I bought my 2008 F-150 a little over a year ago. The thing about financing something older than 10 years old is that there are a lot of financial institutions that won’t finance them, or want to charge higher interest rates. It’s understandable, as it’s reasonable to assume that that vehicle is probably a riskier investment. I understood, but I was bummed to find out that I had to go with someone other than my regular credit union. I went with a different CU that gave me 9% interest (clutch the pearls). I know that’s a lot, but I wanted the truck and was willing to pay a bit extra. Besides, I planned to (and I did) pay more than the monthly payment each month to mitigate it a bit.
Fast forward to two days ago. I got a phone call while we were eating dinner. I would normally just have sent it to voice mail, but I kind of recognized the number and I was curious. It was my CU, calling to offer me 3.69% (nice) on a refinance. (It hasn’t been unusual for them to call me about promotions.) I pointed out the year and she told me it shouldn’t be a huge problem but she’d have to check. I’ve filled out the paperwork and I’m waiting to hear back from them.
Here’s what annoys me. I had pretty decent credit at the time of the loan. Plus the truck was younger and had about 9k miles less than it does now. Why couldn’t they have at least matched the other offer at the time? I’ve been with this CU for almost 20 years now and I have a fantastic loan history through them. Hell, I might have been willing to pay them a percentage point more for the convenience of having the loan through them. Their offer was like 14%+ or something ridiculous. This other CU only has like one location in the metro area and it’s not close. Meanwhile, I could walk to my regular CU branch.
Anyway, I’m still going to save some money and it’ll be paid off in less than two years. I just wanted to whine a little. For your time, here’s a pic of the Ram I’d like to get when the loan is up and I have my other debt paid off (which will be about the same time).