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Interest Rates

Discussion in '3rd Gen Tundras (2022+)' started by jmay86, Jun 15, 2022.

  1. Jun 22, 2022 at 6:42 AM
    #61
    iantung

    iantung So much mod, so little money

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    I don't like them just as much as y'all, but it gets the job done, gets me my Tundra and some.
    That's about it.....lol
    Good eye for catching which lot the pic was at
     
  2. Jun 22, 2022 at 7:05 AM
    #62
    War Machine

    War Machine SSEM # 5 3MW

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    Got my first Tundra there. Only reason I didn’t walk was because they had the only one of what I wanted. Price was great but they started lying their asses off in the finance office. Might be the only time I’ve ever yelled at someone I was a customer of. No chance I’ll ever buy from them again.
     
  3. Jun 22, 2022 at 7:25 AM
    #63
    iantung

    iantung So much mod, so little money

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    Oh yea, F their finance department, bunch of fat liars.... The only thing I got from them was a 7 year extended warranty for $1200 and I cancelled as soon as I got home that night.
     
    War Machine likes this.
  4. Jun 22, 2022 at 7:44 AM
    #64
    War Machine

    War Machine SSEM # 5 3MW

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    I didn’t get anything from them besides the Tundra. Came down to me telling them to either fax the invoice to my bank or keep the damned truck. This was in 2011, but from what I’ve heard they haven’t changed in the last decade.
     
    iantung likes this.
  5. Jun 22, 2022 at 7:45 AM
    #65
    Kung

    Kung ^ likes to fart

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    [​IMG]
     
    Outbound likes this.
  6. Jun 22, 2022 at 7:45 AM
    #66
    Kung

    Kung ^ likes to fart

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    I think we have 1.79% on our 4Runner for 60 months, no down payment.
     
    I8NJ likes this.
  7. Jun 22, 2022 at 7:49 AM
    #67
    iantung

    iantung So much mod, so little money

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    Nope. Didn't change. Other than getting a vehicle and doing recall(s) I avoid all dealership at all cost.
     
    War Machine likes this.
  8. Jun 22, 2022 at 3:20 PM
    #68
    I8NJ

    I8NJ New Member

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    I wanted to pay it off in 4 years and I couldn't afford the payment without putting a large down payment on it.
     
  9. Jun 22, 2022 at 3:38 PM
    #69
    Henry2019

    Henry2019 N/A

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    I used to work at Joe Liars XD
     
    iantung likes this.
  10. Jun 22, 2022 at 3:40 PM
    #70
    Henry2019

    Henry2019 N/A

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    :rofl:
     
  11. Jun 22, 2022 at 8:06 PM
    #71
    iantung

    iantung So much mod, so little money

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    OK, not gonna call cheat, but, CHEAT!!
     
    Henry2019 likes this.
  12. Jun 27, 2022 at 12:38 PM
    #72
    CN_AK86

    CN_AK86 New Member

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    Anybody have any guesses on where Toyota’s rates will be when the current rates/incentives expire July 5th?
     
  13. Jun 27, 2022 at 1:53 PM
    #73
    nodak67

    nodak67 New Member

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    based on previous bumps, prob another .25 points.


    may was 2.49
    june was 2.75

    july prob 2.99

    on 60 months with tier 1 credit


    i know 72 months was at 3.75 for june, prob jump to 3.99
     
  14. Jun 27, 2022 at 2:01 PM
    #74
    Kung

    Kung ^ likes to fart

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    Oh, we're definitely paying it off way before 5 years; I paid my Tundra off in 23 months, and I plan on paying off our 4Runner in about the same amount of time, if not sooner. But at least I can keep the interest rate low while doing so. :)
     
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  15. Jul 7, 2022 at 4:19 AM
    #75
    nodak67

    nodak67 New Member

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    for kansas region, rates jumped from

    2.75% @ 60 to 2.9% @ 60,

    3.49% @ 72 to 3.9% @ 72

    valid until 8-1-22
     
  16. Jul 7, 2022 at 4:45 AM
    #76
    LukeS

    LukeS New Member

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    My wife's Corolla, now our son's, we had a $300/month payment, but I set up auto pay for $100 a week and paid it off in almost half the time. Her Rav4 she has now is $450, but we auto pay $150 a week. Will be doing the same with my Tundra.
     
    Yugo likes this.
  17. Jul 7, 2022 at 6:28 AM
    #77
    iantung

    iantung So much mod, so little money

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    That's very interesting. Luke, if you don't mind, can you share the ball park of your interest rates on those two cars?
    My Tundra is actually close to paid off, with trade-in and a $10K down pay, I was left with less than half, and then I transferred to Credit Union for 0.99% for 36 months, but I am paying $1000/month (payment was like $560 something?) so I am scheduled to pay it off soon, too. But I do wonder about those doing weekly payments instead of monthly, how much difference are we seeing?
     
  18. Jul 7, 2022 at 6:56 AM
    #78
    LukeS

    LukeS New Member

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    Corolla was 0% for 4 years and Rav4 is 1.9% for 5. We got that Rav in December and unfortunately know we won't see anywhere near 1.9 on the Tundra with the interest hikes.

    Corolla was paid off about 1.5 years early. Rav I was wrong on payments, it's closer to $500 than $450 so with the extra payments we are looking at having it paid off in 48 months instead of 60.
     
  19. Jul 7, 2022 at 7:05 AM
    #79
    iantung

    iantung So much mod, so little money

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    Ah. Thank you for that. Even 48m instead of 60m is still impressive.
    Dealers would not offer anything under 3% or close at this point. I personally think to check with your bank/CU to see if they can offer lower.
    CU is more likely if 1. your vehicle is newer ( I think 5 and under?) and 2. it is under certain amount. Mine was maybe $40K limit due to a smaller local CU. But by the time I transferred my loan over to CU it was around $18K on a 8 months old car, so they took it. They did offer 1.9% for 60/72 months but I was like, meh, I will take 0.99% for 36 months and pay off early, I did also confirm that there will be no early payoff penalty.
     
  20. Jul 7, 2022 at 7:57 AM
    #80
    nodak67

    nodak67 New Member

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    doing weekly payments vs monthly only works if the loan adjusts and/or allows weekly payments. the weekly payments actually lowers your principal each week which in turns saves interest. if the bank/processor holds the weekly payments until the due date then doing weekly saves you nothing.

    devil is in the details of the loan :)

    good example is my mortgage, i can make bi-monthly payments but the bank will hold the payments until you break the payment threshold.

    in order to lower your principal between monthly payments you have to do a separate payment to principal only.
     
    Retired...finally and LukeS like this.
  21. Jul 7, 2022 at 8:02 AM
    #81
    LukeS

    LukeS New Member

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    That's the most important thing. Need to make sure the extra is going to principal and not just paying ahead next month's regular principal+interest payment.

    Sure, paying more than required will pay off your loan early either way, but if that extra $ is only going to principal it will be paid off even faster.
     
    nodak67 likes this.
  22. Jul 7, 2022 at 8:14 AM
    #82
    nodak67

    nodak67 New Member

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    ie: if your payment is $455 but i send $500. all this does is lowers the next months payment by $45. if you send another payment you need to specify that payment if for principal only which affects the loan totally differently.

    depending on how you are to risk aversion, you can do the $500 to give yourself a payment buffer in case of an emergency and on top of that, you can send another payment for principal only to lower the payoff faster which is a different metric to track.

    it can get confusing really fast but there are tools out there to help with this.

    this rule will never apply to a mortgage since you cant get ahead on a payment, but anything past the minimum is "usually" applied to principal per rules. read your loan details.
     
  23. Jul 7, 2022 at 8:16 AM
    #83
    iantung

    iantung So much mod, so little money

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    Any special language I need to look for? I typically just pay almost double the amount every month and it does make the total reminder lower but not exact match of the payment, hence, interests.
     
  24. Jul 7, 2022 at 8:18 AM
    #84
    nodak67

    nodak67 New Member

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    in a nutshell, it should be noted somewhere on how extra funds are applied. it will either say toward the next payment (standard practice since the bank makes more interest) or to principal or interest only. usually on your payment form it will have blocks to denote how the extra payment is applied.
     
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  25. Jul 7, 2022 at 8:21 AM
    #85
    nodak67

    nodak67 New Member

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    i would re-evalaute your payments. making 2 payments just means you are making 2 interest payments and lowering the number of payments. your best bet long term to save interest is to make a single payment and use the fund from the 2nd payment for principal only. but thats just me.

    each person looks at a loan duration differently. if you have 0% interest, or .9% the extra princpal payment may not save enough interest long term to deal with the hassle. do you save maybe $300 interest by making a 2nd principal payment only or would you rather lower the number of payments over the course of time by 1/2?

    again you have to run the numbers to see what makes sense to your budget and financial needs now and or in the future.

    again find some online tools to run scenario's

    i use a phone app called fncalculator.com to run numbers.
     
    Last edited: Jul 7, 2022
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  26. Jul 7, 2022 at 8:27 AM
    #86
    iantung

    iantung So much mod, so little money

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    Right, at 0% or under 1% it might not matter that much, especially when the loan amount is not high enough. For a $60K purchase, then yea, it would make sense to really dig the numbers to make sure you are not only padding the interests but the principal.
    I will continue my $1000/mo payment or dump a lump sum when I have enough to just get rid of the loan.
     
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  27. Jul 7, 2022 at 9:49 AM
    #87
    Bobby Z

    Bobby Z New Member

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    Almost all loans today are simple interest. Credit Cards, Mortgages, Vehicles...You're charged interest per day (interest rate/360 - yes 360 not 365) x end of day principal balance. Do the calc in excel. Most calculators freak out. Any you pay above the scheduled payment goes to principal and lowers your daily balance so you owe less interest in subsequent days. It also has the effect of paying you ahead. No big deal unless they're only pulling the amount owed for the next payment from your account.

    30ish+ years ago loans were commonly using a practice called the Rule of 78. Interest was precalculated and you paid that amount each month in interest no matter your principal amount owed. Prepayment wasn't going to help you a whole lot. You didn't save any by having a lower than expected balance that month. Consumers preferred Simple Interest so they took over.

    I worked in Finance at the time this transition took place.
     
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  28. Jul 7, 2022 at 9:53 AM
    #88
    Bobby Z

    Bobby Z New Member

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    Thats not the case. See my post above explaining how it works ^. Your interest is calculated daily based on the balance. When you make a payment it pays the interest accrued daily since the last payment and the rest goes to principal. This lowers your principal owed so lowers interest owed.

    https://www.investopedia.com/terms/s/simple_interest.asp if you want proof
     
    Last edited: Jul 7, 2022
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  29. Aug 3, 2022 at 7:40 AM
    #89
    nodak67

    nodak67 New Member

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    for kansas region, rates stayed the same until sep-06

    2.9% @ 60,

    3.9% @ 72
     
  30. Aug 4, 2022 at 12:07 AM
    #90
    Tundralicious

    Tundralicious New Member

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    Stock for now
    On the Canadian website, the interest is now at an all-time high 7% if you want to get a Tundra. Glad I got mine at the beginning of 2022.
     

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