monthly payments. .whats everyone paying?
12-25-2016, 04:05 PM
#21
Beer Gut Extraordinaire
$662/month on a 24 month lease.
About to be reduced to $591/month when my new truck arrives.
About to be reduced to $591/month when my new truck arrives.
12-25-2016, 04:11 PM
#22
$10.5k down (from selling my 2012 XLT)
2.25% interest
$643/month for 5 yrs
2.25% interest
$643/month for 5 yrs
12-25-2016, 04:22 PM
#23
Has anyone here refinanced yet?
I have a 3.0 interest rate which isn't too bad so if I refinanced after maybe two years I'd get a much higher rate but probably a much lower payment overall.
I have a 3.0 interest rate which isn't too bad so if I refinanced after maybe two years I'd get a much higher rate but probably a much lower payment overall.
12-25-2016, 04:35 PM
#24
Senior Member
12-25-2016, 04:51 PM
#25
The link you provided has the rates for a 2015 at
1.99% APR36 months 2.49% APR48 months 2.99% APR60 months 3.61% APR72 months†
I originally got a 3.0, so really only two of those are significantly lower than my current rate. A 2015 even if it was purchased new is considered a Used car which means you get used car rates.
So my options under the Credit Union you listed are.
Go with a lower rate and my payment increases about $60 OR go with a slightly higher rate of 0.61% higher and save about $200 every single month on a lower payment.
Obviously, higher rate and longer term means its more expensive in the end but it helps to lower your monthly payment.
Also, I don't have "poor" credit but I do have very limited credit, meaning I've done very little with my credit since I always just pay things in full, my F150 is only like the second or third thing I've ever financed.
I ended up having to buy a 2016 Ford Focus and trading it in after like 3 months just to establish credit so that banks would loan me more money lol so that's where I picked up the negative equity that I carried over to the new loan. Sucks but oh well.
12-25-2016, 05:12 PM
#27
Senior Member
My payment comes out of my pay check every week. It's like $104 a week. 5 or 6 days after my purchase I refinanced with my credit union at 1.49. When I'm getting %10 on conservative mutual funds, I'll stretch those payments out for years.
12-25-2016, 05:45 PM
#28
Not necessarily, depends on the term.
The link you provided has the rates for a 2015 at
1.99% APR36 months 2.49% APR48 months 2.99% APR60 months 3.61% APR72 months†
I originally got a 3.0, so really only two of those are significantly lower than my current rate. A 2015 even if it was purchased new is considered a Used car which means you get used car rates.
So my options under the Credit Union you listed are.
Go with a lower rate and my payment increases about $60 OR go with a slightly higher rate of 0.61% higher and save about $200 every single month on a lower payment.
Obviously, higher rate and longer term means its more expensive in the end but it helps to lower your monthly payment.
Also, I don't have "poor" credit but I do have very limited credit, meaning I've done very little with my credit since I always just pay things in full, my F150 is only like the second or third thing I've ever financed.
I ended up having to buy a 2016 Ford Focus and trading it in after like 3 months just to establish credit so that banks would loan me more money lol so that's where I picked up the negative equity that I carried over to the new loan. Sucks but oh well.
The link you provided has the rates for a 2015 at
1.99% APR36 months 2.49% APR48 months 2.99% APR60 months 3.61% APR72 months†
I originally got a 3.0, so really only two of those are significantly lower than my current rate. A 2015 even if it was purchased new is considered a Used car which means you get used car rates.
So my options under the Credit Union you listed are.
Go with a lower rate and my payment increases about $60 OR go with a slightly higher rate of 0.61% higher and save about $200 every single month on a lower payment.
Obviously, higher rate and longer term means its more expensive in the end but it helps to lower your monthly payment.
Also, I don't have "poor" credit but I do have very limited credit, meaning I've done very little with my credit since I always just pay things in full, my F150 is only like the second or third thing I've ever financed.
I ended up having to buy a 2016 Ford Focus and trading it in after like 3 months just to establish credit so that banks would loan me more money lol so that's where I picked up the negative equity that I carried over to the new loan. Sucks but oh well.
My best advise if you have limited credit. Stick with what you have for a few years, build your credit, and refinance when it goes up. Open up a credit card account and pay it off every month. Do not miss a single payment. When you are ready to refinance, shop around, including online lenders (reputable obviously). There are good lenders out there with good terms.
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gbk (12-25-2016)
12-25-2016, 06:12 PM
#30
It all depends on where you finance it, everyone sets their own terms. On my last vehicle I started at 2.9% at a credit union, after 2 years or so refinanced with another bank (who had their interest rates listed based on score #) so I knew what I was getting. It lowered my payments from 330 to $272, ~60 savings a month. I got a rate of 1.59% on a used refinance vehicle.
My best advise if you have limited credit. Stick with what you have for a few years, build your credit, and refinance when it goes up. Open up a credit card account and pay it off every month. Do not miss a single payment. When you are ready to refinance, shop around, including online lenders (reputable obviously). There are good lenders out there with good terms.
My best advise if you have limited credit. Stick with what you have for a few years, build your credit, and refinance when it goes up. Open up a credit card account and pay it off every month. Do not miss a single payment. When you are ready to refinance, shop around, including online lenders (reputable obviously). There are good lenders out there with good terms.
Thanks!
I think I'm just gonna end up keeping my current loan, it makes more sense to create a reputable credit history, from my credit inquiries most banks comment on lack of open account length so it's probably better to have a single 5-6 year loan than two short term loans since one of the things they look for is a max length of loan duration.