Should I trade in for a new truck now or wait?

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Rzrman328

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Well they called me back this morning and said they got a response from another bank at 8%. I told them I lost interest. So not even 5 minutes later he texts me and says we got 6% and 75 months instead of 84. So I went ahead and got it. 6% isn't terrible. But I know I can refinance in a year or 2 and get a better rate at my credit union.

Enjoy it....don't worry about the numbers now.

A lot of people tend to interject their own financial status when giving advice to others about a purchase or deal that they may have gotten or how you could've done so much better.

Only you know your true financial situation and what you can afford.
 

Numnutz

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Well they called me back this morning and said they got a response from another bank at 8%. I told them I lost interest. So not even 5 minutes later he texts me and says we got 6% and 75 months instead of 84. So I went ahead and got it. 6% isn't terrible. But I know I can refinance in a year or 2 and get a better rate at my credit union.

lmc22391, good luck man! You are on a collision course. You are roiling over one bad debt into another. Banking institutes love people like you.
You are adding and adding bad debt to bad debt.
You are upside down in in one debt and you are compounding it in to another.
You are digging yourself into a whole you will never get out of.
You are going to end up paying $60,000 for a truck!
A truck that will have VERY little value after the 6½ years you paid for it.
Think about it.... You are going to pay over $60,000 for a truck that when your done paying is basically worthless.
 

Coop427

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Congrats on the new truck! Enjoy it, work hard & love your new home. Be happy, you're in a good spot on your life. Happy for you.
 

ctemp1

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My credit union is running 1.99, if anything you need to lease or buy a cheap car, pay it off fast and then go to the credit union and you could be low 3s or high 2s
 

baum

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i guess i shouldnt complain about the 1.7% i have on my truck and the fact i bought my laramie for 35.5k (out the door)...

OP if they are trying to F-you that bad your credit must be in the 600's. Credit doesnt take that much of a ht when you buy a house. Unless multiple banks pulled your report many times.

coming from someone who played the "roll-over" games trust me its NOT something you want to do. IMO if you cant walk out with more than 15-20% off the msrp (down payment, rebates, trade) you shouldnt do it. as your new big horn is already worth less than you owe.
 
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blrmkrl83

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6% and 84 months is what I got on my truck. I was out the door for about about 5,000 below sticker. I've had it for not quite 5 years and at 99,000 miles. Right now I owe a little less than the NADA rough trade-in value. I think you'll be fine, especially if you take care of the truck.
 

DRkNESS

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Op enjoy your new truck and your home. I don't get involved in other people financials as it's easy to say what I would or would not do. Truth be told you have to do what works for you, and enjoy what comes of it. :)
 

reek

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no one likes to be a party pooper and contribute to a buyer's remorse. If OP bought the truck already, then of course enjoy it, you're paying for it. but telling the OP to ignore what others say about financials isn't really relevant since the original post was to get our opinions on what he should do.

I'll agree with Numnutz statement (post 22) but since OP bought the truck, I'll agree with DRkNESS first sentence only though, definitely enjoy your new truck and home!

so now, lmc22391, post up some pics of your new ride!
 

rango10

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I took the higher rate the dealership offered so I would get the better rebates. I use state farm for insurance and they also have a bank (many people dont realize this). I refinanced the truck a month after the purchase for a 2.25% rate. I suggest shopping around to refinance if you get the higher rate.

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tncruiser

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the higher the rate the higher the kickback to the dealer
if you just bought a house your credit has to be a lot better than the 10% club
while its true buying a house might bring you down a bit I cant believe it raises your rate by 5 times especially at dealers
when I got mine last year I was going to pay cash ,but at 0% pretty hard to turn down
brianj
 

Graygoose

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Welcome to the new ride.

But, now you said before you can do the $650 a month. I bet the payment now is far cheaper, correct? One way to help right this ship, is PAY the $650 a month you originally said you could afford. This will get you at least better or more upright as you progress paying the truck down.
 

2015HD

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I hope you got GAP, my daughter just totaled her car she got 3 months ago and she was upside down, thank goodness for GAP.

Enjoy the truck!
 

BigRed4x4

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If the OP credit took that big of a hit after buying a house he either A.) Has other credit issues or B.) Bought a house that turned his debt to income ratio upside down and dropped his score. So now he has a house that might be out if his price range and he wants to throw in a truck he can't afford and add negative equity from his current truck. He'll be in bankruptcy at the first hiccup unless there is a bunch of unreported income he has to pay for this stuff he's headed down a path to life long debt. And hoping to refi in a couple years is just setting yourself up for a fall. Getting your credit score up should be your first priority.

2 years ago this February I bought a house and 3 months later bought my Ram. My credit score was good enough to get 2.4% from my credit union for my truck. I'm not saying this to brag but to illustrate that living within your means will be cheaper in the long run. Also I bought a used truck that I knew I wouldn't struggle to make the payment even though the bright shiny new ones were calling to me. I have the income to make a $650.00 payment but it doesn't mean I can afford it.

6, 8, 10% for an auto loan is outrageous.

I have a buddy like this, he thinks everything is just a payment away.
 
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12sportmc

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BigRed4x4; 6 said:
Lol. Gotta keep up with the Jones though [emoji23][emoji23]. I have a buddy the same way. Everything is a swipe of the credit card.


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Numnutz

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Well they called me back this morning and said they got a response from another bank at 8%. I told them I lost interest. So not even 5 minutes later he texts me and says we got 6% and 75 months instead of 84. So I went ahead and got it. 6% isn't terrible. But I know I can refinance in a year or 2 and get a better rate at my credit union.

Can you say BANKRUPTCY???
It won't be long.....
 

Numnutz

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Enjoy it....don't worry about the numbers now.

A lot of people tend to interject their own financial status when giving advice to others about a purchase or deal that they may have gotten or how you could've done so much better.

Only you know your true financial situation and what you can afford.

This is your next bankruptcy....
Not a clue!!!!
Selling your soul to the banks!!!
 

Numnutz

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6% and 84 months is what I got on my truck. I was out the door for about about 5,000 below sticker. I've had it for not quite 5 years and at 99,000 miles. Right now I owe a little less than the NADA rough trade-in value. I think you'll be fine, especially if you take care of the truck.

And you paid the bank more in interest than your truck is worth...
$5000 below sticker? MAN!!! I hope they kissed you after they FU(KED you...
 

mikeru

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In your fist post you said you wanted to buy this truck and drive it until it dies. I don't believe you will do this. You had a 5 year old truck and traded it in before you were even in the green on what you owed on it. If your intention is to keep a truck for 20 or 30 years, why not just keep your 2011 until it died, and not be paying on a new truck for another 8 years???
 

Treburkulosis

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At 97k and 10% interest on anything I would say no. You can hold out a few more years and fix whatever you have to, to get a better interest rate.
 
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