Tried Lone Mountain, got shot down.....
#11
09-06-2010, 09:38 AM
Is 10% about standard for the down-payment on a used truck, especially when buying your first one?
I too have mediocre credit. I've been working on paying off everything listed in my credit report (all medical bills) and whatnot. I should be 100% debt free in 8-9 months, less depending on my income tax refund next year. I plan on putting at least $5,000 down on a used truck and hope to have about the same sitting in my bank account after the truck purchase has been made and all necessary money is paid out to get it on the road and leased to a carrier. I just got my first ever credit card 2 months ago. It's a non-secured Visa, but only has a $300 limit right now. I'm sending in 2x the minimum payment to help build my credit. I also hope/plan on buying a used pontoon boat early next year, with the down-payment coming from a 5 gallon jug of change I've been collecting over the past couple of years. I'm hoping that there's at least a 50% down-payment sitting in it. I'm figuring that if I buy the boat next year and make a years worth of payments on it, it'll show a steady credit history. At the same time I'll be putting the rest of the money into savings at my bank. I don't have a house payment, rent, car payment, etc. Once the bills are paid off, I'll have my monthly bills, such as Sprint & XM, and that's about it.
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My facebook profile: http://www.facebook.com/malaki86 Last edited by Malaki86; 09-06-2010 at 09:41 AM.
#12
09-06-2010, 09:57 AM
Not saying you would dump this on your dad, but there is NO WAY I would have asked my dad to co-sign. My dad co-signed on a $49,000 school loan for one of his grand kids before he passed away. Guess what? That has caused all sorts of problems with the family and the estate. Top that off with dad & I had the same name and I've had collctors calling me thinking I co-signed! BTW 9.95% is kinda high isnt it?
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Truck Driving an occupation consisting of hours of boredom interrupted by sheer terror!! "All the coolie carriers suck. Log 70, work 80-100, paid for 50." - the Great ColdFrostyMug 
#13
09-06-2010, 11:31 AM
Is 10% about standard for the down-payment on a used truck, especially when buying your first one?
It depends on the lender. I would expect to put as much as 20% down. The more you put down the less risk for the lender and the greater the likelihood of getting the deal done. I too have mediocre credit. I've been working on paying off everything listed in my credit report (all medical bills) and whatnot. I should be 100% debt free in 8-9 months, less depending on my income tax refund next year. I plan on putting at least $5,000 down on a used truck and hope to have about the same sitting in my bank account after the truck purchase has been made and all necessary money is paid out to get it on the road and leased to a carrier. If you can put a little more together you might be able to pay cash and the financing would be a non issue. I just got my first ever credit card 2 months ago. It's a non-secured Visa, but only has a $300 limit right now. I'm sending in 2x the minimum payment to help build my credit. I also hope/plan on buying a used pontoon boat early next year, with the down-payment coming from a 5 gallon jug of change I've been collecting over the past couple of years. I'm hoping that there's at least a 50% down-payment sitting in it. I'm figuring that if I buy the boat next year and make a years worth of payments on it, it'll show a steady credit history. At the same time I'll be putting the rest of the money into savings at my bank. It might help you to pay the entire balance in full each month on that credit card. You don't have to leave a balance in order to build your credit. When you use a credit card it can help or hurt you. In fact, you could pay utility bills, cell bills or other things that you would pay anyway using a credit card. When the bill comes you can pay it off. You are building your credit but not building debt. You are using the card to pay bills that you would pay any way. I would also not buy something to just build your credit. Rather than buying a pontoon boat why don't you take that money and put it on a truck. A boat won't make you any money. A truck can do much more for you than a boat. If you take the money you have been saving for the down payment on a boat and put it in the bank you will add to your savings with the interest it will make for you. I don't have a house payment, rent, car payment, etc. Once the bills are paid off, I'll have my monthly bills, such as Sprint & XM, and that's about it. Remember, the goal is to buy a truck. When you spend your money on boats and other things you don't really need you are wavering from your ultimate goal. Once you get your truck you should be able to more easily afford your boat. It would likely help more if the bank sees you making weekly or monthly deposits to a savings and/or checking account. This would show you are serious about saving and buying a truck. It will also show that you have the income to pay for the truck should you still want to finance it. Just imagine putting what you would pay in boat payments into the bank and let it earn interest. If your payments are just $200/month you could save an additional $2,400 in only a year, plus any accrued interest. In addition, you would also have the interest and principle on the down payment if you don't buy the boat. |
