Hello folks, can anyone tell me what the going rate for a truck loan. I have excellent credit and was quoted a 9.95% loan. Is this about rite?
Hey Whitebeard, I bought a new truck last June and shopped around looking for the best interest rate myself. I am like you, I have good credit and still had to settle with 9.5% on my loan. All the lenders told me the reason it is so high is the liability of a truck loan. There are so many who buy a truck and go belly up shortly thereafter, and the fast depreciation of trucks keeps the rates high. If you got quoted 9.95%, I would say that is pretty close to what you will get anywhere. Hope this helps.
Why not? That's what I told myself when I did it, and if I had it to do over again, I would still buy a new one.
I just bought a used truck financed through DaimlerChrysler for 15%. First time buyer with decent credit.
