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

[MetalMan2004]

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.

Because if they get in a wreck on year 5 and still owe $45,000 and the insurance company only gives them $20,000 they’re royally screwed.

[BrandonA]

Because if they get in a wreck on year 5 and still owe $45,000 and the insurance company only gives them $20,000 they’re royally screwed.

After 5 yrs and still owe 45k said person didn't make a good deal

[MQ32Shooter]

3 years?

Yep. 36 easy payments

[MetalMan2004]

After 5 yrs and still owe 45k said person didn't make a good deal

Yeah I used the weong numbers but the point remains. 10 years at 0% on a $70,000 truck at year 5 you’d still owe $35,000. Still way over your head if you get in a wreck or have to sell it.

[chopsknives]

I did my current truck for 6 years - 17 years ago! They were offering me 6 years at zero interest.

[AntlerCollector]

Because if they get in a wreck on year 5 and still owe $45,000 and the insurance company only gives them $20,000 they’re royally screwed.

They need better insurance

[Snowflake Killa]

As long as they can get my payments where I need them I don't care about intrest rate and how long

[catslayer]

... ok mine is for 7... Not due to me WANTING it that long... I pay 150% of my payment most months. But I had no trade in and no cash saved. I NEEDED a truck. So I did it for 7 planning to pay off early but having the flexibility to pay less per month if things got tight...

That said, my plan is to pay cash for at least half the next one

[catslayer]

As long as they can get my payments where I need them I don't care about intrest rate and how long

Sry bud... This the the WORST possible way to build wealth. Look at what your ACTUALLY paying for the vehicle...

[justindiehl7]

In my case I’m going to finance one for 84 months. Long wheel base F350 powerstroke, smaller note allows me to be flexible to buy more equipment for my company, as long as it’s a low interest rate...


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[M16]

I do the one and done payment plan on my vehicles. I know that’s dumb according to some people but it works fine for me.

[hpdrifter]

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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What is riskier is you buy a $5000 used car that may or may not get you to work on time.

[Dustinb09]

Because if they get in a wreck on year 5 and still owe $45,000 and the insurance company only gives them $20,000 they’re royally screwed.

My credit union will only let you finance for 5 years, but isn't that what gap insurance is for? To me even if you only finance it for a year you're crazy if you dont get gap insurance.

[Mike D]

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

What is riskier is you buy a $5000 used car that may or may not get you to work on time.

I’ve been buying nothing but used vehicles since 2008, multiple ones had 100k miles or more at time of purchase.

I have never had one leave me stranded. My son still drives one of them with over 250k miles, my daughter has one with over 200k miles and my daily commuter has 230k miles.

I would say I have benefited greatly in the last 10 years by having zero car payments.


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[WItoTX]

I do the one and done payment plan on my vehicles. I know that’s dumb according to some people but it works fine for me.

Yep. Not having a note is the greatest feeling ever. Glad I'm not the only one. Now if we could just get rid of property taxes, we could actually own the land we live on instead of renting it from the government year after year.