How long did you finance for?

Congrats!

 

Awesome, congratulations and enjoy.

 

Thank you guys! We’re very excited. Also, I bought many cars on credit in the years past and always had a mortgage. And after 30+ years of work, I’ve finally got ahead of the curve.

 

But yolo

 

48 months @ 3.2 about a year ago

 

60mo, got tired of the payment, so paid it off after a year.

 

that is a whole nother discussion. SR’s do not come with fog lights, a bed power outlet, mts, or a rear locker

the sr5 has fog lights

the trd or has a locker, mts, a bedside power outlet, and a cool little compass in the HUD

Most see the OR as having the best value

the sport has the scoop but no locker

i got the sr5 cuz i didnt know any better and needed a new truck stat

 

Cashiers Check. 2020 SR5. The pandemic was on us. So I paid it in full day 1. The 2021's were coming so I even got $1000 off as well on total price. Was $39k OTD. Tax, License - everything.

 

I did say I don't agree with everything Dave says. It doesn't need to be all or nothing. Dave says some things other famous advisors like Susy Ormond do about having emergency funds and other savings.

Ramsey says don't use credit but you need a credit rating sometimes to get a job or a house. There are benefits to using those evil credit cards. I still use the no interest promotions to buy things and pay it off before interest is due. Why use my money in the bank if they let me use theirs for free?

Some of Dave Ramsey's Ideas are solid some not so much.

I have noticed some people are big fans of his and that's fine if it works for them.

 

Every year the company I work for puts out a newsletter around the start of the new year and it's crazy how many people won't participate in the company 401k despite the generous match. I think it's something like half can't be bothered.

 

72m @ 1.99, paid it off in 14m

 

I bought my 2019 TRD sport brand new right before the pandemic lockdowns occured. Paid $35500 out the door for it (came with tech package, nerf bars, bed mat, and mud guards). I put $6000 down and financed the remaining $29500 for 72 months @2.9%. So far already 13 months ahead on payments and plan to have it fully paid in two years.

 

After going 8 years without a car payment, we bit and bought last fall at 1.9% for 36 months. Paid 18k down (half) and financed the rest. I worked this out with our investment guy to pay the Tacoma off in a year. Toyota has a crazy system where you pay your regular payment online and then are required to send a check for any extra marked "principal only" to apply against the balance. Don't like sending a check through the mail anymore but it's worked so far. If nothing hits us unexpectedly, we'll have it paid off early in 2022. Being retired helps and we've worked it to where it won't affect our income taxes. Our Social Security income and this monthly IRA withdrawal keeps us below the threshold of having to pay income taxes. That's the only reason I was able to afford to buy it. It's great having a new vehicle to drive after driving a 20 year truck around that we were able to sell to our grandson REAL cheap.

 

The way interest is calculated for vehicle loans, you can just make additional payments online or through the app. It doesn't change the total interest paid on the loan versus sending in a principal only check. However it will be annoying when it says your next payment isn't due for another year lol. Just keep paying the real monthly payment along with your extra payments and the interest paid is the same in the end.

 

I’ve never had a payment plan in my life with the exception of my kubota which I had the money to buy but the loan was zero interest, so why not borrow someone else’s money for free. I was always taught to work hard for what you want and if you don’t have the money then don’t buy it.

to each their own. Some people need a new vehicle every year to keep up with the joneses, and some people don’t make enough money to be able to pay for something without a loan, and there’s people of all kinds of situations everywhere in between. For me I find I sleep better at night being debt free, and if something was to happen that my family would not inherit a pile of debt.

 

It seems like in example A the subject is making 500 a month payments for the rest of their life, where in example B they literally never make a car payment ever?

 

wise words right here