You can do it man, it's easy! Just take all your money and use it to keep the lights on, the wife happy, and food on the table then the excess mail to me. Have a few overdrafts every few weeks for funsies and you can be just like me

 

If you can't do this, get an account with a credit union. They are way better at getting loans for their members.

 

They are, that's how I got my '05 Excursion.

Banks and even my insurance company laughed when I told them what I wanted to finance. My Dad got me hooked up with his credit union and within a day, I had a check in hand for my truck.

 

120% is their max for new rigs






when I bought my 2002 last year, all the banks were saying no. Even Navy Federal because it was over 10yrs old. Even with only 78,000 miles at the time.


I ended up negotiating with the bank that I had financed my 2006 F-250 (the one I traded to buy the X). They realized that financing $13k was a pittance verses the $35,000 they had previously financed for me with the F-250. Had to do a 2yr loan though vs. the traditional 5yr loan. So payments are high, but she's paid off really quickly. I'm still "saving" money vs the $$$ I paid for the F-250 monthly payment

 

You can get a loan for the Ex but most if not all banks are going to finance it as a unsecured personal loan, not an auto loan (and therefore you may pay a slightly higher interest rate). If you don't have credit you will probably need to have some kind of collateral. Obviously if you don't plan on defaulting on the loan you could use another vehicle, etc.

 

What we should all strive for. That's what my father taught me.



Stewart

 

If only you could get tattoos that moved... David Bowie FTW!

 

Of course he will need to drive the 5.4. Either that or walk when the 6.0 is broke down!

Back to the topic.... I would suggest going to your bank and telling them just what you want to do and see if they are willing. They all have their own requirements.

 

Another vote for the Credit Union here. While I normally pay cash for a purchase like this, my last vehilce was totalled in an accident. We were planning on replacing it in approx. 5 years, but were not ready when it happend. The credit union came through with a check in a couple days and I settled on the truck.

 

I just purchased my EX 3 wks ago thru a local credit union.If you have a decent credit rating of 675 or better they will work with you.
We got ours for 7.25% which is good for an older vehicle.
They all go by the blue book of car values.I got my EX for $7500 so there was no problem.If you have to rebuild your credit take out a closed end loan with the credit union for a year to rebuild it.You will look better to them a year from now.
We are doing all this to qualify for a house in 2-3 yrs.
Good Luck!

 

I bought mine using USAA, which is who I've used for everything for over a decade.

Initially they did not want to finance it at the price I had haggled the dealership down to (got it for $13,4 compared to originally asked $18,2, TTL and extended warranty total was $15,1). Once I told them it was a 7.3 Powerstroke, things changed substantially as they know that KBB and NADA guide prices do not always reflect real-world price - the 7.3 Excursion being one of these instances.

All in all I got it financed for $15,1 @ 7.9%, which I consider damn good considering my credit isn't too notch.

 

I bought mine using a local credit union (Boeing Employees Credit Union), and they financed a 2005 with ~120K with pretty favorable terms, given that I was doing a very low down payment as a borderline emergency purchase.

Credit Unions FTW, IMO. I'm not even a Boeing Employee LOL.

 

To OP question:

Stop putting $$ in to a 5.4 that you don't want, with the exceptions of oil changes and normal routine maintenance. NO MORE UPGRADES!!! You will never see ROI (return on investment) on any money you put in to that vehicle. Sorry it had to be written.

What can you afford on a monthly basis? $400 per month? $500 per month? $600 per month? Put that into a separate account making the payments to yourself.

Keep an eye on the market for trucks as they become available always assessing your options. At some point you will have enough money saved along with selling your current 5.4 as additional cash and boingo you bought yourself the truck you really want.

Yes, it will take time. Yes, it is not easy. Yes, you will have to wait. But you won't have any debt.

Good luck.

 

7.99% ?? Wow, I got my loan at 3.99% financing 65% of purchase price.

Mark is dead on with stopping the upgrades to your current Ex, you will never get the return on them.

 

I know that number blew me away, i got 2.3% on my F-150 w/0 down..but much newer so a whole different animal.