Monthly payment TRX?

Evil_German

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There are a lot of factors that will vary monthly payments for people. Here are some.
- Price of Truck including (Taxes, Fees, etc)
- Loan Term (60/72/84 months)
- Down Payment
- interest Rate (As stated above, rates are good if you have good credit. But they also change in a few different ways. 1st - Loan Term can change interest rate (60 months = 2.5%, 72 months = 3.5%, 84 months = 5%) 2nd ask your F&I person what the “Buy Rate” was from the bank ( Dealerships make money by adding % points to the bank rate (Example: if the bank gave the dealership a rate of 2.5% for your loan, they will tell you 3.5%) The dealer will receive the extra 1% on your loan.

with all that said - not knowing your situation a payment of $1300 - $1500/month is what I have seen without money down.

Hope this helps.
 
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Bambi

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You mean like paying $8,000 every day for seven days straight to the finance company?
Hey, having a loan, sucky as it is, saved me some 5K. And once the three months are up and I can pay the car off, the interest paid will be less than $300.

Best of all, then the TRX will be mine.
Whatever floats your boat. If having the pink slip in hand makes you happier than the cash gained, I’m not going to argue the point
 

Bambi

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There are a lot of factors that will vary monthly payments for people. Here are some.
- Price of Truck including (Taxes, Fees, etc)
- Loan Term (60/72/84 months)
- Down Payment
- interest Rate (As stated above, rates are good if you have good credit. But they also change in a few different ways. 1st - Loan Term can change interest rate (60 months = 2.5%, 72 months = 3.5%, 84 months = 5%) 2nd ask your F&I person what the “Buy Rate” was from the bank ( Dealerships make money by adding % points to the bank rate (Example: if the bank gave the dealership a rate of 2.5% for your loan, they will tell you 3.5%) The dealer will receive the extra 1% on your loan.

with all that said - not knowing your situation a payment of $1300 - $1500/month is what I have seen without money down.

Hope this helps.
Mine is $18XX/month on a 48. Interest rate on payments is 1.79% but got a bunch of free cash/incentives on the loan. 1% of loan value in cash as a bonus for example.
 

Evil_German

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Mine is $18XX/month on a 48. Interest rate on payments is 1.79% but got a bunch of free cash/incentives on the loan. 1% of loan value in cash as a bonus for example.
My point exactly - Everyone will be different.
you opted for shorter term with a higher payment. Because of the shorter term and good credit you were able secure a low interest rate due to being a lower risk only borrowing for 4 years and not 7.
 

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Whatever floats your boat. If having the pink slip in hand makes you happier than the cash gained, I’m not going to argue the point
Well, you would not like the interest rate on that loan. Now It doesn't really matter that it's quite high.
 

Hell_TRX21

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So for all the guys paying cash or large down payments over $10k, does that get reported to the IRS?
 

Bambi

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So for all the guys paying cash or large down payments over $10k, does that get reported to the IRS?
People say cash when they mean bank money so wire or check. It isn’t stacks of bills (generally). If you bring in 10k or over to dealership in greenbacks, yes you would generate a report
 

Informal

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With interest rates so low right now why pay cash... Take a loan at 2-3% and let your money work for you.

When I bought my 2015 Sport, I was going to pay cash, But my credit Union had a 1.5 percent rate... It got knocked down to 1 percent because we had direct deposit.... 1% is almost free money... Would rather have the capital in the bank for a rainy day at that rate, so I financed over half of it.

Just saw a commercial that Ram is offering 0% for up to 72 months.... If anything near that offer is available by the time mine is delivered, I'll definitely finance a chunk of it.
 

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Mine is $18XX/month on a 48. Interest rate on payments is 1.79% but got a bunch of free cash/incentives on the loan. 1% of loan value in cash as a bonus for example.
Right there with you. I'm 1400 on a 60. Think I'm at 3 or 4% but didn't care because I knew this truck would depart in a year anyway and my Youtube views pays for the TRX. Which I would like to thank those who have watched these last few months :love:
 
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Right there with you. I'm 1400 on a 60. Think I'm at 3 or 4% but didn't care because I knew this truck would depart in a year anyway and my Youtube views pays for the TRX. Which I would like to thank those who have watched these last few months :love:
Is ur payment $1,400 a month?
 
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There are a lot of factors that will vary monthly payments for people. Here are some.
- Price of Truck including (Taxes, Fees, etc)
- Loan Term (60/72/84 months)
- Down Payment
- interest Rate (As stated above, rates are good if you have good credit. But they also change in a few different ways. 1st - Loan Term can change interest rate (60 months = 2.5%, 72 months = 3.5%, 84 months = 5%) 2nd ask your F&I person what the “Buy Rate” was from the bank ( Dealerships make money by adding % points to the bank rate (Example: if the bank gave the dealership a rate of 2.5% for your loan, they will tell you 3.5%) The dealer will receive the extra 1% on your loan.

with all that said - not knowing your situation a payment of $1300 - $1500/month is what I have seen without money down.

Hope this helps.
Definitely I need to learn how to figure and understand all this factors u speaking off? Dang I wish I understood. Can someone teach me how to understand all this? Class 101 😓
 

KingTuck

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You can go even further out to 96 months on a term.

I heard some banks will even go longer than 96.

The longer the term typically means the higher the interest rate just like @KnightMare explained. For example, a 72 month term on a 90,000 dollar vehicle at a 3.0% interest rate comes out to be about 1,497 per month with zero down. For every 1,000 you put down it will lower your payment by about 15 dollars.

Sales tax is key as well which in my state it is 9.1%. I used the sales tax plus licensing fees which is about 350 bucks in the example above. Sales tax at 9.1% on a 90k vehicle comes out to 8,219 you’ll pay in taxes

Having a high dollar trade in helps tremendously as you will get a tax credit. With the tax credit instead of paying taxes on the full 90k you will only pay taxes on the difference from your trade in value to the vehicle sell price.

For example if your trade/car is worth 70k and the Truck you are buying cost 90k you are only paying taxes on the difference which is 20k instead of taxes on the full 90k.

One more thing, don’t even attempt to Lease a TRX I’d imagine the money factor is horrible due to the fact FCA knows that they are more likely going to get a truck that’s been getting beat on.
 
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You can go even further out to 96 months on a term.

I heard some banks will even go longer than 96.

The longer the term typically means the higher the interest rate just like @KnightMare explained. For example, a 72 month term on a 90,000 dollar vehicle at a 3.0% interest rate comes out to be about 1,497 per month with zero down. For every 1,000 you put down it will lower your payment by about 15 dollars.

Sales tax is key as well which in my state it is 9.1%. I used the sales tax plus licensing fees which is about 350 bucks in the example above. Sales tax at 9.1% on a 90k vehicle comes out to 8,219 you’ll pay in taxes

Having a high dollar trade in helps tremendously as you will get a tax credit. With the tax credit instead of paying taxes on the full 90k you will only pay taxes on the difference from your trade in value to the vehicle sell price.

For example if your trade/car is worth 70k and the Truck you are buying cost 90k you are only paying taxes on the difference which is 20k instead of taxes on the full 90k.

One more thing, don’t even attempt to Lease a TRX I’d imagine the money factor is horrible due to the fact FCA knows that they are more likely going to get a truck that’s been getting beat on.
Now I understand, u explained it perfectly I was able to understand it clearly. One thing that I’m still not understanding is guys in this forum keep talking about going to the bank (credit union etc..getting a loan?) and let ur truck be making money 🤔🤔 how those that work?
 

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Now I understand, u explained it perfectly I was able to understand it clearly. One thing that I’m still not understanding is guys in this forum keep talking about going to the bank (credit union etc..getting a loan?) and let ur truck be making money 🤔🤔 how those that work?
All they're saying is if you have $90,000 in cash pay for the truck without a loan, in many cases it would be wiser to put that $90,000 cash into investments earning you more in return than the rate at which you borrow the money. So if you're earning 6% or 7% (or more) on that 90k investment but your loan is only at 2% it is better to put your money into other investments. You honestly don't have to worry about it tho.
 
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All they're saying is if you have $90,000 in cash pay for the truck without a loan, in many cases it would be wiser to put that $90,000 cash into investments earning you more in return than the rate at which you borrow the money. So if you're earning 6% or 7% (or more) on that 90k investment but your loan is only at 2% it is better to put your money into other investments. You honestly don't have to worry about it tho.
Aah ok I understand. Meaning if the truck is worth $90k and u have the $90k pay the whole truck all at once and after u have use it for example for a year, than u can sell it for more than what u pay for it? Is that what they mean?
 
OP
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All they're saying is if you have $90,000 in cash pay for the truck without a loan, in many cases it would be wiser to put that $90,000 cash into investments earning you more in return than the rate at which you borrow the money. So if you're earning 6% or 7% (or more) on that 90k investment but your loan is only at 2% it is better to put your money into other investments. You honestly don't have to worry about it tho.
Thanks for explaining it.
 

KingTuck

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Now I understand, u explained it perfectly I was able to understand it clearly. One thing that I’m still not understanding is guys in this forum keep talking about going to the bank (credit union etc..getting a loan?) and let ur truck be making money 🤔🤔 how those that work?

That’s just another option folks do. Essentially by going to the bank to get a loan you are doing what the finance manager would do at the dealership.

I recommend going through the finance manager at the dealership because typically they can get a better interest rate than you from the same bank you are trying to get a loan from. The reason for this is because the finance manager probably brokered millions a month worth the car deals versus a regular “Joe” who probably has just a mortgage, boat, and a few other little smaller loans with that same bank. Plus the finance manager will let you know if other banks is offering a better rate versus you going into several banks where they run a credit report which will hit you credit score negatively. The finance manager will try to get you to buy extra stuff but you’re not obligated.
 

Bambi

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Aah ok I understand. Meaning if the truck is worth $90k and u have the $90k pay the whole truck all at once and after u have use it for example for a year, than u can sell it for more than what u pay for it? Is that what they mean?
No. Not at all. Say the truck costs $10. You could pay the $10 to buy it. Or you could borrow the $10 from a bank.

If you can invest the $10 in pork belly futures and make 8% on it and the bank will only charge you 2% to borrow $10, you just made 6% on the money
 
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