How long did you finance for?

Two Words ... Dave Ramsey! His financial peace university program will change your thinking. I felt the same way 5 years ago. Just paid cash for our new 2021 TRD Sport 4x4, $44k out the door. Feels so liberating to not be in the bondage of debt.

 

36 months at 1.79%. Navy Federal Credit Union.

 

I agree. 100% debt free. Retiring early!! Can do what I want when I want. Buy what I want when I want in cash and don’t blink an eye. Pretty amazing when you don’t send out all your money to the bill collector what you can accomplish but I will be the first to say it’s a discipline most people don’t have and it’s hard. But short term sacrifice for long term gain has worked for me.

 

Amen!

 

Financed 72 months. Paid it off in less than two years.

 

Bingo cash or no truck for me.

 

Same here. Never new only used. Always cash or I don’t buy it. Just a different mind set that’s all.

 

20K down payment and 72 months at 0%. Why hurry to pay it off if there is no finance charge?

 

Many years ago in my 20's I made a few bad financial decisions and got upside down with a shitbox Jeep. I worked on that fucker daily until I got it paid off in five years. Interest rates at that time were 12.9%.
I vowed never to be in that situation again. So I got another shitbox, this time a 10yo honda. I paid it off in a few years and got a Toyota...lesson learned and now my rule is if I have to finance more than half then it's too expensive.
I'm no financial wizard. I got myself in bad shape and I eventually got out but it took a long while. That was 30 years ago and it took 20 years to get good.

 

I think Dave Ramsey is pretty good and i do like much of his advice. I don't however agree that you need to go all cash. That advise is good for some who have issues with management of money and credit. For others having a mortgage and a non crazy car loan is ok. If you can still put money in the bank every paycheck to save then I don't see any issue.
The other things he teaches is how to pay off debt and also how to build an emergency fund. The emergency fund has brought me more peace with money than any part of it actually. Seeing the money in my account that could keep up with a few months of expenses in these times is especially good.

 

No kids, mid 30s. Wife’s a doc, I’m federal Leo. Paid cash for the pro and cash for her t4r. People go into debt for insane things. Was always taught if you if can’t pay cash you can’t afford it besides your mortgage or land. Got 5 years left on the house. No student loans, no credit card debt.

Work hard, save, pay cash. Pretty simple honestly.

 

I would ask. Why be in debt for the next 6yrs?

 

Because if you have enough to pay the balance, you can invest it and get a very conservative return of 7%. No brainer.

 

Now imagine if you’re debt free and the emergency fund is good for a couple years instead of months the peace mind you’d have. A big part of DRs plan is that when your debt free you become a better steward of money. You save more , you give more and thus you are rewarded for that.

 

I go long on payments if the rate is low just incase times get rough later. Currently 72mo at 2.1% paying extra $150 each month. Expecting raises in May and August (govt job).

 

I was able to pay cash for mine. Most of it came from a nice Corvette I owned that just wasn't getting driven much anymore.

Amen brother! It's all about keeping your unsecured debt (i.e. credit cards and the like) at zero and living at or below your means! And as soon as I buy a car, I start saving up for the next one!

 

Probably one of the very few true stories in this thread.

 

Most people aren’t disciplined enough for that. ask a millionaire, did you get there by having a a car payment for 40 years most will say no. But I like a said before the always cash is not for everyone. But then again I’ll be on the beach with my beer long before those still making car payments at 65. Just a different mindset thats all. To each there own. No judgment here everyone see things differently and nothing wrong with that.

 

So just to provide more info, which may help others.

My 2017 TRD Sport was $34,500
$2500 down and financed for $32,000 with PenFed for 60 months at 1.49%

I pay a little extra every month, but I am in no rush to pay it off. Might as well use it to improve my credit and invest money into Gamestop stocks lol. Even if I could do a full down, below 3% I feel like financing is a better option to take.

 

Not true. See my post about my 72 month loan at 6.5%. Commoner here.

Alright, I'm definitely looking into this. As financially irresponsible as I am, I still dream of early retirement. Or, semi-retirement.. Basically, I'll be happy to get rid of the stress sooner than later, even if it means working at a bait shop for walking around money.