention insurance costs. So I feel like a hit the sweet spot for my needs.

As crazy as it seems, the used truck prices are actually better than they were 12-36 months ago. I’m not denying they’re still high, but it is better than it was. It’s not a bad time to buy if you have the cash or a majority of the cash to put down. If they do start slowly dropping rates this Fall or next year the lightly used truck market will go right back up. There’s still plenty of pent up demand in the economy.

My DD is a 2013 Crewcab F150 with 110k on it. Paid cash 8 years ago and only put about 8500 miles on per year. I put some miles on 2 other older trucks for plowing and running around locally, so it’d take a pretty decent deal for me to want to swap out. If I have my way, I’ll pry another 40 away from the neighbors before I upgrade a truck. I let the Mrs. have the latest and greatest.

In 2020 the Fed removed the 6% fractional reserve holding rule for banks. So banks can make as many loans as they want to now.

My bank just raised the checking account monthly service charge min daily balance waiver up $5k. The min balance went from $10K up to $15K in one month. We walked away from that deal.