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.
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How do you pay for your truck?
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Originally posted by M16 View PostCash, unless there is an incentive to finance. Then pay it off after the first payment comes due.
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Originally posted by TB80 View PostThe 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?
Pay on plastic.
I paid my new truck off, when I bought it 7 years ago in 3 years at 1.49%.
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Originally posted by Edward F View PostNever put a down payment down and never will. I got 0% financing so no need to pay it off as soon as possible.
Why not pay it off early and invest that monthly payment to actually make money? And not throw it away on a depreciating asset
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Originally posted by gingib View PostLOL! 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
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Originally posted by Throwin Darts View PostThis 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.
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Originally posted by jerp View PostEarly 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.
We are averaging 8-10 years on ours having started out before married.
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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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