Bad news guys, made my first payment

if the payments are painful, it sounds like you shouldn't have bought it.

 

13%!!!! I would kick my own ass if I bought a car with an interest rate of 13% You should try and find another bank to take that loan. I go mine through Chase at 5.04%

 

Actually he got Mommy and Daddy to co sign to get that rate so the loan is on them.

 

JESUS!!! i'm glad I took advantage of the Cash for Clunkers deal. Sticker was $28,695, friend at dealership knocked it down to $26,000 then got $4,500 from gov't for my clunker (91 e-150 van) and $1000 for my other trade in (2000 taurus). My payments are $347/month on my 2009 TRD sport DC SB Prerunner w/tow pkg, and JBL 6 disc

 

i got my dbl cab short bed out the door for 26,600, with 10k down, paying $298 a month at 4.7%

 

Damn, I hate paying $463 a Mo.

 

This.

And I'm not sure how you didn't realize what the payments were going to be before you took it home. The bad news is you were short-sighted.

 

For everyone posting up about how low your payments are- Don't forget to post your APR and loan term too. I have to pay 422 (and usually pay 550) for my truck at 5.14% for a 3 year loan.

So my payments are high but the term is short...and the extra payments make it even shorter.

 

Got my 2010 for one single payment of $18,867.74

installments are for posers

 

Holy crap! What is your interest rate, because I only 5K down on my 2010 DCSB and my payments are only 400 at 2.9%.

 

waldorf toyota was pretty good to me, but i guess thats because i was already looking at another truck elsewhere, it's wasn't easy finding a used TRD with less that 15k around here though

 

+1. my truck may be cheap, but I own it...

 

Geez I pay 655.00 for mine. But that's cause I have lousey credit and was stuck in an upside down situtation. Plus I put no money down. My apr is 8.2%. I'd live to have a 500 payment even right now . But I love my truck so for me it's worth it

 

This.

I was paying 530 a month on my 08 prerunner after a neg equity trade (g35). Honestly it was a mistake financially even if I liked the truck (yet longed for a trd off-road 4x4 d-cab... that I could have had the same payments on without the trade). Now that I'm back in the market... I'm actually looking at getting a used car for cash because honestly.... I'm kinda tired of payments right now and that extra income a month can go a long way to saving up cash for at least 6mo emergency funding, paying off my 2nd mortgage (20% loan), other toys, ect ect. Just for some ref, USAA (if you're a member) has a great car buying program... almost always under invoice cost. Here are some numbers I was running (using usaa for the loan % as well). Keep in mind my credit score is about 738 with about 6-7 years history, no neg hits.

2010 4x4 TRD-Off Road w/JBL, double cab
Dealer Invoice $29,296
USAA Quoted $28,546
Estimated Lic $560.00
AZ & Tempe Sales Tax 8.10%
Subtotal $31,418.23 (based off usaa price + high rated tax/lic)
Down Payment $8,000.00
Finance Amount $23,418.23
48mo % $3.99
60mo % $4.19
48mo payment $528.66
60mo payment $433.29


Still good deals but... still a lot of money a month just to get to work


GL with the truck and payments. When I was 18 I had a beater '94 Dodge Shadow... honestly having a car payment back then would have killed me.

 

I just got a 2010 Tacoma V6 DC SB 6SP MT Off Road from a Toyota dealer in Northern Virginia for $26,600 two weeks ago....

 

in theory, the house is suppose to appreciate..the truck wont. big difference.

my problem with vehicle payments. when the rig is new, you have new car smell, new car joys, etc. payments are cool(er)..rig starts getting older, beat, the newness is gone..payments are the same, and totally annoying.

OP,. enjoy the new truck!!

 

To me the two things in life I hate most and avoid when possible are interest and taxes. I bought my truck with 9K down and a credit score of 812. My interest rate is the lowest offered, 3.9. I didn't buy a new truck until I could afford it with room to spare. I drove crappy cars until I was almost 40 because I wanted to buy a house and figured some day I'd buy a NEW car. Now I can afford to buy and drive whatever I want. Next time do as much homework on the financial side of the transaction as you did on the vehicle side. NEVER go into a dealership to buy until you have financing approved in advance. I always get pre approved through my credit union so when I speak to the finance guy he has to beat my credit union interest rate and terms or shut up. It's sooo much easier this way.

But, enjoy your truck, refinance if you can and congrats on the great vehicle!

 

I bought my truck outright also, never made a payment. I hate making payments, and I hate owing money. If I didn't have the money to buy it with a comfortable savings cushion still in my pocket, I wouldn't have bought it.

 

House appreciation is pretty much an illusion, but works well as long as the bubble lasts. Ask anyone in the market before 2008.

As for vehicles getting beat, that's why you have a dink n dunk daily driver and keep your nice shit put up for certain occasions and the weekends.

 

It is the American way (and the way of all Western democracies) to live beyond their means by the liberal use of credit. This is only possible because so many individuals think it is an acceptable practice for them personally. If my 18 year old kid wanted me to co-sign a 30k loan I’d tell him no way. People here on this thread are offering congratulations on the purchase, but for what. He doesn’t own it. In fact he was immediately underwater by thousands the minute he drove it off the lot. Sorry, but I can’t offer any congratulations on a move that appears to be financially reckless.