What is the largest monthly payment you'd take on for a new Tacoma

26,000....if i couldve done it

 

I can't believe this thread is still going.

 

Agreed

 

Folks love to talk about other peoples money. L0L

so I will...

as I see it, nothing wrong with financing a vehicle. but, there's more to it than "can you afford the payments"

there is a thing called equity...or "skin in the game"

100% financing is the devil...and it is in part (large part) how our mortgage market fell into the dumper.

It's just too easy for many to walk away from their financing obligations when they "pay as they go" w/ no skin in the game...to many, they are basically renting to own.

Currently the mortgage lenders are requiring 20% down (that skin)...as it used to be in the past. Auto & truck (boat & motorcycle and just about everything else financed) should require the same.

Did you know that America is the only country where you could get a 100% financing? Even Canada requires 20-30% minimum down to finance a home. Most of the rest of the world requires 50% down.

One more piece of info...in many (most) countries...you can be denied a loan even if you put 90% down. For any reason...and no just cause. The banker just may not like your haircut...denied.

Americans have been fleeced by the government in bed with the banks & wall street...this was accomplished in part with political correctness and anti-discrimination laws... "Everything for everybody"

The entitlement attitudes in our country have gotten grotesque...and the ugly is starting to show.

[then there's the issue of the value of the dollar...the removal of the "gold standard"...and the manipulation of the credit markets by the fed...but this in another complicated and political story I won't indulge into]

btw, sorry for the long post...the coffee buzz kicked in and I got on a roll.

 

THose are the words I've been looking for.

 

What do you mean " even Canada " ?

The 25% down payment kept our mortgage system from sliding down the turd tube with the US market .

 

x2

Edit: Alberta used to just require a 5% down payment on a house but you had to buy a special government insurance that added an extra 20 grand(Ish) to the top of your bill, which was then paid for by the bank. Which was then paid extra for by you through financing. Now Alberta law says minimum 10% down payment (Since market crash).

The extra special insurance isn't mandatory if you have over a 20% down payment.

 

I did not mean it disrespectfully...

My point was...as Canada/US are joined at the hip...one would think the Canadian banking system would be much like the US system...

It appears the Canadian system is more in line with fiscal responsibility...sadly, it takes financial tragedy before many here in the US get it.

 

No offence taken Larry

 

Nanny state? consumer protection.. or both?

Hey, to me the mortgage system is lookin great, practically free money, buyer's market. Wish I was looking for a house. Stupid people want to run the country, I'll just reap the rewards.

 

What does this have to do with you getting a tacoma, we all have different financial situations....

 

I think when the U.S. economy falls and defaults all your current bank loans are going to be written off, that almost has to happen.
Think about this? say you still owe $20K + on your car loan, thats like getting a $20K vehicle for free!
All the banks are going to fail, the money will be worthless, why would a failed bank want to collect worthless money for?
Beer! beer will be the new cash!

 

I wouldn't want to do more than $200 on an auto loan.

I paid for my tacoma with a check. It's almost a year old, and at this point I'm expecting to take a total of two years to get my savings all the way back up to pre-tacoma level, though my "net worth" (including 401k) is about 2k more than my pre-tacoma level after 11 months.

 

I pay 327.00 a month on loan payments then 200 extra towards the principle. It saves me a few pennies in the long run.

 

i pay about $450 a month but i dont give a shit i got the taco i wanted!!!

 

$499/month

 

did you decide to? it can be a good idea to reward oneself for something like that. heck it may help your credit score because of the type of credit it'd be.

 

depends on circumstances, but i say, the lower the better, especially for a tacoma purchase and being a member here on TW. that just leaves that much more money for mods and other toys/interests, etc. unless you don't have a vehicle and you have the money for a high note, i say go for it! the lower the payment means more money 4 mods. and as a member of this site, that's a better idea IMO

 

oh man! the highest i had paid was just a hair over 400. and i thought that was bad. how's Alaska up there? it looks like a beautiful st8, at least from watching Coast Guard Alaska, despite the very cold weather.

 

not bad. at one time i had 2 tacomas and was paying not quite 730.