Curious and not judging-Anyone financing trucks for 7 or 8 yrs?

[Mayhem]

6 years max.

The last 2 I have financed have been 6 years and they are paid for and I still have them.

10 years on a boat or RV isn’t uncommon.


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[Brown]

I did that on my current truck. Financed it for 6 years knowing full well I would pay it off well before that.

It is in track to be paid off in less than 3 years.

You have to be disciplined to do that or you will take the full term to pay it off.


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Again, discipline is the key. I too do this, my auto- payment is for more per month than the actual payment and bonus/ tax time every March/ April I throw more at it.

Same principle as I charge everything I can, all bills, all month, to take advantage of points. I pay the card off every month. (Edit: I have not paid a dollar of interest to a credit card company in 15 years, the points=free money)

Taking advantage of borrowing is great with discipline.

[Phillip Fields]

My last truck, I financed for 6 years at 0%.

[ultralite09]

My last truck, I financed for 6 years at 0%.

Same. If they offered 0% for 7 or 8 years with no early pay off penalty then why not

[Quackerbox]

If they drive that truck 10-15 years what's the problem?

I wouldn't do it, but for someone on a tight budget that really wanted that truck it could work.

If you have to finance a 1/2 ton gasser for that length of time and live in a 25 year old trailer. You need to re evaluate your way of living/spending

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[CastAndBlast]

Same. If they offered 0% for 7 or 8 years with no early pay off penalty then why not

This

[Mike D]

Same. If they offered 0% for 7 or 8 years with no early pay off penalty then why not

This

Speaking for myself it’s about risk. I’m risk adverse after being just the opposite for most of my life. No way I’m tying myself down to a 7 or 8 year payment on a stupid vehicle.


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[CastAndBlast]

Speaking for myself it’s about risk. I’m risk adverse after being just the opposite for most of my life. No way I’m tying myself down to a 7 or 8 year payment on a stupid vehicle.


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What is the difference in financing one at 6 years with interest and paying it off early vs. financing one for 7-8 years at no interest and paying it off early?

What you financed for in your first post would be a higher payment and more of a risk in my opinion. If **** hits the fan and you have to sell the truck, you are stuck making a higher payment while trying to sell the truck and get out from under the note.

[flyby]

Only way for some to afford the payment on a new $70k truck they need. New truck prices are insane though. I'm going to keep driving my 2010 Tundra till the wheels fall off.

2003 Tundra with 145,000 miles on it. Going to be at least another 10 years before the wheels fall off.

[AntlerCollector]

If you have to finance a 1/2 ton gasser for that length of time and live in a 25 year old trailer. You need to re evaluate your way of living/spending

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I'm not sure 1/2 ton gassers are the issue.

I agree, but how many inner city houses worth $30,000 with $50,000 cars in the driveway. People are crazy.


IMO there hasn't been a truck built that I'd pay $60,000 for.

[Mike D]

What is the difference in financing one at 6 years with interest and paying it off early vs. financing one for 7-8 years at no interest and paying it off early?



What you financed for in your first post would be a higher payment and more of a risk in my opinion. If **** hits the fan and you have to sell the truck, you are stuck making a higher payment while trying to sell the truck and get out from under the note.

If your plan is to pay it off early AND you have the discipline and resources to pay it off significantly early then there is no difference.

If you are financing one that long just to get the payment manageable you are in deep trouble.


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[Buckshot-73]

If you have to finance a 1/2 ton gasser for that length of time and live in a 25 year old trailer. You need to re evaluate your way of living/spending

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LMAO.


The borrower is slave to the lender.


Seems alot of folks here like to worship at the alter of FICO.


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[Quackerbox]

If you are financing one that long just to get the payment manageable you are in deep trouble.


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Exactly.

A lot of buyers only care about the end number. Those people like my SIL don't care about credit. That's why her car was repoed while she sat at the 8 liner



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[CastAndBlast]

If your plan is to pay it off early AND you have the discipline and resources to pay it off significantly early then there is no difference.

If you are financing one that long just to get the payment manageable you are in deep trouble.


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I agree 110%. Personally, I don't finance for cash that I don't have, but will gladly finance for 0% rather than give up cash (except my mortgage).

However, I was asking about the risk. You said that you would not finance for 7-8 years due to avoiding risk, and quoted my post about 0% interest for 7-8 years with no payoff penalty (But in an earlier post said that you would finance for 6 years and pay off early).

How is it avoiding risk to finance for 6 years rather than 7-8 years at 0% with no payoff penalty?

I am not trying to argue, just understand where you are coming from. Actually, I am dumb when it comes to this stuff.

[Mike D]

Maybe I misunderstood your question.

There is no difference in financing for 6 years with/without interest vs 7-8 with no interest as long as the goal is to pay off early.

My point about the long term financing was if you are financing that long only to get a payment that you can “afford” and no intentions and/or resources to pay off early then that is a riskier position.

Am I answering your question?


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