yea, i definitely wouldn't dump all my cash into a down payment. i also wouldn't buy a $60,000 truck. there's plenty of good equipment in the $15,000 to $25,000 range, you just have to be patient and look for it (repos, fleet sales, sale by owners, etc). i would find somethin cheap, in decent shape and finance it through a local bank on an accelerated depreciation scale. somethin like two years, maybe three tops. i would put down the minimum, put the rest away into an accessible account, and write off the truck payment every month. write off as much of the truck as you can. you're monthly payment will be a little larger, but you're not stringing it out and accruing a lot of interest. if for some reason you get in a tight spot and can't make your payment, go up to the bank and talk to the person who issued your loan. explain to them your situation and ask them if you can pay the interest for the month and roll the payment to the back. if they know you, or you've been good about taking care of your business, a lot of folks will let you do this.
|