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

[Mountain Whiskey]

I got 1.9 through Capital One at Criswell. It is for 60 months but there is no penalty for early payoff so I am making bi monthly payments to hit 4 years.

 

[cevans6318]

I got 1.9 through Capital One at Criswell. It is for 60 months but there is no penalty for early payoff so I am making bi monthly payments to hit 4 years.

never been in a loan that penalized you for paying the loan off early. That's a real bi&*t move if that was the case

 

[CanRebel]

Ram Rebel I just bought yesterday. Zero percent, no down payment( I did have to give $500 so they would build it, but wasn't needed if I took one they had)
96 months. I'm in Canada, it is with TD Auto Finance, that was because I picked them, it's bank I use.
Gave me some 'rebates' , one of them was $1250, rest they called 'dealer rebates' for $3000. they did tell me, I could get another $4k lower
but would have to be with manufacture finance and it would be 3 something. I took zero interest.

 

[T_etzz]

0% at the end of February through Chrysler Capital

 

[Sal731]

That’s the only way to finance!!! Free money

 

[cevans6318]

Fico Auto is actually very good about that. They lump hard pulls of the same type of lender so if you do 3 auto hard pulls, it'll show on your Experian report but FICO's Auto Loan score won't ding you over it. https://www.rategenius.com/when-multiple-credit-inquires-count-as-one



Don't go crazy but also don't worry about it too much. Think of it like colleges and apply to your top choice first but have a few safeties lined up. Like others have said, loan to value, debt to income, score and payment history are most important but FICO Auto looks specifically at your history with automotive loans.

thanks for the info. My question is, which actual link do I use to rate shop from this link https://www.rategenius.com/when-multiple-credit-inquires-count-as-one. It gives multiple links in there, all are different.

 

[AdamChandler]

thanks for the info. My question is, which actual link do I use to rate shop from this link https://www.rategenius.com/when-multiple-credit-inquires-count-as-one. It gives multiple links in there, all are different.

Good morning,

In this case, I’d try 3-4 places and you can really do it all w/o any credit pulls at all. Keep in mind the ‘posted rates’ on these sites are prime scores so generally 740+ score but what you can do is call up these banks and ask them what the APR is for your score. Most are pretty forthcoming about roughly what you’d qualify at. You can also ask what their loan to value ratio is for approving a loan so for example if you are financing a 50K for a 50K MSRP truck, they’ll value it a bit less than that around 45K and some may approve you but require you come back with 5K down. I pretty much never put money down on a loan because I always wait for a 0% interest deal so it’s just free money anyway.

I pretty much recommend everyone go To PenFed. .9% for ‘well qualified’ on new auto purchases is fantastic.
https://www.penfed.org/auto/rates

also, this calculator can help you determine how much interest you’d be paying. https://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

So 50K @ 2.99% over 60 months = $3000 in interest you’re giving to the bank. 1% gets you down to about $1281. That’s a set of tires.

Back to your question, this page if you scroll down has a nice guide “auto rates that are best by credit score” https://www.bankrate.com/loans/auto-loans/rates/ you can see how much the score has an impact on the ‘best rate’ but this is primarily banks. Credit Unions will always beat banks on APRs.

 

[GKIII]

For anyone contemplating 0% vs maximum rebates you really have to do a cost/benefit comparison between the two. Sometimes you may end up paying less over the life of the loan if the rebate/incentive is large enough (and the APR is low enough). There have been multiple times I've come across situations like this (both for myself and helping friends/family buy vehicles).

When talking about "free" money for 0% loans, it's not really "free" if you give up incentives. In my case the cost of my 0% loan was $1250 in the form of a lost incentive, but I saved ~$2500 over the life of the loan. If that incentive loss was ~$3.75k or more, we'd be having a different conversation.

 

[cevans6318]

Good morning,

In this case, I’d try 3-4 places and you can really do it all w/o any credit pulls at all. Keep in mind the ‘posted rates’ on these sites are prime scores so generally 740+ score but what you can do is call up these banks and ask them what the APR is for your score. Most are pretty forthcoming about roughly what you’d qualify at. You can also ask what their loan to value ratio is for approving a loan so for example if you are financing a 50K for a 50K MSRP truck, they’ll value it a bit less than that around 45K and some may approve you but require you come back with 5K down. I pretty much never put money down on a loan because I always wait for a 0% interest deal so it’s just free money anyway.

I pretty much recommend everyone go To PenFed. .9% for ‘well qualified’ on new auto purchases is fantastic.
https://www.penfed.org/auto/rates

also, this calculator can help you determine how much interest you’d be paying. https://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

So 50K @ 2.99% over 60 months = $3000 in interest you’re giving to the bank. 1% gets you down to about $1281. That’s a set of tires.

Back to your question, this page if you scroll down has a nice guide “auto rates that are best by credit score” https://www.bankrate.com/loans/auto-loans/rates/ you can see how much the score has an impact on the ‘best rate’ but this is primarily banks. Credit Unions will always beat banks on APRs.

I'm gonna be mad if I get a higher rate after applying through penfed. I already know what my score is, just now it shows 3 inquires on my report within the last 2 yrs. 1 was mortgage refinance last yr and the other 2 were when I bought the truck 2 weeks ago.

 

[Sal731]

Sticker on my rebel was 67,5 and change I paid a final sales price of 60,900. Zero for 72 months. You can still get incentives if the dealership applies them. Also got a check for 250.00 in the mail since I traded in my Silverado

 

[cevans6318]

I'd recommend anyone to join PenFed. Get the rebate via TruCar (backed by PenFed) and you'll win out by having access to some really good interest rates without a lot of shopping. Max out those rebates if you can...join Tread Lightly, PenFed, etc (how to get the best price thread is your friend).

Penfed is not sitting well with me right now. started opening a savings account Monday just to get the membership before applying for the refinance, had to uploaded proof of address, ssn and id. then said it needed to review my documents. called several times during the week and nobody can locate any of the info I sent in. First lady said it was with the fraud dept. Second and third ladies couldn't locate any of my info. facebook messenger said they located my info but it will take 1-2 weeks before it is reviewed. If it takes this long just to open a savings account, can only imagine how long it will take to refinance with them

 

[ExT]

Bought my 2021 last November. Got a Chrysler Finance approval for 2.89% (the 0% wasn’t available for 2021 models at the time) up to $90K loan although we wanted to put $30K down. I worked with a random sale rep via text message to negotiate the price before showing up. Once we got there. They tried to steer us from using Chrysler Finance to some other lender. We eventually agreed to switch to their provided lender with a bit higher price but lower rate 2.3% or so and ended up with less monthly payment for the same term.

I would suggest to do your homework before showing up at the dealer. Having the approval from Chrysler finance is a good start to see if they have any better offer.

 

[cevans6318]

Bought my 2021 last November. Got a Chrysler Finance approval for 2.89% (the 0% wasn’t available for 2021 models at the time) up to $90K loan although we wanted to put $30K down. I worked with a random sale rep via text message to negotiate the price before showing up. Once we got there. They tried to steer us from using Chrysler Finance to some other lender. We eventually agreed to switch to their provided lender with a bit higher price but lower rate 2.3% or so and ended up with less monthly payment for the same term.

I would suggest to do your homework before showing up at the dealer. Having the approval from Chrysler finance is a good start to see if they have any better offer.

Too late now. Already have the truck. I was set on getting the 0 apr. Either I really didn't qualify or the dealer f*&ked me and added to the interest rate. I suspect they did but I will never know. Odd because my credit score was 827. Find it hard to believe with a 827 credit score, I couldn't qualify for the 0 apr. Was told by the saleman that chrysler financial wanted to give me a higher rate then what they claim TD finance came back with which was the 3.89%. Can't cry about it now. Refinancing is the best option I can try for.

 

[ExT]

Too late now. Already have the truck. I was set on getting the 0 apr. Either I really didn't qualify or the dealer f*&ked me and added to the interest rate. I suspect they did but I will never know. Odd because my credit score was 827. Find it hard to believe with a 827 credit score, I couldn't qualify for the 0 apr. Was told by the saleman that chrysler financial wanted to give me a higher rate then what they claim TD finance came back with which was the 3.89%. Can't cry about it now. Refinancing is the best option I can try for.

Yup, you’ll never know unless you try it out yourself. I would take whatever dealership tells me with a grain of salt. Lol

 

[BigD]

My credit score is always above 800. Usually around 835 to 840. I got 4.99% thru TD Auto Finance for the wife's Kia Sorento. Got 4.99% thru Chysler Capital on my Ram. The Kia sales manager straight up told me he could give me like 1.9% but then they would jack the price of the car up $2,000. What I always do is take all the available rebates & get the car for as cheap as possible, & then I always pay the vehicles off way early. Paid my Ram off in 1 year. Will have the wife's Kia paid off in 2.5 yrs. The stealership is going to make money off u one way or the another. Best bet is let them think they got u on the interest rate & then send in double & triple payments & get that baby paid off early.

 

[c3k]

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?

I put half down and financed half...at 0% for 72 months. The vig was either 500 or a grand for that (a rebate was not valid if you took 0%).
I had a =really= good deal so I jumped at the chance to use the shrunken dollars of future years to pay for a truck I have now. (Yeah, that's the only silver lining I can find in the current inflation numbers coming from our monetary policy.)

I don't know when or if they rescinded the 0%. It does seem like you should be able to get lower.

 

[Sal731]

Zero percent is usually a promotional thing. It is offered a couple of times a year. My credit score is around 730 and I qualified for it so you guys with over 800 credit scores I’m sure are smart enough to know it had nothing to do with your scores. Lol though you guys love letting people know about your impeccable credit!!!

 

[cevans6318]

Zero percent is usually a promotional thing. It is offered a couple of times a year. My credit score is around 730 and I qualified for it so you guys with over 800 credit scores I’m sure are smart enough to know it had nothing to do with your scores. Lol though you guys love letting people know about your impeccable credit!!!

It’s been advertised on TV for months. If you go to ramtrucks.com that’s the first offer they give you.

 

[Idahoktm]

Zero percent is usually a promotional thing. It is offered a couple of times a year. My credit score is around 730 and I qualified for it so you guys with over 800 credit scores I’m sure are smart enough to know it had nothing to do with your scores. Lol though you guys love letting people know about your impeccable credit!!!

0% for 48 or 72 months has been available since at least April without interruption.

It doesn't seem like anyone here is bragging about their credit.

 

[NorthStar]

There is absolutely no entitlement to 0% interest and the dealer would prefer to make more profit on a non-FCA loan. If you think for a minute the hosing was done as soon as you agreed to a price on the vehicle, then you were sadly mistaken.

He who has the gold, makes the rules.

Pay in cash when you purchase or walk in preapproved your with your own lender and you’re in control…let the dealer do the legwork and you’ll get the rate they want to give you. Do your homework on financing before you walk in or know you will most likely be doing your homework afterward in the form of refinancing.

Yes folks claim to get 0% but not everyone does…