Financial help

Discussion in 'Trucker Taxes and Truck Financing' started by melsno, Feb 11, 2016.

  1. melsno

    melsno Light Load Member

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    Dont know where to stick this at. I recently bought a truck put down $25k down truck is worth $57k including warranty. I have another $3k to spend seeing that i am getting rid of my truck and selling the rubbers. So i will get this money after the sale from a friend. I was wondering if i should put it towards the Truck and pay a few months. Or should i pay off the lease of my car which has 15months left. Giving me a little room at the end of the month about $190. If i put it towards the truck i will only see about $60 off my monthly payment. My goal is to pay the truck loan as fast as i can. There might be a straight answer to my question. Which i am not seeing.
     
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  3. A long way from Texas

    A long way from Texas Bobtail Member

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    I would pay it towards the car, from what you said it frees the most money up & it gets rid of a prier comment. This will free money up each week to put back into escro just in case. If you save this money & you can always double a monthly payment towards interest this will pay the truck off just as fast. Maybe faster depending on bal...
     
  4. G/MAN

    G/MAN Road Train Member

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    Why don't you just use the money you have to pay cash for a good used truck? You save the interest and don't have to worry about making payment on the truck.
     
  5. melsno

    melsno Light Load Member

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    Because of the new laws in ny and nj area ports need a 09 and up engine just like California now.
     
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  6. melsno

    melsno Light Load Member

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    I thought so too gives me a bit of elbow room and I could double on the payments. Thanks
     
  7. tommymonza

    tommymonza Road Train Member

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    Keep it in your piggy bank. You may need it.
     
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  8. alien4fish

    alien4fish Light Load Member

    Im in the same boat, ive been looking at 08-09 petes and theres some fine 07's out there for great price
     
  9. melsno

    melsno Light Load Member

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    Yeah i had to get rid of my pete 379 7 years and never left me on the side of the road. I think i had a tear go down my eyes when the wrecker came to get her.
     
  10. Lu305

    Lu305 Bobtail Member

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    Feb 5, 2016
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    Pay off the car
     
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  11. nofreetime

    nofreetime Road Train Member

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    You said that the car was a lease? Do you save anything on interest or fees by paying it early? If you don't or its not much I wouldn't pay it off. How much are you home? I'm not home much and don't drive much so I don't need much of a personal vehicle. Before I went otr I bought an old Toyota for $3, 000 had to put another $1, 200 into it in repairs right off the bat and $500 since. However I've had it for 7yrs resale on it is still around $3, 000-$3, 500. The money I've saved by having that old POS is stupid, and its insurance is nothing. Why not just use the $3,000 to buy something similar, give the lease car back early, then continue to make a payment to yourself and save the money for a new you can eventually pay cash for?
     
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