Hey everyone. I am wondering what the interest rate is currently for a used truck? It will be in the 2016-2019 year range. My credit is very good high 800s. I don’t want to run a credit check just to get a idea of the rates available. I am selling my current truck which is paid off but would like to use that money and buy some stocks with a higher yield hopefully then the auto loan interest rates
Used auto loan rates?
- Thread starter hondalrd
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0neoldfart
Active VIP Member
No idea what used interest rates are, but a line of credit might be your best best. 1/2 - 1% over prime depending on your bank, and way easier to pay out early...
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ABMax24
Active VIP Member
My guess is you won't do any better than 5.5% on a used auto loan. If you intend to buy as new as 2019 I'd have a hard look at the numbers because it may in fact be cheaper overall to buy new, especially if you purchase from a dealer. Usually you won't get that great of a price on a 1 year old truck, so a small decrease on interest rate on a new truck could make it lower cost overall.
I'd also be very careful with your intent to invest in stocks, the average person is usually better off to pay down debt instead of trying to earn back the interest on the stock market. You could absolutely knock it out of the park and make a pile of money, but you could also loose it all and still be stuck with a truck loan.
I'd also be very careful with your intent to invest in stocks, the average person is usually better off to pay down debt instead of trying to earn back the interest on the stock market. You could absolutely knock it out of the park and make a pile of money, but you could also loose it all and still be stuck with a truck loan.
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pfi572
Active VIP Member
This
Line of credit is best option . Did it years ago with Morgage for 12 months .
Wanted to defer total payout over a couple years of income due to tax’s .
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Bogger
Bogger of the GBCA
When we bought the wife's Subaru Legacy this is what happened, it was actually $4000 cheaper for us to buy a new one than a 1 yr old with 15K km because we got 0.9% interest on the new but used was around 6%.
rgashkei
Active member
My daughter just bought her first truck, no real credit rating and she got 6.74% on a 6 year loan. Could have done a line of credit but because she is young she wants to build up her credit rating, line of credit will not do that. Plans on paying it off earlier.
dragonweld28
Supporting Vendor
I bought a used diesel and got 4.49% from ATB.
Frosty19
Active VIP Member
Last time I had a used car loan I got 4.99 but that about 6 years ago.
I currently have a line of credit through RBC but the interest rate seems stupid high to me so dont use it for anything. Anyone mind sharing what kind of rates they have on their LOCs? Have been meaning to shop around for mine but haven't been wanting to buy anything requiring it lately
I currently have a line of credit through RBC but the interest rate seems stupid high to me so dont use it for anything. Anyone mind sharing what kind of rates they have on their LOCs? Have been meaning to shop around for mine but haven't been wanting to buy anything requiring it lately
sc800
Active VIP Member
That would more than likely have to be a secured line of credit on your house. Unsecured line of credit is much higher.
0neoldfart
Active VIP Member
Mine is 50K, unsecured through Scotia. Interest is 3.49%.
Cat401
Active VIP Member
don't fool yourself people. When a car company is offering a low low rate on new, YOU are usually paying to buy down that rate. Most times there is a cash rebate in lieu of low rate.
Do the math. Figure the cost to finance if you take advantage of the lower priced vehicle vs giving up the rebate and taking the low rate.
Do the math. Figure the cost to finance if you take advantage of the lower priced vehicle vs giving up the rebate and taking the low rate.
gdhillon
Active VIP Member
i too have a line of credit with rbc that’s stupid high. 6.9 for 30k, I have had to use it in the past but paid off that same month. I think I still got hit with the interest though?
I just went to driving force, I’m high 800s as well, on a 18 PSD for 53,500 they could only offer me 5.99 at best. I walked out lol
How would a guy go about inquiring at different Banks for better LOC rate? I have been finding some nice private sales recently
pete gads
Active VIP Member
HI. I JUST BOUGHT A 2017 GMC TRUCK AND A 2019 GMC TERRAIN, BOTH USED FROM DIFFERENT DEALERS. BOTH AT 4.9% for 60 MO. WAS GOING TO PUT 30,000 DOWN BUT DEALER SAID LESS PUT DOWN BETTER YOUR RATE. ENDED PUTTING 7000.00 DOWN. FOUR DIFFERENT DEALERS SAID THAT CAR/TRUCKS GOING UP 10-15% END OF JULY AS WILL BE A SHORTAGE FROM MANUFACTURE DUE TO COVID 19
west coast
Active VIP Member
4.9 % with on a 2019 over 84 months.
kenvb
Active VIP Member
these 0 % car loans are false , they make sure the profit is built in to the price ,you are better off with a low rate than 0 . have the finance person work it out.dont just go by the payment. majority of car buyers want a low payment which is not good. and used vehicles usually do not have warrenty,and if buying a diesal.warrenty is very important.
gdhillon
Active VIP Member
i agree with you there man. However, I also have xplan with ford from work. So I’m told I get cost +2%.
im thinking I could use the 0 in my favour, if they are in fact still offering that
pfi572
Active VIP Member
Nope
Unless things have changed within the last couple years .
If buying through national account you can’t do both .
gdhillon
Active VIP Member
well dang lol
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