A while ago I was reading a thread on here about someone making a deal on a truck. They said something about "Not falling for the 'What do you want your payments to be' crap." Can someone please explain to me what this is all about, and what I should bescepticalabout when the salesman asks that? Sorry for the strange question, I've just had plenty of salesman say this and I'm wondering what I should know about it.

 

As I understand it they try to sell you a vehicle based on whatthey think you can afford. Seems most people end up paying more for the vehicle than they should or have to. Lower payments mean longer term loans. They will try and talk you into a 5, 6 or 7 year loan if they can. JMHO

 

Financing a vehicle is very very simple. The two main things to worry about are 1.) how much is the selling price of the vehicle 2.) interest rate. Dont fall for that "how much do u want ur payments to be" crap. You can finance $50,000 at 14% interest and if you spread it over enough years, you can get the payment at whatever you want. Make sure that you are not paying too much for the truck first, and get a decent intereste rate. Anything under 7% is good. I got 2.9% from Chrysler.

 

[align=left]What sounds better? $35,000 or $350/month.

They don't expect anybody to actually PAY for an automobile anymore. Everything's financed up the butt these days. They go right to payments because that's what everybody wants to know. Notice they don't ask you "How long would you like to be in debt on a $35,000 truck that's guaranteed to depreciate faster than you can pay for it--- five, six, or seven years?" They only want to know what you think you can afford in your monthly budget TODAY, because after you sign, drive it home and figure out your actual budget, not to mention how long it will take to pay off the truck, and that your total of payments is actually enough to buy TWO trucks with cash, they've just made a sale and could care less.
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Thanks for all of your insight guys. I see what you're saying, I thought maybe there was something else I was missing. Thanks, J.W.

 

I got 0% thru chrysler for 60 months, and a 4k rebate with a little off for having a biz. truck was 33k. I think I did alright

 

It may have been me you were talking about. I would HIGHLY recommend you go through a bank (I used capital one) and get a blank check auto loan. This takes out a very big pain in the *** variable in the buying process. Obviosly if there is a special rate through chrysler that is the way to go. I still have yet to find a truck but 2 pretty good deals have passed me up this week so that only means there are more fish in the sea just waiting to be found.