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  #21  
Old 06-05-2012, 10:33 PM
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It doesn't drop drastically, but your debt to income ratio skyrockets.

I was offered 4% on mine (used) and turned it down to pay cash. If you are a first time buyer and have never financed before, do not expect to get anywhere NEAR that, on either a new or used vehicle, without either a cosigner or a significant (like 50%) down payment.

My first used car note was 18% interest. Credit Score was ZERO. That was in 2005, I am sure it is worse now. I bought a 6700 car and paid it off in 2 years to get rid of the loan, then I got something else with a MUCH better rate.

Personally, If I cant take a loan and pay it off in 5 years, I can't afford it. New or used. If I buy used, I never go more than one or 2 years, at most. My dad trades up every 2 years, usually in the 1-ton category.
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  #22  
Old 06-05-2012, 10:41 PM
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IIRC I put 20% down on my truck, and my interest rate is 4.9%. It was higher but they bought the rate down lower for me(1% IIRC). I should have my truck paid off in 2 years(4 years total, 1 year early).
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  #23  
Old 06-05-2012, 11:01 PM
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Quote:
Originally Posted by ndblacknight07 View Post
I am a first time buyer and my interest rate would be high on a used truck and i cant get a xosigner so thats why i was thinkn new. And if my payments werent low enough i just qont buy it
I have to agree and disagree with you on this. Do you know what your credit score is so you have an idea of your interest rate/paymentish?

Regardless, I don't know your situation but I think you would be better off going used and working up to a new truck. Yes you take a "risk" by going used because it was either someone else's baby or their ... yeah. The important thing is to take your time and get something that you can afford and be happy with. Trust me getting a new truck and only aiming for low payments is not the way to go I have been there and it is no fun.

Rather go after a nice used truck that is within a reasonable price range for you because then the payments will fall into place.

I am 19 now and starting with what you can afford will help you in the long run.
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  #24  
Old 06-07-2012, 08:31 AM
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ndblacknight07

I really think you should look around because I see those 03's go for around 6-7K

Last edited by dksram; 06-07-2012 at 08:34 AM.
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  #25  
Old 06-07-2012, 08:44 AM
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Well my credit score is 750-60ish and Dodge said sure we will finance if you can get a cosigner. That was with 6.0 interest. And they offered me 7500.00 trade in on a what I see as mint 2007 Dodge Ram 1500 Lone Star Edition. Garage kept, 100,000 miles 4.7 v-8 auto. Bright White. No scratches or dents at alllllllll. Interior protected and weathertech digital fit mats
Well to say the least I was not invited back to that dealership after I laughed at the finance manager. Maybe because i said, "I'm 50, My dads 74. Hell no I want ask for anyone to cosign....and why not just slap me in the face and spit on me with the ridiculous offer on a trade in of 7500.00 when you trying to sell 2 just like mine for 15,995.00 with 145,000 + miles on both.
I told them when I walked in I already knew someone that would give me 12000.00 cash and the funny part is my bank told me I could spend up to 30,000.00 with 3.9 interest on anything 2010 or newer.

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  #26  
Old 06-16-2012, 03:26 AM
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OK just signed loan on truck today. I have to wait on check to get to bank for payoff (for the guy that owns it) and title to get to my lender, then shes all mine. Ill post pucs as soon as i get it. Its 2004 blue 1500 hemi quad cab offroad package with k&n intake magnaflow exhaust and federal courigia m/t.
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