I told him last night he has got to get his credit number up. He is going to get a daily use credit card and pay it every month and I suggested finding a good, cheaper truck, maybe $20,000 or so and finance it, then after about a year his credit number should be higher and he can trade it and get the truck he wants. He doesn't want to co-sign.

Weekly thread on telling someone how to spend their own money. Love my new truck! May even trade it for a f250 with a 7.3 next year!! It’ll be Leveled on 37s!!

Weekly thread on telling someone how to spend their own money. Love my new truck! May even trade it for a f250 with a 7.3 next year!! It’ll be Leveled on 37s!!

That is what I want minus the 37s, just want to wait 2-3 years and let them get the bugs worked out of it.

👏🏽👏🏽👏🏽.....that’s right

That is sound advice if he will take it. Everybody needs a good credit score and the only way you can get one if by borrowing some money and making payments.

Not sure how people that pay cash for everything except there house gets a loan to buy the house.

Blah blah blah. I’ll keep my money in the market and make 8 percent. I financed my truck for 2.9 percent. I buy new and drive them till they die. Stupid to use hard saved dollars when intrest is cheap. Y’all pay to much attention to Dave Ramsey.🤦‍♂️

Interest is of no concern to me, it’s depreciation. When you start adding that $10kish a year of depreciation in, with interest and operation costs, it will make you sick.

Just some general numbers. But a truck for $50k, drive it for ten years, sell it for $5k. $2000yr in maintainence and repairs. $45k in depreciation, $5k interest, insurance cost of $1200/yr, etc. that adds up to $82k to drive that truck for 10 years.

Comparing that to shopping for a good deal on a couple of used trucks during that time frame, you knock out interest, some of your ins. Cost, a lot of your depreciation, and probably have a slightly higher maintenance and repair bill. Cost of operation is about a $40k swing over that same time frame. That’s a lot of money you could have been earning your 8% interest on.

Interest on a $40k auto @3% is only $50/month. That hardly is going to make anyone a millionaire.

If you want to be a millionaire, you need to make a million dollars more than you spend. However you choose to do that is up to you.

I disagree. That is nearly $2500 over the course of the loan that you lost. Plus a lot more than that in depreciation. Probable $20,000 on a four year loan. So right there you are down $22,500 in four years. Very significant $. Plus factor in around 8% interest you coulda got on that money if you had invested it instead. You get rich a little at a time.

I disagree. That is nearly $2500 over the course of the loan that you lost. Plus a lot more than that in depreciation. Probable $20,000 on a four year loan. So right there you are down $22,500 in four years. Very significant $. Plus factor in around 8% interest you coulda got on that money if you had invested it instead. You get rich a little at a time.