Should I Pay Off My Truck?
Took out a signature loan to buy a nice low mileage, well tended and maintained Ford 4x4 Sport model Red Ranger from my BIL this past March. My bank would not let me get a car loan from a private party and I ended up staying with them with an easy high interest 10 % 2 year loan. Because of my great credit score, I got their lowest rate for a signature loan! 
I guess I could easily answer my own question but thought you all need a bit of something NORMAL around here without starting another RIOT.
Well, what do you all think I should do?
I guess I could easily answer my own question but thought you all need a bit of something NORMAL around here without starting another RIOT.
Well, what do you all think I should do?
0
-
you need to find another bank.....credit scores are BS....17 years ago i bought our lake place ....paid one half on December 28 and second half on January 4th for tax purposes...and my credit score went from 825 to 815 ??????? and no debt no loan ...screw em ....... 0 -
Considering you are most likely NOT getting a 10% return on investments (well in this befuddled market who knows) I would say pay it off. That is a Guaranteed 10L% return. Next up the bank wouldn't let you? 0 -
Pay it off tomorrow!
10%! wow
0 -
+1Chief Shaway said:Pay it off tomorrow!
10%! wow
0 -
It is amazing in this day and age they can charge 10% and pay so little on deposits. We had a CD come due Monday and the best rates out there were less than 1.5 %. Screw em, pay it off and don't look back. Bob 0 -
+100000000000000000000000000Chief Shaway said:Pay it off tomorrow!
10%! wow
3 -
10% ,........man, they saw you coming in the door and said "lets burn his ass"......... . Pay it off ASAP !0 -
Pay it off and then start a riot! 0 -
10%, yikes, pay it off. 0 -
Bought new Ram. Listed for about $66,000. Trade in plus $18,000 in cash + another $15,000 as follows. Dealer policy only $5,000 allowed on credit card. Their words "It cost us to much money to put balance on your card". I said no deal unless I am allowed $7,500 on card which they finally allowed but forced me to borrow $7,500 from their bank at 5%. I could have got 2.6% at Navy or Pentagon Credit Union. Week later I paid off credit card and $7,500 loan at bank with no interest or pre-payment penalty.
I thought 5% was outrageous when I am lucky to get 2% on CD's. I think it cost me about $10 to get a clear Title on truck but now I owe nothing on truck. At 10% your bank is a crook. Get rid of them. Will make you feel much better.3 -
10% on 2 years? You're being robbed. 0 -
I am still trying to fathom how your bank "would not let you" get a car loan from a private party. 6 -
Whew! That's mighty rough. 0 -
While high, actually 10% is sort of like a credit card rate since the loan was unsecured, but still pay it off. 0 -
If you have to ask (OP), you are too young to be driving, now go clean your room. 0 -
I would continue to carry the note if I wuz u......... 0 -
That one has me puzzled too?neacpa said:I am still trying to fathom how your bank "would not let you" get a car loan from a private party.
0 -
Any bank that will not give a car loan on a purchase from a private party is a bank I would NEVER do business with. Just who the hell do they think they are discriminating against legal sellers preforming a legal transaction? Call the bank president and have a chat with him about his messed up policy, then close all your accounts there. 0 -
charge you 10% but give you .001% for them to loan it out 0 -
should have borrowed from the feds, they will pay you to take it............. 0 -
The last pick up I bought I planned on paying cash for it.I called the credit union to get the money out of my account and they offered to finance it for 1%.I took them up on the deal but I hate owing money so I paid it off in a few months. 0 -
Recently bought a new John Deere tractor. They offered $.00% interest for 7 years. I asked about the details and was told "you have to take out complete coverage insurance on the tractor to qualify, cost is over $2,300" Pulled out my checkbook and paid in full. Tractor followed me home. 0 -
I would just quit making payments and park it behind the house.
0 -
Wow! Thanks for all the sound wisdom with all these reply's! Back in March when my BIL decided to sell the truck, I had just looted my disposable funds on some home improvement projects. I really needed\wanted that truck, ever since I first laid eyes on it 2 years ago when he had it shipped to Michigan from Colorado on a flatbed trailer. BIL was original owner, just moved back after his 2nd retirement (first was after 30 years in the USAF). Truck is a 2007 model with only 80,000 miles. Has brand new set of Michelin tires, new battery, newer custom leather seats (he suffers with back problems), no rust anywhere ever. Truck drives like new, as it is just about broke in now! Has on the go 4 wheel hi\low and overdrive.
When he told me he would sell it to me for 6K, I found myself on the phone with my bank just a split second after hanging up from him! The banks first response after telling them I'd like to get a used car loan was to seek a credit union! Sound advise considering their interest rates. Knowing I could quickly pay off the loan in a couple months, the interest didn't bother me and I did not want to take the time opening a new account somewhere. I made sure that there would be no penalties for early payoff and took the personal loan and within a single day had a check in my BIL's hand. My payments to the bank would be made directly out of my checking every month automatically. Easy Peasy!
Well, later today it will be paid in full after just 2 payments! Sure do LUV my truck!0 -
Pay cash when you can, don't buy when you can't ............ owe no one. 0
Please sign in to leave a comment.
Comments
25 comments