How do you pay for your truck?

[Mexico]

Cash Secured Loan, I have plenty of money to pay cash for a new truck, but why? I borrow against my own money and pay myself back with interest. That way my nest egg continues to grow.

[Throwin Darts]

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

This is what I do. If there is a finance incentive then I finance it and then pay it off after a month. They will usually let you swipe a credit card up to a certain amount. I do that too and get the points and immediately pay that off. If there is no incentives to borrow then I pay cash.

[gingib]

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?

Majority of America doesn't. Its the new way.

Pay on plastic.

I paid my new truck off, when I bought it 7 years ago in 3 years at 1.49%.

[Throwin Darts]

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

0% financing in lieu of an incentive is just another way of saying prepaid interest. Marketing gimmick.

[gingib]

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

LOL! Please tell me you honestly don't think its 0%?

Why not pay it off early and invest that monthly payment to actually make money? And not throw it away on a depreciating asset

[andre3k]

LOL! Please tell me you honestly don't think its 0%?



Why not pay it off early and invest that monthly payment to actually make money? And not throw it away on a depreciating asset

I think he's saying they normally get you on the price of the vehicle when 0% financing is offered.

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[TX03RUBI]

Put a decent chunk of money down, and have a decent trade in value as well to get the loan terms favorable. I’ve got roughly $40K equity in current truck. Hoping by the time I need the next one to be able to scratch a check for the difference.

[Edward F]

I just know when buy vehicles. When COVID hit last year and no one was buying vehicles I was in the dealership.

[hooligan]

This is what I do. If there is a finance incentive then I finance it and then pay it off after a month. They will usually let you swipe a credit card up to a certain amount. I do that too and get the points and immediately pay that off. If there is no incentives to borrow then I pay cash.

This is what we do, I hate carrying a vehicle note

[Traildust]

Always use someone else's money if it free.

[Jtrage]

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.

Exactly what we have done. I am only 13 years into marriage but will continue to do the same. We both started with paid off vehicles. I needed one first. Financed, pretty much 0%. We paid off mine sooner than we needed to. Saved the payments we weren't making to put a good down payment on my wife a new one when she needed. Paying extra to get that one paid off.

We are averaging 8-10 years on ours having started out before married.

[CrossTimbers]

I have a personal goal of making my truck last until at least 250K miles. When you drive a truck that long, you've paid it off long ago and don't care.

[junkmanhunter]

Fortunately my business pays for my truck, but I don't like payments. I buy used 1-2 yr old with low mileage, put 50% down and finance for 24 months and try to pay off in 12 months.

My wife keeps cars for years, she has an 07, and an 08. I tried to get her a new car last year and she said since she is retired and doesn't drive but a few hundred miles a month, she didn't want to spend the money.

Just my opinion, 0 down and 0% interest and 5 or 6 yr notes are a recipe for disaster.

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[sneaky freak]

If its financed you really cant afford it anyway

[Traildust]

Whats the incentive of pulling $50K out of savings and paying cash for a vehicle vs. monthly notes with 0% interest? Drive-out price being the same.

FTR....I stopped paying stupid tax in 2006 on new vehicles.