Financing

4by4runr

4by4runr

Member
Hi all,
I'm a 2007 hopeful once my lease ends (or sooner depending on finding a good truck at a good price) however, in checking with my bank for financing, PNC only finances vehicles with less than 80,000 miles.

I'm posting here because I figure gen4 probably has the most experience in overcoming this obstacle. Everything in my price point (under 15,000$) has over 100k on it, so where do you all get loans from?
Thanks everyone
 
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I just picked up a 2007 last night.

I had been agonizing over trying to find a vehicle which I could mostly afford and get a reasonable rate on. It was tough. Originally, I wanted to spend between $10-15k, but was finding vehicles with lots of miles in that range and with ridiculously high rates from the local credit unions on the older 4th gens (2003-2004).

Eventually, I figured out that I could still put the same amount down as I had originally planned, and finance more at a lower APR on a newer and lower mileage vehicle and pay slightly less than I would if I financed ~$6-8k on an older vehicle.

Older vehicles have a shorter repayment term and a higher APR with pretty much all credit unions. They were offering something like 6-6.79% for 24 or 36 months on the 2003-2004 vehicles. I went to my bank and got approved for 2.79% for 72 months on a vehicle with less than 100k miles and less than 7 calendar years old. My monthly payment is now the same as if I had bought a vehicle with triple the miles of the one I picked up and the truck is 4 years newer. But my repayment term is longer.


That said, take a look on your credit unions websites, check with the banks in your area, and make a spreadsheet for a payment calculator and play around with financing different amounts on newer vehicles than you had been looking at before. It could work out better for you in the long run.
 
At the beginning of this year, I financed a 2004 that had 104,500 on the odometer on 54 months at 4.5%....AND rolled a little negative equity into the loan too.

So yes, it can be done. But you have to get the dealership to shop the banks and find those deals for you. It was a local credit union affiliated with Kroger store employees that ended up financing me, and now they have a loyal customer.
 
I stopped dealing with banks years ago. All our accounts and mortgage is with a credit union. Much easier to deal with...far less fees (in fact mine has 0 fees).
 
i got my 04 sr5 with 120k miles for 11k a month ago. i had to get financing for 6k and the dealer recommended a credit union. in the end, they gave me a 2.5% total for 4 years. not bad.
 
Money is money. I wouldnt have allegiance to your Penfed if they cant get the job done. I just bought a 2005 with a 60 month term and 5.125%. Just shop for a bank or credit union.
 
stoves said:
I just picked up a 2007 last night.

I had been agonizing over trying to find a vehicle which I could mostly afford and get a reasonable rate on. It was tough. Originally, I wanted to spend between $10-15k, but was finding vehicles with lots of miles in that range and with ridiculously high rates from the local credit unions on the older 4th gens (2003-2004).

Eventually, I figured out that I could still put the same amount down as I had originally planned, and finance more at a lower APR on a newer and lower mileage vehicle and pay slightly less than I would if I financed ~$6-8k on an older vehicle.

Older vehicles have a shorter repayment term and a higher APR with pretty much all credit unions. They were offering something like 6-6.79% for 24 or 36 months on the 2003-2004 vehicles. I went to my bank and got approved for 2.79% for 72 months on a vehicle with less than 100k miles and less than 7 calendar years old. My monthly payment is now the same as if I had bought a vehicle with triple the miles of the one I picked up and the truck is 4 years newer. But my repayment term is longer.


That said, take a look on your credit unions websites, check with the banks in your area, and make a spreadsheet for a payment calculator and play around with financing different amounts on newer vehicles than you had been looking at before. It could work out better for you in the long run.
Click to expand...

You are financing a used car for 72 months??? Holy upside down batman! :wow2::wow2:
 
fedrlbiker said:
You are financing a used car for 72 months??? Holy upside down batman! :wow2::wow2:
Click to expand...

I was shocked to learn you could actually finance ANY car for 72 months. That is insanity.

Debt is more of a national past time than baseball or apple pie ever was, at this point
 
I appreciate your concern, I really do. I'm not worried about ending up upside-down because I don't owe all that much, I'll be paying extra each month, and I'll be using a chunk of whatever I get in quarterly bonuses to pay off the 4runner well before the lease term. I'm not relying on the bonuses for my income so I won't be hurting if there's a bad quarter. I kept my savings for that.

But yeah, cash is always the best. I bought my last 3 vehicles besides this for cash.
 
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