Interest rates

[No IFS]

I am a saver so super happy interest rates are finally going up. They can’t go up fast enough or high enough for me. Lol. I pay cash for everything. Let everything crash that’s when the deals come out.

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[Xcoaste]

Ya, me too but my 2020 unlimited is my only vehicle so I have to keep driving it til the new one comes in.. I downsized to a 2-door..

They are only giving $33k for a 2020 unlimited? That seems pretty low unless it has issues.

 

[Opus]

Please think this over-if a couple points on interest is a deal breaker, you may be reaching a tad too far financially. Don’t overextend yourself. If you really want to do this try and lock in a load at your local bank or CU before rate go higher.

Good point. The last time (before this) we tried to make a deal, the dealership couldn't get down to the number we had going in, so we had to walk away.

 

[Jeepalady17]

They are only giving $33k for a 2020 unlimited? That seems pretty low unless it has issues.

Nope no issues,, but its the sport trim , no power windows doors, no satellite radio but I have new 35" tires and wheels... Guess they have to make a profit too and just checked Kelly Blue Book and the range is 32,000-35,000

 

[Jhawth]

Personally I'd avoid financing a vehicle purchase. If a 1-2% percent change in interest rate will make or break your purchase then its probably not meant to be just yet. Don't make owning a certain vehicle (or anything!) tough on yourself!

 

[Opus]

They are only giving $33k for a 2020 unlimited? That seems pretty low unless it has issues.

MSRP for a new 2022 Sport started at 34k, so that doesn't seem so bad to me.

 

[Jeepalady17]

Personally I'd avoid financing a vehicle purchase. If a 1-2% percent change in interest rate will make or break your purchase then its probably not meant to be just yet. Don't make owning a certain vehicle (or anything!) tough on yourself!

You are so right....

 

[Astheros]

For those wondering, i just picked up my Rubi today and got a 6.34 rate with a 785 score. Absolutely terrible but i will seek to refinance after the 3 required months or just pay it off in 2 years.

by end of october they will likely be in the 7+ range

 

[Jeepalady17]

MSRP for a new 2022 Sport started at 34k, so that doesn't seem so bad to me.

Yes the are actually giving me wha t I paid for it (less the mods I did) so I was pleasantly surprised at that

 

[Jeepalady17]

For those wondering, i just picked up my Rubi today and got a 6.34 rate with a 785 score. Absolutely terrible but i will seek to refinance after the 3 required months or just pay it off in 2 years.

by end of october they will likely be in the 7+ range

Yikes! The only thing that would save me is if I can sock away a little more for the down payment while I am waiting as who knows when my Jeep will be delivered. With my trade and IF I can come up with another 3500.00 (which will be tigt the way everything costs right now) I will owe $8,000 on the new one

 

[Jeeppaul91]

For those wondering, i just picked up my Rubi today and got a 6.34 rate with a 785 score. Absolutely terrible but i will seek to refinance after the 3 required months or just pay it off in 2 years.

by end of october they will likely be in the 7+ range

You’re supposed to wait 3 months to refinance.… but theres no rule about that anywhere in any of the documents. I picked mine up last Monday and refinanced it at a local credit union 4 days later for 3.75%. The guys at the dealership told me that technically I could refi it a month after buying, but CC emailed me an account set up link, which provided me with my account number and a customer service phone number. Quick phone call saying I needed them to fax me the payoff sheet and that was all she wrote. If you wait 3 months you are going to end up paying a pretty substantial amount of interest.

 

[four low]

Well,, between losing my husband and work dropping off every penny counts for me now.... I got a great trade-in on my current Jeep but if that doesn't hold since i have to keep driving it that would definitely kill any chance of buying a new one,,, I downsized to a 2-door

Since you own your 2022 JLU Sport outright, economic times are uncertain, work is dropping off, would it pay to keep your 2022 ? It should still be under factory warranty, you have it set up the way you like it.
There will always be a " Deal " in the future, a paid off JLU is a good hedge against inflation, enjoy it.

 

[TheRaven]

Please think this over-if a couple points on interest is a deal breaker, you may be reaching a tad too far financially.

Or, the couple points on interest move the deal from "not too far financially" to "too far financially". There are lots of people who go way too far out on a limb to buy a vehicle, but there are still many for whom the rising rates are going to push them over that line.

I have said before, and say again ; get the longest length loan, so that those low monthly payments are affordable in a worst case scenario.
You can pay towards the PRINCIPAL with any surplus money, and pay it off sooner. This protects you against unforeseen circumstances, your choice to get that principal down.

Yup...this is what I do. I have always been getting 72-month loans and then paying them off in 4-5 years (sometimes less even). I do this with all my vehicles, because in the event of a financial catastrophe, I can instantly free up like $600-800/month. I'm actually probably going to be switching to 84-month loans now, because I can get the same rate on them and that gives even more breathing room.

 

[Shibadog]

This.

Since you own your 2022 JLU Sport outright, economic times are uncertain, work is dropping off, would it pay to keep your 2022 ? It should still be under factory warranty, you have it set up the way you like it.
There will always be a " Deal " in the future, a paid off JLU is a good hedge against inflation, enjoy it.

This. Bird in the hand and all that. Give yourself time to pull together the $$ to buy a new one in a few years without any potential negative issues Now.

 

[Bill_P]

Or, the couple points on interest move the deal from "not too far financially" to "too far financially". There are lots of people who go way too far out on a limb to buy a vehicle, but there are still many for whom the rising rates are going to push them over that line.



Yup...this is what I do. I have always been getting 72-month loans and then paying them off in 4-5 years (sometimes less even). I do this with all my vehicles, because in the event of a financial catastrophe, I can instantly free up like $600-800/month. I'm actually probably going to be switching to 84-month loans now, because I can get the same rate on them and that gives even more breathing room.

I did that with my Tundra. Took a 72 month loan and had it paid more than a year ahead. My AC went out and it cost me 10 grand to replace it. It was good not having to make a truck payment for a year while I paid off the AC unit.

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