Who has their truck Paid off?

Not to mention, you can usually pull off getting the price down even more when you have cash in hand ready to purchase or doing lump say payment instead of monthly.

 

Big mood.

 

How did an LLC screw up your credit? Isn't the concept of an LLC designed so that only the "company" takes a hit?

 

Many lenders will make shareholders or members of LLCs personally guarantee debt.

 

I thought so to but my credit card which had a huge credit line went to almost nothing
When I asked them they told me my credit was shot
I didn’t fight it just never used them and as I said just started paying everything in full
I figure screw them it worked out for me

 

ah gotchaaaaa

 

Each to their own. I prefer not to owe money to anybody or to any bank, interest rates be damned. My credit rating is just dandy so I feel zero need to bolster it because somebody else think that’s a smart idea. Oh, and my investments are doing quite nicely thank you.
However, if having a bank own your car makes you feel good, have at it.
Same goes for my home.

 

of course every1 has everyday bills

food

water

gas........ tyres .......oil

im debt free......pay cash for everything

 

I have a a robust cash or cash/equivalent emergency fund. I carry two credit cards (one is essentially a quick and dirty “cash fund” if I can’t get cash in time or if a big expense needs a CC for payment). Neither credit card typically runs a balance.

EVERYTHING else gets invested. No sitting on extra non-emergency cash for me. Purchases above our monthly stipends are discussed and allocated as needed.

Vehicles are financed, but always within our means, and always with an eye to amortize the costs over 10 years (or more). Even two monthly car payments wouldn’t hurt (we have none right now, likely to have one later this year).

Having a rock solid partner that follows the same financial path as you is reaalllly nice.

 

Couldn’t agree with you more on your last sentiment. It makes a world of difference when you can both agree on the financial side of things.

 

Speaking of credit, did you know if you own your house and cars. And don’t have a credit card balance your credit score will slowly drop.

I checked my score via my bank and one month I noticed a few point drop. Contacted FICO via email. There response was that by not having any debt there was no information about my fiscal responsibility. In other words being debt free makes one a bad risk.

By the way google FICO and read the history. Never has had any real validity. Just a made up number that creditors bought, literally, into.

 

yup. Because the credit score is how good you can take on debt and pay it off. That’s why they say it’s good to have a decent credit limit and always use something. But if you don’t need/want credit for anything and pay cash. Your score doesn’t mean a damn thing.

 

Lol if you think FICO is a wild concept. Look into Credit Rating Agencies like Standard & Poors and Moodys. So sketchy.

 

Loan sharks are more upfront.

 

True ..........yet if U have a $$$$ reserve

if U have assets that can be leveraged ( collateral )

its better than being strapped with debt NO wiggle room

most banks will only do $5k personal loan

many will loan as much as U have cash on hand

or there must be house.....land.......considerable equity in an auto

 

I just want to answer the question and say I have my truck paid off. Carry on!

 

2015 Tacoma Prerunner. 88k miles, sleeps in the garage, religiously maintained with Mobile 1 Synthetic. The two front seats have worn seat covers since it was new.

Need 5 more years to make my plan work.

Yes its paid for. So I am focused on making it last a long time.

 

paying interest on a depreciating item thats worn out long b4 10 years aint good

 

Vehicles only last ten years? What you don’t like doing maintenance?

Until I bought the 2020 my new truck was a 1982. Just smogged it last week.

 

U make assumptions

iv kept vehicles for 10 years............run 47states Canada only need a water pump TOTAL !! ( 300k+ Miles !!!!!)
must have been taking care o it

beside gas oil tyres....... Thats ALL !!!!

we are talkin $$$$$ spent on a depreciating item
taxes paid & maintenance

U can justify what U do................that equals UR success

U r NOT open to a better way

the auto as an entity is the biggest industry in America
also the most expensive.................for S O M E

i paid cash for my taco
it will NEVER cost me as much if U financed same truck 10 YEARS !!!!!!!

interest alone i could damn near buy another