What was your interest rate when you financed your new ram?

[dbark]

I got 0%, I did my homework before going to the dealership and knew that Chrysler had 0% and also knew what I could get from my bank just in case. I had to give up some Chrysler rebates to get it but it worked out better for me have 0%. I bought in April, not sure what rates are like now, but with your credit score you should have been able to get the best rate. They might try to get you in a higher rate because they make money off that. Bottom line, do your homework before agreeing to anything.

 

[Klicht87]

2.08% @ 72 months for $62k with Navy federal. I didn't see any offers at the time for 0% from the stealerships

 

[SkeeterJackson]

I didn't finance my truck, but I did finance my wife's durango to get the extra $750 off through chrysler capital. I hate debt so I save up for everything prior to purchase if I can. That's the main reason I bought a bighorn and not a higher trim. Anyways, the dealer ran a credit check on my wife and it comes back with a score of 870. I dont think that is even possible so idk what happened there. Here's the kicker, they gave her a 9% interest rate because 'she has never had a loan through Chrysler Capital before'. Funny thing is she did have a loan for her previous jeep cherokee through Chrysler Capital, apparently they couldnt find it. Our plan was to finance to get the $750 off and then just pay it off right away. The dealer said 'you can do that, but you have to wait 6 months before you pay the loan off or else we, the dealer, gets in trouble'. They also made us finance at least 15k so they can make some money on interest I would guess.

I have reread the terms countless times and there is no penalty for paying off early, even prior to the 6 months so I kind of want to do it just to stick it to them. Seems like very shady business practices. She has had the durango for about 2.5 months now.

 

[AdamChandler]

I didn't finance my truck, but I did finance my wife's durango to get the extra $750 off through chrysler capital. I hate debt so I save up for everything prior to purchase if I can. That's the main reason I bought a bighorn and not a higher trim. Anyways, the dealer ran a credit check on my wife and it comes back with a score of 870. I dont think that is even possible so idk what happened there. Here's the kicker, they gave her a 9% interest rate because 'she has never had a loan through Chrysler Capital before'. Funny thing is she did have a loan for her previous jeep cherokee through Chrysler Capital, apparently they couldnt find it. Our plan was to finance to get the $750 off and then just pay it off right away. The dealer said 'you can do that, but you have to wait 6 months before you pay the loan off or else we, the dealer, gets in trouble'. They also made us finance at least 15k so they can make some money on interest I would guess.

I have reread the terms countless times and there is no penalty for paying off early, even prior to the 6 months so I kind of want to do it just to stick it to them. Seems like very shady business practices. She has had the durango for about 2.5 months now.

870 & 9% sounds screwy as Hell.

 

[arod412]

Ah… financing. One of the worst parts of purchasing a car.

In late 2020 when I reached out to Chrysler capital financing and capital one to get pre approved, they only gave me how much I was approved for. I knew I wouldn’t have an issue about approval and amount, my issue was always the rate.

When I called both companies over the phone, they WOULD NOT give me the info. All they did was forward the application over to my dealer. It was only when I sat down at the finance table is when I got my rate. I didn’t play any games, so I signed it, but 2 months later, I refinanced. No bonus for the dealer. Was pissed off.

Like previous post, the rate was3.89%…and my credit score is in the high 700. When I refinanced, I dropped it down to 2.5%.


2022 Big Horn Back Country
6/14…order placed
6/24…D status and Vin

2016 Dodge Charger scat pack and my wife 2021 Jeep Wrangler Unlimited Sahara

 

[jimothy]

I didn't finance my truck, but I did finance my wife's durango to get the extra $750 off through chrysler capital. I hate debt so I save up for everything prior to purchase if I can. That's the main reason I bought a bighorn and not a higher trim. Anyways, the dealer ran a credit check on my wife and it comes back with a score of 870. I dont think that is even possible so idk what happened there. Here's the kicker, they gave her a 9% interest rate because 'she has never had a loan through Chrysler Capital before'. Funny thing is she did have a loan for her previous jeep cherokee through Chrysler Capital, apparently they couldnt find it. Our plan was to finance to get the $750 off and then just pay it off right away. The dealer said 'you can do that, but you have to wait 6 months before you pay the loan off or else we, the dealer, gets in trouble'. They also made us finance at least 15k so they can make some money on interest I would guess.

I have reread the terms countless times and there is no penalty for paying off early, even prior to the 6 months so I kind of want to do it just to stick it to them. Seems like very shady business practices. She has had the durango for about 2.5 months now.

Your wife got lied to, too. The real reason for 9% is because the dealer got a big fat check out of the deal.

My advice: refinance right away and hope that the scummy finance department doesn’t get a dime in commissions for putting your wife in a loan she clearly is over qualified for.

 

[SkeeterJackson]

Your wife got lied to, too. The real reason for 9% is because the dealer got a big fat check out of the deal.

My advice: refinance right away and hope that the scummy finance department doesn’t get a dime in commissions for putting your wife in a loan she clearly is over qualified for.

I agree with you. Honestly I would have made a much bigger deal out of it, but 1. I knew we were going to pay it off right away so it's not a huge deal. 2. the dealer we were at was about 2.5 hours away from home and we had our newborn with us so we were kind of in a hurry (wrapped up the deal at about 7pm) and 3. I really didnt want to leave with out her getting a new car. Especially with the current market, this was the only durango we could find that she liked. We sold her jeep privately so we were down to just my truck for about 2 weeks. Not a huge deal because she was staying home with the little one, but still an inconvenience.

At the end of the day, we financed 15k at 9%. On the first payment, we paid off 13.5K, so we are only paying 9% on the remaining $1500. If I actually run out the payments 6 months and then pay it off, I will have spent about 500 bucks in interest and we got $750 off on the purchase price, so it would be a net positive. I would just rather pay it off and be done with it.

 

[mikeru82]

Financed my 2021 at 0% for 72 months through Chrysler Capital in early May. The truck would have cost the same regardless of how I financed it. The price and incentives/rebates were negotiated before any clear discussion of how I planned to pay for it, as well as whether or not I had a trade-in. I don't care what the monthly payments will be, I'm more concerned with the bottom line. And I ended up getting as much for my trade-in as I paid for it brand new 18 months before. No charges for things like nitrogen filled tires, GAP insurance, ceramic coating, interior protectant, GPS tracking. They didn't even try to upsell me. The only other charges on the purchase order were tax/title/license and a $90 documentation fee. My local small town dealership does right by their customers and don't play the games I've read about larger dealerships playing.

 

[SkeeterJackson]

870 & 9% sounds screwy as Hell.

When they came back with that I asked 2 questions:

1. is 870 even possible? I thought it only went up to 850? That doesn't seem right and I'm still not convinced that it wasn't correct.
2. If her credit score is 870, then why is she getting a 9% interest rate??

I responded to another post about the reasons why I just accepted it and moved on, but yes screwy is definitely the right word haha

 

[Yangster]

Mark Dodge: Picked up on 4/1/2021. 0.0% for 60 months (didn't want 72) from Chrysler Capital. Paid $58.2k on $69.0k MSRP. Employee cost was $60.2 and they didn't use my employee cost cert. I did receive some type of notice from Chrysler Capital right after ordering that I didn't qualify for 0%. I thought that was strange given my 800+ credit score. So I waited about 45-60 days and applied directly through Chysler Capital's website. Approved instantly and it was tagged to the vehicle. When it arrived, no questions. Just signed the paperwork with no add-ons excepted sales tax and a small doc fee for $215 (dealer prep and notary) and $65 for temp tags and license fees.

 

[Peebs1021]

I got the 0% for 72 months in April. Saw it advertised, told them that's what I wanted, and walked out happy about an hour later. As others have stated, I gave up some rebates but after doing the math, the savings in interest will more than make up for it.

 

[Sphinx_3]

3.5% for 84 months. Intend to refi in a few months. Credit 800+


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[Idahoktm]

I can guarantee the people who got 0% paid a heck of a lot more for their trucks ! You have to pick & choose what's more important to u. Either u get a really good price on your truck, good trade in value, or good interest rate. U will NEVER get all 3. Maybe 2 out of 3 if u know how to wheel & deal. The dealership is always going to make money some way. I got my Big Horn Level 2 for $40k with LED light package & a free roll up cover. I got $17k for my 2013 Ram BH level 1 with 72,000 miles on it which was at the top end for good to very good condition. I got screwed on my interest rate at 4.99% thru Chrysler Capital but I didn't care. I paid the truck off in 14 months !! They made about $700 in interest off me is all.

I negotiated nearly 10% below MSRP for my truck in April and financing never entered the discussion. When I picked up my truck in July, they asked if I was paying cash, using my own financing, or they said we could use Chrysler financing at 0%. I took the 0% deal. I sold my 2008 Tundra to a friend for $20k, so that was not a factor either.

 

[cevans6318]

not sure if this is true or not but was told by one dealer that you can't have the manufacture rebates and 0% apr. its one or the other. This weekend I will research around as I would be more satisfied to have a 2% or lower interest rate.

 

[Mexd781]

not sure if this is true or not but was told by one dealer that you can't have the manufacture rebates and 0% apr. its one or the other. This weekend I will research around as I would be more satisfied to have a 2% or lower interest rate.

That is true. The incentives are only $2250 down here in Florida, so I most likely will take the 0% this weekend since the interest I'll save will be more than the incentives.

 

[SpeedyV]

Looking to see what everyone's interest rate was when they financed their new ram. I am convinced the dealer screwed me. Could be wrong though. Bought my 2021 Ram 1500 last week. My credit score was 827 yet my interest rate was 3.89%. And I put $9000 down. And it was financed through TD finance. I was told Chrysler financial wanted to give me a higher rate. I questioned to the salesman about the 0% Apr that Chrysler advertises and he says no one gets that rate. Then I see dealers advertising as low as 2.1%. What did everyone else pay?

3.24% in 2018 (paid off)

 

[Mexd781]

Does anyone happen to know the credit score cutoff that Chrysler uses for the 0%?

 

[Sherran]

Oct of 2019 (25 yr old). My credit was considered "Ghost credit" since I've only used my debit card and haven't even looked at credit cards until my old truck started acting up and knew I'd prob need a new one soon. At the time of purchase, I was only 3 months into my credit card and it apparently takes 6 months to establish credit or at least that's what the dealership told me when trying to finance the truck. 10k down, 4.1% w/ SSFCU for 60mo.

 

[NorthStar]

Does anyone happen to know the credit score cutoff that Chrysler uses for the 0%?

I’m relatively certain it is based not only upon credit score but also LTV and ultimately how badly the dealer hosed us on the front end of the deal. I see the F&I department as the “true up” group in the dealership where they make up for any profits lost or given away on the front end of the deal. A dealer can claim to give you a dealer discount on the front end only to make it back up in the F&I office.

Sure, one can tout 0 for 60 or 1.9 for 72 but in the end (just like casinos) you can bet your backside the dealership NEVER loses a penny.

 

[mikeru82]

That is true. The incentives are only $2250 down here in Florida, so I most likely will take the 0% this weekend since the interest I'll save will be more than the incentives.

I have to respectfully disagree. I received the same factory incentives with my 0% financing that I would have gotten if I had financed through another lender.