Paying off truck

Discussion in 'Ask An Owner Operator' started by Allaby, Jun 6, 2013.

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  1. Jun 6, 2013 #1
    Allaby

    Allaby Light Load Member

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    Okay so im curious on how long it took you to pay off your truck brand new or used?

    And whats the fastest way to pay it off?


    Reason im asking is well im looking to buy a Brand spanking new Glider:smt021, looking at two models 1. Coronado 2. Pete. I really want the pete always dreamed about owning one i just love they way they drive and feel. But i hate long drawn out loans i wanna know whats the best way and fastest way to pay off lets say about $135,000 bucks. Also i am leased to Landstar if that matters.

    Some of you guys will ask but why. Well why not why not, i have doing pretty well so far and i want a good truck to continue 10-4. Thanks drivers.
     
    Last edited by a moderator: Jun 9, 2013
    Allaby, Jun 6, 2013
    Allaby, Jun 6, 2013
    #1
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  3. Jun 6, 2013 #2
    leftlanetruckin

    leftlanetruckin Road Train Member

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    It isnt brain surgery, save some money and pay it off when you have the outstanding balance.
    I ran mine the entire term for tax reasons, and will do the same on the next one too.
    Depending on the interest rate of the loan, it can be a bad idea to pay it off early IMHO. Just like you NEVER pay off an interest free loan early.

    Martin
     
    leftlanetruckin, Jun 6, 2013
    leftlanetruckin, Jun 6, 2013
    #2
  4. Jun 6, 2013 #3
    snowwy

    snowwy Road Train Member

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    i think personally an old cheap truck might be the way to go. but i've seen a lot of people doing repairs after repairs. and by the time they are done. they will have paid more for that old cheap truck then you with your cheaper (glider) new truck.

    i know if i make it to the title with minimal breakdowns. i will have paid less for a truck that's been reliable then some of them older used cheap trucks.

    but realistically the old cheap truck by all defenitions is almost new also. PIECE BY PIECE. but the down time probably killed them in loss revenue.

    i'm all for the new trucks. although not the common isx problems.
     
    snowwy, Jun 6, 2013
    snowwy, Jun 6, 2013
    #3
    Jrdude5 Thanks this.
  5. Jun 6, 2013 #4
    Allaby

    Allaby Light Load Member

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    I understand it's not brain surgery. I just wanna pay that sucker off as early as possible and i still have reg bills at home to pay. I only paid 30,000 for my current rig. Being at landstar i only get 65% on the LH thats not really much at all.
     
    Allaby, Jun 6, 2013
    Allaby, Jun 6, 2013
    #4
  7. Jun 6, 2013 #5
    G/MAN

    G/MAN Road Train Member

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    One way to pay it off early is to make weekly payments instead of monthly payments. Even paying the same amount you will save a considerable amount of interest. You could also pay extra each month and make a note that it should be applied to the principal. The lower the principal the less interest. You could also pay more than the actual payment when you make your monthly payments. It is a painless way to pay the truck off early and get the title. I had one truck that I paid off early by just adding about 10% per month over the payment.
     
    G/MAN, Jun 6, 2013
    G/MAN, Jun 6, 2013
    #5
    areelius Thanks this.
  8. Jun 6, 2013 #6
    snowwy

    snowwy Road Train Member

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    i don't think you can pay off principle to lower interest or what not.

    my car loan through the credit union specifically states my total pay off. can i pay it off early. SURE. will i save money. NOPE.
     
    snowwy, Jun 6, 2013
    snowwy, Jun 6, 2013
    #6
  9. Jun 6, 2013 #7
    Allaby

    Allaby Light Load Member

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    Aug 17, 2011
    Macungie, Pa
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    Yea i think im just gonna apply more money to each payment i guess that makes the most sense. I always wonder i hear guys paying off brand new 140,000 dollar rigs of in a year or two, im assuming they run there own authority and make a few more bucks then some one leased onto a carrier.

     
    Allaby, Jun 6, 2013
    Allaby, Jun 6, 2013
    #7
  10. Jun 6, 2013 #8
    chalupa

    chalupa Road Train Member

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    Lofty goal.... ok, using your numbers and at 8% the truck will cost $2915 a month.......simple, double it to bi-weekly. You'll be clear in 26 or so months on a 60 month loan.

    Good luck and let us know how you do....and get the Pete.....

    JMO
     
    chalupa, Jun 6, 2013
    chalupa, Jun 6, 2013
    #8
    Allaby and tonakis Thank this.
  11. Jun 6, 2013 #9
    Allaby

    Allaby Light Load Member

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    Macungie, Pa
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    Well if you wipe out the principal then how can they charge you for something that's not there right?

     
    Allaby, Jun 6, 2013
    Allaby, Jun 6, 2013
    #9
  12. Jun 6, 2013 #10
    Redbone311

    Redbone311 Light Load Member

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    You can find loan payment calculators on the internet if you Google them.
     
    Redbone311, Jun 6, 2013
    Redbone311, Jun 6, 2013
    #10
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