What is your payment?

I'm with you on that! At age 56, I have lived a much lower standard of living than my friends. I have a fair job that has a defined benefit retirement which I can start using if I want in 6 months. The longer I stay at work the larger percentage of my total income I and my wife receive. My friends are now realizing that they had their fun already and have no retirement. One of my friends is 62 and just took out a refy loan on his 5,000 foot home for 30 years with no intention of ever paying it off. What is he going to do at 75 years old? I'll be doing what I want at 60 and they'll have sold their cabins, boats, sports cars, and big houses looking for ways to afford to live.

 

Some people can afford $1000/mo payments. That is good if they can. Truck will be paid off fast with a valuable Tacoma that they town 100%.

 

Going to try for a 3 yr. (at most) loan this time being that I'm trading in my 2011 and am
looking at around 26k trade-in. Hoping for low 300's.

 

As of 9/28/15, zero. Paid for. Thank you.

 

2.49% interest, nothing down, a truck for doing truck stuff, and $349/mo for 72.
Very happy, since we'll overpay and beat it down fast.

 

Here's my thoughts:

Interest rates are LOW. Take the longest term loan you can. at less than 2%, you are better off keeping the money you would save (vs spending on a shorter term loan) and invest it somewhere that can get a higher return. If you're making over 2% on that investment, then you're actually making the "better" financial decision than taking the shorter term loan.

It don't understand why people are saving to buy outright (unless there's a personal reason). I don't believe it's the wisest financial decision.. and the numbers do speak for themselves.

Anyway, to answer the original question - i'm expecting to do a 7 yr loan ~450/mo payments.. In my case, the money I would be spending on shorter term the loan is going back into my house remodeling projects, which appreciates the home value, (and I get to enjoy them personally.. )

 

Hey, I get it. All-the-same, I can't bring myself to finance anything that's gonna depreciate. At least not with the volatility and uncertainty of this equity market. With the clarity of hindsight, I wish I woulda dumped some investments 2 months ago. If I had, I'd could have bought a different color '16 Taco for each day of the week.

 

I have always taken longer term loans and paid them off well before my financed loan duration. As others have mentioned, if something drastic were to happen, I would have the benefit of having a lower payment. Throwing more down on principal just puts me ahead of the curve. To each their own though, we all have unique economic situations. This isn't the worst time to get a loan.

 

Is there any financial gain trading in a truck with say a 6000 balance and putting 6000 cash down? Does it all equal out in the end?

 

If you own a business then hold onto the money and make some with it.

 

penfed credit union - 1.99% / 60 months - rate can be lower or higher depending on the term - I could pay cash but why with rates that low and likely to go up in the next year - i'll hold the cash for lean times

 

Bought a black DC 4 x 4 TRD. 72 months $488/month at 2%. Will be sending $100-$200 extra every month to pay it off faster. I've been doing this for my wife's Tahoe and it's a money saver. At 2% for 72 months I believe the interest on the loan was going to cost me close to $1,900. Should be less once I start sending in the extra $$

 

My payment is 290 $ for a 3 year lease no money down TRD off-road 4x4 sbdc with tow and all weather mats and sills. Not a bad deal lease was up on old one. Oh and it's MGM

 

Got 6100 off of it with discount.

 

I'm 3 more years I will get another. C ya in 3 years.

 

@Levo

How many miles do you expect to put on the truck in 3 years?

Why lease?

 

Mine is 2 years old it's more like a toy for grown ups and I have 7900 miles on it. It's actually 2 years 3 mnts.

 

So I think I'm ok

 

I like expensive toys. Lol

 

At that mileage you're wasting money... You'll be paying $10k to drive a 3rd gen around for 3 years. If you just bought one, or financed it you could easily sell/trade it in for less than a $10k loss in 3 years.