Does this seem right? New to the truck buying scene, just trying to get my ducks in a row before I jump into it.
And does this monthly payment seem correct?
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Does this seem right? New to the truck buying scene, just trying to get my ducks in a row before I jump into it.
And does this monthly payment seem correct?
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It doesn't seem right to be paying for a truck for 7 years....
Even with putting 20k down, you'll be upside down in a very short period of time.
The interest rate also seems a bit low for that type of term from the little bit I've seen lately. They probably will find some reason to make you pay a higher rate.
Whatcha buying?
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Seven year note? WTH!Comment
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I agree with the above. I wouldnt go with a 7 year loan. 5 at the max on a new vehicle. If you can swing it, 4 years with additional monthly principal would be better.
The interest rate seems fair though. Rates have been steadily climbing the past year or so.
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Vehicle financing rates
I’m at 2% with my Credit Union for 5 years.
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Originally posted by Atfulldraw View PostIt doesn't seem right to be paying for a truck for 7 years....
Even with putting 20k down, you'll be upside down in a very short period of time.
The interest rate also seems a bit low for that type of term from the little bit I've seen lately. They probably will find some reason to make you pay a higher rate.
Whatcha buying?
An F350, 2015 or newer, can’t decide yet lol. Trying to get everything squared up for early next year!
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Vehicle financing rates
Originally posted by Bayouboy View Post
I have a landscape company and will be investing a lot of money into equipment and an office in the next year. Trying to keep payments low to allow for more equipment if the right contracts fall into place. I’m graduating college in May so it’s all coming quickly!
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And the auto tax rate is 6.25%, not 8.25%.Comment
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I'm betting that the rate for a used truck will likely be a couple points higher.Originally posted by justindiehl7 View Post
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.Comment
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With that credit range you should be able to find a cheaper rate by shopping a few credit unions. I'd also cap your loan at 5 or 6 years max. 84 months is just crazy unless you find a dealer doing 0% apr on a new truck for 84 months. Some Ram stores had that going for a while recently.
Also, you'll only have to give 6.25% on tax like someone else mentioned.
I'd try to find a used truck a little cheaper to keep your payments where you want them to be and save a ton on interest by doing a shorter term loan with a little better apr. Just look up what your total cost will be if you pay off that truck over the full 7 years with that rate for that long....Comment
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^^^
This. Don't buy a new truck starting out to use for landscaping. The miles are just going to add up quickly and the value will steadily decline. New vehicles your interest rate should be less than 4% if your have a 700 or up credit score. Heck, even financing through the dealership I was offered a 3.89, and this was only a month ago. Good luck with your business venture though.Comment
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Lowering the purchase price would be the more prudent strategy to accomplish what I BOLDED above.Originally posted by justindiehl7 View PostComment
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Originally posted by dbelcher269 View Post
This truck will only be used when I need to pull my 26’ gooseneck. I have a 2003 7.3 that I currently drive that will become my work truck. The truck I’m buying will be used for pulling heavy loads when needed, being my clean truck to go quote jobs, pick up checks, anything with customer contact. This isn’t a business “venture,” its a company I started when I was 13. Will do close to 225k in revenue this year between me and 2-3 other guys. I have worked my tail off (60-100 hour weeks from February until August) along with going to school full time (15 hours a week). If you don’t believe me, you can check out my page on Facebook, called Platinum Landscapes, to see some of the work we’ve done! Credit history is the biggest battle I’m facing currently. 3 years is my longest account as I got it when I was 18.
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Originally posted by Charles View Post
I agree, but here’s the deal: I am only buying a ford 6.7 diesel. 2011-2013 had some major issues, 2014 was the best year of the 6.7 until that point. 2015-2016 6.7 has upgraded components that helped out on longevity, but the used market is outrageously high for a clean truck in these years, as well as not much warranty, if any is left. 2017s are starting to show up in the used market for 50-60k with 50k miles or so, short warranty or option to buy extended warranty. These trucks will either have bald tires or brand new tires depends on where you buy. And brand new truck has a full warranty as well as the reliability of having a truck that wasn’t abused, brand new tires, etc. if I buy new it will most likely be an 18 if I can find one that they are trying to get rid of. I’m stuck in a position where it’s really a flip of the coin on which way to go. I’m not a fan of Chevy or dodge, so that’s not an option.
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Lowering the purchase price would be the more prudent strategy to accomplish what I BOLDED above.Comment
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