Correct way to go?.....financing vs purchasing....

that's right. never ignore your credit.

i had that attitude and always paid cash. but never had the desire for big purchases anyways. i don't feel like giving the banks money they don't deserve.

as far as c redit card bills go. or any bill for that matter. i learned a LONG time ago that checks aren't the way to make payments. cuz they arrive, they sit at the desk. untill next month. then they are caashed. and now you have a late payment fee.

all my bills are paid online. where the payments are immediately posted.
as for the credit cards. i try to keep up with the dates they report to the credit agencies. and make sure the balances are zeroed out before they report. a zero balance keeps your score up higher then having ANY balance on. one card reports on it's billing cycle. while the other reports twice each month for whatever reason. and neither date coincides with the billing cycle.

and another note. bad debt stays on record for 7 1/2 years FROM LAST DATE PAID. so if you're gonna let a sleep dog rot away. don't make a payment. you might also look at your state statue of limits allowed for collecting. cuz that can range anywhere from 2 years to 10 in hawaii. in utah. they can't attempt to collect after 6 years.

 

Would also consider the opportunity costs. If you are making $30k a year and it is going to take you three years to save the money but you can make $60k with your own truck and have to pay $10k in finance charges then the smart money is on financing. I have also seen guys that could finance pay cash then have to factor for cash flow. Even at Arrow Truck rates of 18-20% that is still better than factoring terms.