Did you do extra payments. Who finally owns their Tacoma?

After waiting 40 odd years, I own my Tacoma (cannoli). Feels nice driving a truck that shines. I had many beaters through the years. Buying the wife new cars, buying cars for the kids, put them all through college, now I have the empty nest and a brand new truck. Life is good

 

Bought mine low mileage used which saved me around $5k. Down payment was just over half the cost of the truck and pay $240 per month...how is this possible? I went through my credit union at work and they take payments weekly which reduces total interest paid...they also rate matched the loan and then allowed me to extend the term from the 36 month approval I had online. Sometimes it is better to check a credit union even if the rates are the same...in some cases they will rate match and allow you to extend the term without increasing the rate.

 

I'll come out and say it, bank owns my truck. I'm renting to own at about $800 a month.

 

Mine is a 2017 TRD OR, back in July 2017 I owed $39K, I will pay it off in August of this year, 4k more to go. Started sending 2k every month plus anything I could sell, It's been worth it.

 

Well this is about to take a left turn.
I want to invest money safely, is cd best bet?

 

You know you only live once. You can live like a hermit your whole life and save every penny never enjoying life, to either die young or get old and not have the physical ability or energy to do the things you want. I say spend a little money now because you can’t take it with you. How many times do you see old people driving a fancy car 2 mph because they can’t handle it anymore. There’s a fine line between saving and just being plain frugal.

 

Safely? Go buy a treasury bond. Unless the US defaults, you'll get a pretty measly 2% return, but it's basically guaranteed.

 

The best bet is: don't ask for financial advise on a truck forum.

 

It almost seems like people need to be justified in their own mind for what they buy based on the posts I see on this forum. I personally use this site for technical advise. Just the shear fact that you or I bought a new vehicle shows how “irresponsible” we can be with money since they all lose value. How people chose to buy said vehicle should be irrelevant, just suck it up and have fun with it or sell it, wtf.

 

I always pay extra on my vehicles to get them paid off early. I own my 2012 370Z and my 2017 Infiniti QX70s. 4 years to go on the Tacoma In all fairness though I had a 0% interest rate on the Z and a 1.3% on the QX70.

 

Agreed, though it legit SEEMS that there are a few guys that know their stuff, though I don’t take it as gospel either.

 

My extra money goes to a different (dumb) debt with a higher APR. Once that one is done I’ll focus on the truck note.

 

I bought my Tacoma in May through Toyota financial to get the extra new graduate cash (I'm an old guy but $500 bucks is $500 bucks and I just finished my degree so why not?) and then refinanced through my credit union before the first payment to get a lower interest rate and shorter term loan. If all goes as planned I will have the Tacoma paid off in a year and a half maybe sooner if I just want to be out from under the payment. After than I will split what I was paying on the truck into savings, investments, and mortgage. Once the house is paid off we will look at just routine maintenance on what we have or downsizing in preparation for retirement although I like our home so maybe we will just chill, travel, and I will mod my Tacoma more.

I setup my account to pay on the loan every two weeks but I scale back if I need cash. This hasn't changed my investment planning and only knocked a few hundred bucks off my savings transfer.

 

so glad i found this thread! Im about 10 months away from fully paying off my taco. Maybe sooner but I'm already making my payments as large as possible. The pride of ownership!

 

Paid everything in cash! I haven't had an auto loan since the early 2000. Decided that I hate paying anyone interest!
I always put aside what a car payment would be so that when the time comes I have the funds to just buy one. I actual set up a special account just that takes money directly out of my check so I don't miss it.

 

52(weeks in a year)/4(weeks between payments)=13(payments per year) is only one extra payment a year, just saying. Good plan nevertheless!

 

What are you compensating for?
Just kidding, been there! Never close to $800/month though

 

Start a new thread.
CDs suck!

 

I did this and saved for a good down payment to keep my monthly payments low. 1.49% interest rate is not too bad too.

 

I don’t know about you guys but I strive to purchase one gold brick (60lbs) per month instead of putting it towards my truck not. I think by the time I’m done it’ll be a smarter move. I did the rough math but this savings thing is tough.