[JMacMpls]

I had a great rate for a long loan on my 16...

Their rates are substantially higher now. Who has the best 84 month rate?

And before you jump on me for a long loan term... I am self employed and like the security of the low payment, I've already paid off my 16.

So, skip the flaming and let's talk rates!

[derryck]

If the 'security of a low payment' really trumps giving away your money in interest, Google it or check with your lending institution. I don't think I've seen any manufacturers offering any sort of rate incentives beyond 72 months. The whole depreciating asset thing and long term financing obviously up the risk factor form their perspective. Your best bet will most likely be credit unions and places like Navy Federal, VyStar, USAA, etc.

[osugsxr]

correct try local credit unions and banks, i've always had better luck with credit unions for the best rates.

[mustangr2]

usually credit unions have the best rates for the longer term loans

[vondy21]

I have 1.65% for 72 months through my credit union. You might have to go back and forth between them and the dealer, it's their "beat the dealer" rate.

[CZ-4Runner]

Originally Posted by JMacMpls

I had a great rate for a long loan on my 16...

Their rates are substantially higher now. Who has the best 84 month rate?

And before you jump on me for a long loan term... I am self employed and like the security of the low payment, I've already paid off my 16.

So, skip the flaming and let's talk rates!

I think my credit score was 699 or so and my federal credit union as well as another credit union both were offering 4.2 for 84 months. Since my 4runner arrived late Friday, I went in empty handed on a Saturday just to check it out thinking I'd have to wait till Monday to drive off the lot since these credit unions are usually closed on the weekend. I was wrong, I drove off the lot that day because the Toyota financing department gave me a better rate of 3.8. They offered me a better rate of the extended warranty which I thought was a good idea to get since the loan was for 84 months/7 years.

[PaulB-2006 T4R]

1.65% on 72 months is a great rate on that kind of term. In general if you are willing to open all your accounts at a Credit Union you will get your best rates with favorable terms.

I have State Farm Insurance and I know they have loans too but I think they compete with banks. I would not be surprised if other larger insurance companies were the same.

[herooftheday]

Originally Posted by PaulB-2006 T4R

1.65% on 72 months is a great rate on that kind of term. In general if you are willing to open all your accounts at a Credit Union you will get your best rates with favorable terms.

I have State Farm Insurance and I know they have loans too but I think they compete with banks. I would not be surprised if other larger insurance companies were the same.

I used to work for State Farm and their rates weren't too bad, but were usually beat by the dealer. The one nice feature, though, was the free gap insurance through the State Farm loan. I've never purchased gap insurance because I put down enough to not need it, but I know it's pretty expensive if you need it.

[mountain mike]

I get the whole extending the payments out and then paying extra as I am commission employee and my income fluctuates as well.

However food for thought: If you are planning on paying it off quickly as you did your 2016 does it really matter much? A .25% difference on a 40k loan is $100 a year...

[PeoplecallmeIan]

Longer loan terms usually translate into a higher APR%. That being said, a credit union is your best bet for a lower rate...

[e60ral]

1) Don't get an 84 month loan, that is insane. (you should run numbers out for leasing, if you are always under an 84 month loan going from car to car leasing may actually be cheaper for you)

2) I usually can't beat PenFed and they are easy to work with, they just send you a check in the mail you can take wherever

[JMacMpls]

Originally Posted by e60ral

1) Don't get an 84 month loan, that is insane. (you should run numbers out for leasing, if you are always under an 84 month loan going from car to car leasing may actually be cheaper for you)

2) I usually can't beat PenFed and they are easy to work with, they just send you a check in the mail you can take wherever

I don't really disagree with you. But since there isn't a pre-payment penalty, and I pay it off well before the full term, it hasn't presented me with any problems. And because I drive 30k a year, leasing is not a viable option.

[Trixx]

So you have a paid off 2016 and now a 2017? Or what am I missing?

[jrandom]

Originally Posted by Trixx

So you have a paid off 2016 and now a 2017? Or what am I missing?

He could have bought his 2016 in sept of 2015, two years ago, not at all uncommon to have it paid off in that time. He may have had a large down payment and/or a good trade-in too.

[Trixx]

Originally Posted by jrandom

He could have bought his 2016 in sept of 2015, two years ago, not at all uncommon to have it paid off in that time. He may have had a large down payment and/or a good trade-in too.

I know that's possible - I paid cash for my 2017.

like - does he have a 2016 and is buying a new 2017? Or is he looking to take out a loan on the car he already owns?

I looked at it as he has a paid off 2016, and is buying or bought a new one?

Just seems confusing.