How much is your truck payment?

[Thinbluef150]

I got into a discussion with a co-worker this morning about vehicle payments, which prompted me to make this thread. If you don’t mind sharing -
How much did you put down on your truck?
How much is your monthly payment (and for how many months)?

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[Littlefield82]

Plan is to put $10k down, finance $50k for 4 years thru Ford Credit at 0.9% (assuming that all works out in about a month). Payment would be about $1000 which is more than double the payment I've had on previous vehicles. It's pretty ridiculous to have a payment like this and I'm pretty strict about budgeting and generally following Dave Ramsey's advice but right now I really want this truck, I can afford it and my cash savings and non-retirement investments are making more in interest than this loan would cost so I'm not enticed to pay it off sooner than the original loan term.

My neighbor bought a 2018 XLT a year ago for around $43k and I thought he was insane to spend that much but I've recently spent a good bit of time in full size trucks including newer F-150's and I'm sold on their level of usability and convenience, especially for families that carry a lot of stuff with them on vacations such as bikes, water toys, etc.

 

[Thinbluef150]

Plan is to put $10k down, finance $50k for 4 years thru Ford Credit at 0.9% (assuming that all works out in about a month). Payment would be about $1000 which is more than double the payment I've had on previous vehicles. It's pretty ridiculous to have a payment like this and I'm pretty strict about budgeting and generally following Dave Ramsey's advice but right now I really want this truck, I can afford it and my cash savings and non-retirement investments are making more in interest than this loan would cost so I'm not enticed to pay it off sooner than the original loan term.

This is what I am struggling with. I’m a huge Dave Ramsey fan as well. And obviously financing a truck is a big no-no. But I really want this truck. I hate to touch money in my brokerage account that is earning 10%+ when I can take out a loan at 1.9%. I will put a significant portion down though.

 

[ZWARRIOR]

put down $25k paying about $600 a month for 60 months @2%ish

 

[UGADawg96]

Plan is to put $10k down, finance $50k for 4 years thru Ford Credit at 0.9% (assuming that all works out in about a month). Payment would be about $1000 which is more than double the payment I've had on previous vehicles. It's pretty ridiculous to have a payment like this and I'm pretty strict about budgeting and generally following Dave Ramsey's advice but right now I really want this truck, I can afford it and my cash savings and non-retirement investments are making more in interest than this loan would cost so I'm not enticed to pay it off sooner than the original loan term.

I'm about 100% the same as you, but will probably put down 2x that. I've been a DR fan for over 20 years, but will approach this purchase like you are.

 

[JoeBlowFord]

If the rates are good, financing should always be considered. It's cheap money.

I financed at 1.89% for 72 months through a local credit union. At $60,000 financed, the total cost of the loan will be $3,500 if paid for the entire term. In the current market, there's no scenario where I can't break even or do better by investing a potential down payment for 6 years.

Additionally, when financing, you have the capital available if needed in an emergency, and not tied up in a depreciating asset.

 

[Littlefield82]

If the rates are good, financing should always be considered. It's cheap money.

I financed at 1.89% for 72 months through a local credit union. At $60,000 financed, the total cost of the loan will be $3,500 if paid for the entire term. In the current market, there's no scenario where I can't break even or do better by investing a potential down payment for 6 years.

Additionally, when financing, you have the capital available if needed in an emergency, and not tied up in a depreciating asset.

This is a good point about having cash available for emergencies. I thought long and hard about just paying it off or putting $40k+ down but it's really not the best financial move for most financially responsible people (there are exceptions to everything). I HATE a car payment but when money is this cheap to borrow and assuming your job security is good then I feel safe borrowing. I basically determined what is the maximum payment that I can afford within my budget ($1000). IF I rearranged my budget, changed my savings goals, etc., I could afford a higher payment but I wanted the truck payment to fit within the budget that I've been living with for a while. We just bought my wife a 2021 CX-9 Carbon Edition and the payment is $560 for 5 years at 0% through Mazda so we are getting hammered with car payments but up until now we've had two older cars that have been paid off for years and they have served us well and allowed us to build up a bigger cash savings.

 

[KartRacer25]

yeh, I had like 10%+ for down payment, did about 10k down on 52k xplan price plus tax n stuff so 56k ? didnt use 12k. Stashed 4k for tires shocks plates.
With xplan they said had to go 60 mos at high rate so like 750 month. not great
Its been 90 days now so looking to refi at like 3% with credit union. 650 mos
sry guestimate numbers.

 

[antimatter_plat]

yeh, I had like 10%+ for down payment, did about 10k down on 52k xplan price plus tax n stuff so 56k ? didnt use 12k. Stashed 4k for tires shocks plates.
With xplan they said had to go 60 mos at high rate so like 750 month. not great
Its been 90 days now so looking to refi at like 3% with credit union. 650 mos
sry guestimate numbers.

Sounds like a shady dealership that forced you into a higher rate loan (that they get a kickback on) because they weren't going to make much money on the truck itself.

 

[imnuts]

Put $10k down, financed just shy of ~$55k. Loan from dealership (BofA) was a 4.69%(?) rate, refinancing to 3.24% through my credit union, both for 72 months. It will end up being about $840/mo.

 

[Nomadic_One]

I put $15k down on a Platinum Powerboost (~$74K+), traded in my 2016 KR and after all was said and done, my payment is $203.55 for 72 months.

Someone once told me you need to have a plan when buying a vehicle. I've had a system in place for the last 20 years that is paying off for me and my needs. Never let a vehicle go over 80k miles and trade in around 4 years to optimize trade in value. It's all about making your money go farther.

 

[Coolrain]

I put $15k down on a Platinum Powerboost (~$74K+), traded in my 2016 KR and after all was said and done, my payment is $203.55 for 72 months.

Someone once told me you need to have a plan when buying a vehicle. I've had a system in place for the last 20 years that is paying off for me and my needs. Never let a vehicle go over 80k miles and trade in around 4 years to optimize trade in value. It's all about making your money go farther.

really close to what I will do on my Raptor - looking like 1.99% through a Credit Union. With my trade (not a truck - so no where near the return) should be around $600 month

 

[Lippy]

I pay for all of my cars and keep them usually 7-10 years. I don’t want to look at a payment.

 

[JayceeP]

I’m putting nothing down. Leasing. Trading my wife’s Altima for $9,000 with a $6,000 lien on it. At 3% why would I put anything down- the only portion I would for is taxes and fees as those are sunk costs.

I’m looking at 3 year lease, $700/month for a 502a sport, 20” wheels, B&O unleashed, moonroof, tonneau, bed liner, wheel well liners. $73,085 MRSP (Canadian) with $10,500 in discounts negotiated.

I could have paid cash for it if I really wanted to, however.

 

[RexTX]

$56K XLT FX4 loaded, $50K financed 60 months at 3.9% (Ford Credit). Payment $900

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