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Author Topic: New Truck - Loan APR  (Read 4657 times)

Offline baker5150

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Re: New Truck - Loan APR
« Reply #15 on: June 06, 2023, 10:05:03 AM »
Also, another fun way to think about debt is how much you're winning by right now.

Interest on borrowed money at 3.5% when inflation is at 6%... you're paying them back with deflated dollars.  They're paying off your truck for you because your loan turned out to be a pretty bad bet for them.  It may not feel like it, but you're paying back less than you borrowed in terms of real value.  Now your truck is also depreciating, but that is a separate issue.

That is a fun way to think about it! I'm just gonna hate pitching a tent next to my truck all scouting and hunting season. I've already skipped a couple overnights because I didn't want to deal with it.

What truck are you in now?

In terms of saving cash, why not work with what you have? 
Maybe a cheap topper for now? 


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Re: New Truck - Loan APR
« Reply #16 on: June 06, 2023, 10:09:25 AM »
If pitching a tent saved me from going into more debt.....I would pitch a tent all day long.  Heck...buy one of those cots with tent built in and save some money.  Especially when you say you want to buy a house one of these days. 


https://www.amazon.com/tent-cot/s?k=tent+cot

Pick one....if it breaks in a year buy another.  You will be money ahead.   :tup:

Offline rainshadow1

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Re: New Truck - Loan APR
« Reply #17 on: June 06, 2023, 10:24:02 AM »
I have about $8k left on my truck loan with WECU. Blue Book is around $24k trade in value.

I really want to move to a crew cab regular bed with a cap so I can build a little sleeper setup. Something under the $30k mark probably. Dilemma is I have a 3.24% rate on my current loan and new rates are at least double that. Is there anyway to keep my rate if I trade in?


Just the way my brain works....

So, you're saying you WOULDN'T be satisfied with a $16k vehicle and NO payment?

(I hate debt! Wife has gained 200 credit rating points since meeting me, and she isn't really all the way on board yet!)
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Offline CP

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Re: New Truck - Loan APR
« Reply #18 on: June 06, 2023, 10:30:33 AM »
If pitching a tent saved me from going into more debt.....I would pitch a tent all day long.  Heck...buy one of those cots with tent built in and save some money.  Especially when you say you want to buy a house one of these days. 


https://www.amazon.com/tent-cot/s?k=tent+cot

Pick one....if it breaks in a year buy another.  You will be money ahead.   :tup:

 :yeah:  That's what I would do.  I've slept in the back of a Subaru on the last few trips. 

Even if you keep your truck and check into the nearest 5-star hotel every trip.  You’ll come out ahead.

Offline Stein

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Re: New Truck - Loan APR
« Reply #19 on: June 06, 2023, 10:41:30 AM »
 :yeah:

Prices are high, supply is low and rates are high.  Add that all together and it spells K-E-L-T-Y.

Just think, the tax alone on a $60k truck it about $5,500.  For that you can buy a teepee, cots, new down bag, stove, crab legs and rib steaks, diesel heater, new rifle, Montana tag for two years and have plenty for gas and misc expenses.  Or, you can send it all to Jay.  And then more to the bank.  And then more to the insurance company.

You could get a nice tent, one of those ripoff overlander truck tents, even one of those expensive tent/trailer things and a quad to go on top.

Offline luvmystang67

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Re: New Truck - Loan APR
« Reply #20 on: June 06, 2023, 11:00:55 AM »
I love my coleman instant tent for a super quick, homey, place to sleep.  I can pitch it in like 2 min and break it down almost as fast.  Is it great in a super storm... no, but most nights its perfect with a cot.

I know we're derailing your thread a little.

Offline pickardjw

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Re: New Truck - Loan APR
« Reply #21 on: June 06, 2023, 11:59:20 AM »
Also, another fun way to think about debt is how much you're winning by right now.

Interest on borrowed money at 3.5% when inflation is at 6%... you're paying them back with deflated dollars.  They're paying off your truck for you because your loan turned out to be a pretty bad bet for them.  It may not feel like it, but you're paying back less than you borrowed in terms of real value.  Now your truck is also depreciating, but that is a separate issue.

That is a fun way to think about it! I'm just gonna hate pitching a tent next to my truck all scouting and hunting season. I've already skipped a couple overnights because I didn't want to deal with it.

What truck are you in now?

In terms of saving cash, why not work with what you have? 
Maybe a cheap topper for now?

Ram 1500 crew cab with the “extra short” (5’-7”) bed. Got a trifold on it now. I’ve pitched a tarp over the bed before and even slept under the trifold diagonally, but the cot doesn’t fit back there with the tailgate up.

It’s definitely a want, not a need. I want to be incognito, mobile, and have my stuff reasonably secure. Hate leaving thousands in camping gear at a dispersed site while I go off during the day. Also don’t want to put up and take down every evening/morning.

Offline Karl Blanchard

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Re: New Truck - Loan APR
« Reply #22 on: June 06, 2023, 12:30:26 PM »
If I had a ram 1500 I'd be looking for a new truck too  :chuckle:




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Offline Karl Blanchard

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Re: New Truck - Loan APR
« Reply #23 on: June 06, 2023, 12:33:31 PM »
Also, another fun way to think about debt is how much you're winning by right now.

Interest on borrowed money at 3.5% when inflation is at 6%... you're paying them back with deflated dollars.  They're paying off your truck for you because your loan turned out to be a pretty bad bet for them.  It may not feel like it, but you're paying back less than you borrowed in terms of real value.  Now your truck is also depreciating, but that is a separate issue.

That is a fun way to think about it! I'm just gonna hate pitching a tent next to my truck all scouting and hunting season. I've already skipped a couple overnights because I didn't want to deal with it.
most of the time on overnighters I just drop the tailgate and slide under the truck as I am also too lazy to setup a tent. It's more so the rolling up of the tent as the setting up. Man I hate packing up camp🤮
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Offline luvmystang67

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Re: New Truck - Loan APR
« Reply #24 on: June 06, 2023, 12:39:24 PM »
If I had a ram 1500 I'd be looking for a new truck too  :chuckle:




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Online brew

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Re: New Truck - Loan APR
« Reply #25 on: June 06, 2023, 01:36:11 PM »
I just drove by Fugate Ford in Enumclaw and the sign out front says 0 % interest
beer---it's whats for dinner

Offline KFhunter

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Re: New Truck - Loan APR
« Reply #26 on: June 06, 2023, 01:44:08 PM »
I just drove by Fugate Ford in Enumclaw and the sign out front says 0 % interest

Most dealerships use floor credit, that floor credit will be higher now than a few years ago, so the apr has got to be “baked into the cake” ie: high purchase price

Floor credit = floating credit from banks for dealerships to purchase and then sell vehicles, the bank gets interest

Most dealerships have very little cash to operate on

What’s going on now is banks are pulling floor credit away, forcing new vehicles into auction

Also they’re doing inventory on lot vehicles, they’re appraising them since vehicle prices are dropping since the dealerships bought them, the banks want a check in 24 hours if the appraisal amount is lower than inventory cists


I got people in the repel industry and I verified that yes, they’re emptying entire dealership lots, and sending to auction brand new vehicles. 


Gotaa wait, prices will come down, way down imo

Offline phildobaggins

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Re: New Truck - Loan APR
« Reply #27 on: June 06, 2023, 01:55:40 PM »

Offline follow maggie

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Re: New Truck - Loan APR
« Reply #28 on: June 06, 2023, 02:02:39 PM »
If I had a ram 1500 I'd be looking for a new truck too  :chuckle:




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 :chuckle: :chuckle:

Offline follow maggie

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Re: New Truck - Loan APR
« Reply #29 on: June 06, 2023, 02:03:49 PM »
If pitching a tent saved me from going into more debt.....I would pitch a tent all day long.  Heck...buy one of those cots with tent built in and save some money.  Especially when you say you want to buy a house one of these days. 


https://www.amazon.com/tent-cot/s?k=tent+cot

Pick one....if it breaks in a year buy another.  You will be money ahead.   :tup:

A friend of mine has something similar to that & it’s pretty awesome. He’s endured some relatively rough weather nights in it.

 


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