Mother Of All Whore Threads Non-VIP Edition v.1

They want 37k for that Tacoma. Offered 15k for my 10th Gen which I owe 9700 on. Said about $650 a month to finance the taco. I don't think I want to do that. That's $400 a month more than we pay for the civic. It's like having my car payment back for my si. I'm cheap.
 
Do you know how many miles the Tacoma had? The interest rates are a big part of the problem right now
 
webby said:
Do you know how many miles the Tacoma had? The interest rates are a big part of the problem right now
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74000 miles 120000kms
Interest rate is 8.9%.
They want to see my car to get a better price on that. They said they might be able to offer more for it, drop the payment to around 299 bi weekly at 7.99%. Still 7 year open load no penalties to pay off or refinance at lower interest rate of they fall.

Still not sure I want to do that. Just seems like a lot of money for a 6 year old vehicle. I could wait for an older truck for like $12k that needs some work. Taco needs no work though. And it's a taco. Toyota badge adds $10k to the price.
 
webby said:
Can you see what other banks or credit unions can do? I feel like they could beat that from what I’m seeing online in the states at least.
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Sorry. New bi weekly price is at 7.99%. Still high. But it's an open loan. I was told you can refinance when rates go lower? Never done that before.
 
Janz3n said:
it's an open loan.
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I had to look up the meaning on Cornell's legal site -

open-ended loan​

An open-ended loan is a loan that does not have a definite end date. Examples of open-ended loans include lines of credit and credit cards. The terms of open-ended loans may be based on an individual’s credit score.
  1. Line of credit: an agreement between financial institution and borrower, whereby the borrower is preapproved to take out funds up to a certain dollar limit. Money that is paid back can be spent again up to this dollar limit. The institution will also require interest payments to be made on the funds drawn. This type of instrument sometimes requires collateral (See secured debt).
  2. Credit card: an agreement between a financial institution and borrower, whereby the borrower is similarly allowed to borrow funds up to a preapproved dollar limit. The borrowed money must be paid back within a certain time period, otherwise interest accrues.
-============

I'm guessing they just mean it can be paid off early without penalty, or it can be refinanced? I'm not 100%, as I've not heard of an open loan before.

Auto Loan Rates & Financing in February 2024 | Bankrate

Compare auto loan rates. See rates for new and used car loans and find auto loan refinance rates from lenders.
www.bankrate.com www.bankrate.com
you could see if these also apply to rates in Canada?
 
That’s still expensive. Yikes. Not sure about the “open loan”. I’d want to have a defined term especially if they’re going for $280 biweekly. That’s $600/month with interest paying down quicker because more frequent payments. Should be able to do the math to figure out how long it’ll take to pay off principle. Sounds iffy here

1) Not heard of biweekly payment plan, only monthly.
2) 7.99% annual percentage or are they trying to pull a fast one of 7.99% monthly?
3) Defined period needed if they’re telling you payments. 36, 48, 60, 72, 84 months.
 
FooBird said:
That’s still expensive. Yikes. Not sure about the “open loan”. I’d want to have a defined term especially if they’re going for $280 biweekly. That’s $600/month with interest paying down quicker because more frequent payments. Should be able to do the math to figure out how long it’ll take to pay off principle. Sounds iffy here

1) Not heard of biweekly payment plan, only monthly.
2) 7.99% annual percentage or are they trying to pull a fast one of 7.99% monthly?
3) Defined period needed if they’re telling you payments. 36, 48, 60, 72, 84 months.
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It's $259 biweekly.
Currently pay 60 a week for the 10th Gen civic hatchback.
Usually we have options of weekly biweekly or monthly.
More frequent payment means a small discount. So we paid about 240 a month on the civic.

I'm not sure if the rate is annually or monthly but I would assume annually. Usually it shows how much interest you are paying extra over the entire term.

Period of the term is 7 years. I believe that is 84 month. I told myself I would never do that but if I can pay extra over the term with no penalty and re finance I'd be ok with that with a Toyota truck. We're pretty much putting down $7300 with the trade in so if all else fails we can always sell and still have the same money we would if we sold the civic private.

I'll find out more about the interest rate and terms of the open loan tomorrow. I was told I can refinance for a lower interest rate of that happens.


It's just hard because I live in a mountain town and do mountain stuff with mountain bikes and a truck with "off road" on the side makes the most sense.
 
FooBird said:
That’s still expensive.
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are you referring to the price of the tacoma itself? I know the civic was more expensive in canada, so I'd assume the tacoma pricing is also inflated over US pricing? The exchange rate is 1 USD to 1.35 Canadian according to google today as well.
 
I would say not just because of the price and somewhat no because of the rate. Looks like they are charging $3,000-$4,000 CAD off the brand new price of the truck(from what I found on Canadian msrp). I know its a "toyota" but 76k miles and unknown usage would deter me.


Not that it matters.....I got $5,500 off the new price with 16k miles and 6% rate. Which I need to go to my local credit union as they are advertising lowering your current rate by 1% if you refi with them on the car loan.
 
id be paying well over $300 bi weekly for a 2023 tacoma for 7 years 6.49%. doesnt appeal to me. even if they took money off the price.
 
Janz3n said:
id be paying well over $300 bi weekly for a 2023 tacoma for 7 years 6.49%. doesnt appeal to me. even if they took money off the price.
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This bi-weekly thing is messing with my brain.

So $600/month. Just say that lol :giggle:
 
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