Vehicle financing rates

[Sleepy]

Not that it matters, what kind of business?


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Electrical and communication construction

[dannorocks]

Oh gosh that's a almost a house note payment! I haven't had an auto loan in 8 years. I paid cash for my past two trucks and don't regret the decision one bit.

[TN_boy]

Rbfcu: 2.3-3.3%

[stickbowcoop]

I am not going to lecture you, you already got enough of that . But check into a credit union for a used vehicle loan as interest is usually higher on used vs new. I was paying 1.74% on my 2014 Silverado with mine (American Airlines) because it I got direct payroll deduction on the payment. When we bought my wife's Highlander last fall it was 2.24% because I didn't do the payroll deduction that time. Rates seem to be climbing though.

[Philip-TX]

I appreciate everyone’s help! I was in the mindset of looking at longevity and warranty. Just takes a little more convincing to get me to do something once I put my mind to it. It’s the old want versus need, while I’d love to have it, y’all are right, it won’t make me any more money than a cheaper, used truck. I appreciate yall’s help!! Buying used will save me 15-20k if I search for the right deals. Lots of clean trucks in the 40k range. What ballpark are interest rates on a used vehicle??


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Glad to see ya come round.

Now you have a 20k dn pmt.........You are halfway there.
Hustle/scrimp/save/and Scrap up another 20K as fast as possible and go BUY that 40K truck.

This 2017 was bought new for 45K and capable of pulling just about anything, and can certainly pick up a check.


Good luck on the 6.7 you'll LOVE IT. Just be patient (ina hurry)

[nursejenn]

I'm betting that the rate for a used truck will likely be a couple points higher.

and 2.....don't even think about buying a 60K truck to use in the landscape business!

Holy crap......That makes my butt pucker and it isn't even my money

Buy a decent used truck and run it till the wheels fall off.

x2

[justindiehl7]

Glad to see ya come round.



Now you have a 20k dn pmt.........You are halfway there.

Hustle/scrimp/save/and Scrap up another 20K as fast as possible and go BUY that 40K truck.

I like the thought of paying cash, but, I’m trying to build credit as well. Therefore I would like to finance to add a little bit of depth to my rotation. Plus it’s nice to have a rainy day fund and not throw all my money into one thing! You never know when something goes wrong or when you find a killer deal!


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[bbqfan5909]

Reading your posts and being your young, this appears to be more of a want than a need buying a $60,000 truck. I know 225k sounds like a lot but for 2-3 guys, insurance, fuel, taxes, maintenance cost, (and hope no one gets injured on the job) etc...look at a 3/4 gas truck or buy used. Buying items cash will also build credit as you have assets and not debt.

[justindiehl7]

Reading your posts and being your young, this appears to be more of a want than a need buying a $60,000 truck. I know 225k sounds like a lot but for 2-3 guys, insurance, fuel, taxes, maintenance cost, (and hope no one gets injured on the job) etc...look at a 3/4 gas truck or buy used. Buying items cash will also build credit as you have assets and not debt.

This is while going to school full time. Used seems to be the way to go, but I’m going to have to weed through the abused trucks. 3/4 ton gas seems ignorant to me when I could buy a half ton and still do most of the same things, but a 3/4 ton gas will not pull my gooseneck effectively. Therefore I am looking at a 1 ton diesel single wheel, to avoid having to get a cdl by buying a dually.


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[gingib]

living the american dream....7 years lmfao!

Why you see all these people driving $55-70k trucks. Their mentality is the payments were the same, yeah over 7 dang years

[gingib]

I like the thought of paying cash, but, I’m trying to build credit as well. Therefore I would like to finance to add a little bit of depth to my rotation. Plus it’s nice to have a rainy day fund and not throw all my money into one thing! You never know when something goes wrong or when you find a killer deal!


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Come on man....Justifying a $55k truck at a young age by saying your trying to build credit?

[justindiehl7]

Come on man....Justifying a $55k truck at a young age by saying your trying to build credit?

Go ahead and re-read the whole thread, then make your assumptions because you obviously haven’t read it.


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[WItoTX]

Props OP for being willing to change your mind.

At your age, I bought a truck, motorcycle and snowmobile, all brand new. Ended up to my eyeballs in debt. Took a new job with higher pay to pay the stuff off because I was too stubborn to sell it. Once I paid all that stuff off (Ended up selling the sled and the motorcycle was stolen), I paid cash or had a plan for paying stuff off in a year or less since then. Learned my lesson by age 26.

FWIW, I never missed a payment, and my credit is through the roof now. But if you can do it, pay cash, and never have a payment again. Its nice to go to a dealership, say "I want that truck, and I will pay you this amount", and if they don't like it, just walk away.

Good luck with your truck search, and I hope business keeps booming!

[justindiehl7]

Props OP for being willing to change your mind.

At your age, I bought a truck, motorcycle and snowmobile, all brand new. Ended up to my eyeballs in debt. Took a new job with higher pay to pay the stuff off because I was too stubborn to sell it. Once I paid all that stuff off (Ended up selling the sled and the motorcycle was stolen), I paid cash or had a plan for paying stuff off in a year or less since then. Learned my lesson by age 26.

FWIW, I never missed a payment, and my credit is through the roof now. But if you can do it, pay cash, and never have a payment again. Its nice to go to a dealership, say "I want that truck, and I will pay you this amount", and if they don't like it, just walk away.

Good luck with your truck search, and I hope business keeps booming!

Thank you sir!!


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[stickbowcoop]

Go ahead and re-read the whole thread, then make your assumptions because you obviously haven’t read it.


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Don't get sucked into arguing with gingib, it's not worth it. You got a lot of good advice from others here and it shows maturity that you were willing to listen and change your mind. Good luck.