Peoplefirst financing

[RapidRide2]

Has anyone ever used peoplefirst.com for 5.0% financing???  I am opting for the cash rebate on an 03 sierra and wonder if anyone has any real world exp's with them good or bad?  Thanks.

[Zane]

i havn't (but thats only because they don't offer loans in NH where i live), but all the people who i've talked to have had nothing but good experiances!  

[DigUout]

RapidRide2, I'm a little confused about the way you're considering using the rebate vs the special interest rate....

 

For instance, if you're looking at a $34,000.00 truck (and I don't know, but that's average sticker price on a 1500 4X4 SLE) and taking the $1000 rebate and financing the remainder at 5%, you've negated the rebate with your rate!?  

 

Example - $34,000 minus $1000 rebate = $33,000

             $33,000 x 5% = $1650!  

 

And interest builds on itself, so you'll actually pay more than $34,650 when it's all said and done!

 

You've also stated you'll only be financing for only 2 years.  I don't know what you're intending to put down, but lets say you don't put anything down on that scenario, the payment would be $1443.75 a month for 24 months.  Now consider this-

 

Example - $34,000 @ 0% for 24 months is $1416.66 a month.  If you took the 0% for the full 36 months it would be even less at $944.44!

 

And lastly, and this would be the biggest reason to take the 0% offer, all of your payments are going to the principal amount of the loan, not towards principal and interest.  Therefore at the end of the term you'll have paid less or if you trade in early you'll be in an equity position instead of owing more than the truck books for.

 

Those scenarios are the same even if you're looking at a $24,000 truck, just do the math.  You'll end up paying more (overall and monthly) with the rebate and 5%, than taking the 0%.  Talk to your salesman and if he won't help you figure it out, email me, I'll do what I can to help you.

 

And lastly, if you don't qualify for 0%, I'd urge you to discuss your options with your dealerships Business Manager.  He may not work with peoplefirst.com, (and most dealers don't work with dot-com banks) but likely has several lenders who could meet or beat that rate.

 

Sorry for the long reply, but I hope you'll consider all of your options and maybe this will help you make the best decision for you and your family!  Now as far as the radio goes.......

[RapidRide2]

It's easy,, i am only financing $7800.00 with a grand off at 5.0 %  and if i take 0.0 i will have to finance $8800.00

          So,, $7800 over 2 years at 5.0% equals a total sum of $8200 with payments of about $342

           If $8800.00 at 0.0% the sum of $8800.00 with payments of $365.00  

         I have a relatively small amount to finance and only want to finance for 2 years so the $1000.00 works better for me   if i would have had to finance more money for a longer period i would of went with the 0.0%

[RapidRide2]

So far so good they're service is great.  It was easier than ordering a pizza,, i was totallyshocked approved in 15 min and the check will be here tomorrow,,even the fed-ex was free,, so far i am totally happy with there service

[lauriet1]

RapidRide - I used them to finance my GMC Truck.  I was very happy with their customer service department.  Very fast approval and courteous responses.  They turned out to be everything they claimed to be.