Announcement

Collapse
No announcement yet.

How do you pay for your truck?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    How do you pay for your truck?

    The recent thread on truck prices got me thinking, which is dangerous. But how do you pay for your truck? Cash? Loan? Lease? If you pay through a loan, how the heck do you afford those large monthly payments?

    #2
    Originally posted by TB80 View Post
    The recent thread on truck prices got me thinking, which is dangerous. But how do you pay for your truck? Cash? Loan? Lease? If you pay through a loan, how the heck do you afford those large monthly payments?
    Normally the shorter term loan the better, 36-48 months. The trick for me is to trade often enough that I don't use up all the equity, and get one paid off. A paid off 3-4 year old truck will bring $10-15K difference between it and the new one, unless you go up in option packages. Then payoff the 10-15K is as short a time as possible. repeat

    Comment


      #3
      My current truck is 1.9%, at that rate I'm happy to stretch it out.

      Comment


        #4
        I have always had a good chunk saved up to have a decent down payment, then I usually have the proceeds from the sale of my current truck. I finance for as short of a loan as possible. Then I drive the wheels off of it for as long as possible.

        Comment


          #5
          Originally posted by Brett A View Post
          I have always had a good chunk saved up to have a decent down payment, then I usually have the proceeds from the sale of my current truck. I finance for as short of a loan as possible. Then I drive the wheels off of it for as long as possible.
          This

          Comment


            #6
            Traded my 2007 F150 KR with 110K on my 2013 KR in 2016. Paid it off in a year, been driving it since. 74K miles. I will never own a new truck again at the prices they are. Will always buy used and plan on driving what I have for a long time. The days of looking cool in brand new truck and impressing other people are long gone for me. It's transportation, nothing else.

            Comment


              #7
              I put as little down as I can and get the longest term loan I can get on the lowest interest rate I can find.

              I then pay the loan off early. For example my last truck I paid it off in two years and had a 66 month loan. Every 3-4 months I make a payment of several thousand dollars, normally $3-5k till its paid for.

              And I dont buy new, find a good used truck with low miles, something in the 3-4 year old range. And drive it for 10+ years.

              Comment


                #8
                Heavy down payment, 0% interest, be smart with your money. Can I afford a 70-80k truck? Yes I can but chose not to and to live well under my means (which somehow society has forgotten). However, Im not keeping up with the Joneses. My truck is a utility.

                My previous truck I had for 12 years and rode it to the ground.
                Last edited by piercebronkite; 03-05-2021, 10:39 AM.

                Comment


                  #9
                  Never put a down payment down and never will. I got 0% financing so no need to pay it off as soon as possible.

                  Comment


                    #10
                    Cash, unless there is an incentive to finance. Then pay it off after the first payment comes due.

                    Comment


                      #11
                      Big down payment. Pay off as fast as possible. My payments are typically at least $100 more than the required payment, and my yearly bonus always gets dumped into the vehicle. That way if I have to sell, I can sell it in a day if I need to, and not have to stress about getting enough to pay off the loan.

                      I hate recurring payments. I hate that technically I don't own it until the bank sends me the title too.

                      Comment


                        #12
                        Originally posted by M16 View Post
                        Cash, unless there is an incentive to finance. Then pay it off after the first payment comes due.
                        This.

                        Comment


                          #13
                          Early in our marriage when money was tight we adapted a policy to only have one car payment at a time. We have stuck with that for 33 years. My current truck is only 2 years old but last month it was time to get my wife a new ride so we financed hers and paid mine off. It helps that I keep my trucks for 10 years.

                          Comment


                            #14
                            I let my boss do it

                            Comment


                              #15
                              Originally posted by M16 View Post
                              Cash, unless there is an incentive to finance. Then pay it off after the first payment comes due.
                              Originally posted by DUKFVR View Post
                              This.
                              x3

                              Comment

                              Working...
                              X