Good luck...
Thread Starter
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Elder User
Joined: Feb 2005
Posts: 689
Likes: 1
From: South suburb of Chicago
Good luck...
Well I have stumbled across a 2001 Harley Davidson F-150 with 35k miles on it. The person is going to sell it for $18K to me.
I currently have a 2001 XLT that I owe 11K on. Carmax offered me $7500 for my truck. So that will leave me with a debt of $3,500 to Carmax, And I would need about a $21,500 loan to cover the debt and the new truck.
Since I am only 19 my mother is going to co-sign a loan with me if I am eligble. Hopefully I will be.
Tomorrow is the day that we are going to go to the bank, and I will know if I can get the HD F-150.
So I was hoping some of you could pass along some good luck to me for my trip to the bank.
Thanks alot.
I currently have a 2001 XLT that I owe 11K on. Carmax offered me $7500 for my truck. So that will leave me with a debt of $3,500 to Carmax, And I would need about a $21,500 loan to cover the debt and the new truck.
Since I am only 19 my mother is going to co-sign a loan with me if I am eligble. Hopefully I will be.
Tomorrow is the day that we are going to go to the bank, and I will know if I can get the HD F-150.
So I was hoping some of you could pass along some good luck to me for my trip to the bank.
Thanks alot.
Elder User
Joined: Oct 2005
Posts: 907
Likes: 0
From: Citrus Heights, CA
Hmmm... Sorry to be a bit on the curmudgeon side of the equation, but...
What are you buying for the $10,000 your are getting ready to spend? You have $11k left to pay on the truck you currently have, and are getting ready to lay down 21k on the SAME TRUCK WITH A LITTLE SILLY TRIM*&%^(*#$^.
Sorry, I'll calm down now. Breathe, breathe....
Go buy a little chrome and a couple of trim pieces for something less than $1k. The money you are getting ready to spend is not worth it.
my $0.02
What are you buying for the $10,000 your are getting ready to spend? You have $11k left to pay on the truck you currently have, and are getting ready to lay down 21k on the SAME TRUCK WITH A LITTLE SILLY TRIM*&%^(*#$^.
Sorry, I'll calm down now. Breathe, breathe....
Go buy a little chrome and a couple of trim pieces for something less than $1k. The money you are getting ready to spend is not worth it.
my $0.02
Last edited by AnOldDog; Apr 3, 2006 at 07:15 PM.
Posting Guru
Joined: Oct 2005
Posts: 1,305
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From: Wisconsin
just calm down and take you time shopping for a truck. i have knowen what kind of truck i wanted since the first time i have seen it back in 95. a 1995 ford PSD 4 door dually. i started saving when i was about 15 {16 now}and saved over half of what i needed for the truck. i paid 5500 for it and am still paying 400 a month for it. and let me tell you it sucks making payments!!!
well what im saying is dont impulse buy, there have been a few trucks that i wanted but my parents wouldnt let me get. now i thank them almost every day because half of them were junkers and would have spent more fixing them then driving them. IMHO it always pays off when you wait!
But good luck
Mitch
well what im saying is dont impulse buy, there have been a few trucks that i wanted but my parents wouldnt let me get. now i thank them almost every day because half of them were junkers and would have spent more fixing them then driving them. IMHO it always pays off when you wait!
But good luck
Mitch
Elder User
Joined: Dec 2004
Posts: 748
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From: Indiana
I wouldnt recomend it my brother would tell ya that stick with what u got unless it dont run dont go getin urself into more debt when ya got a good truck already its a downright bad move that will cost ya
i recomend no co-sign either..if u cant get it with just your self then definatly dont co-sign just askin for trouble and what makes u think u can pay for it if u do have to go with co-signing? not wise with family friends or strangers...
i recomend no co-sign either..if u cant get it with just your self then definatly dont co-sign just askin for trouble and what makes u think u can pay for it if u do have to go with co-signing? not wise with family friends or strangers...
Post Fiend
Joined: Dec 2005
Posts: 6,110
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makes no sense to me, your getting rid of a 2001 xlt and getting a 2001 harley edition taking on a 10k dollar more debt?!?! are you stupid? not to be rude, but that sounds like a really stupid money move, and sounds like you don't have much money or credit to play with anyways since you think you need a co-signer.
10k dollars just to have a little harley davidson sticker on the truck, sounds really like a waste of money.
10k dollars just to have a little harley davidson sticker on the truck, sounds really like a waste of money.
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Postmaster
Joined: Jul 2003
Posts: 2,628
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From: Calgary, Canada
I'm in agreement with everyone else. Take $500.00 out of the bank and buy some Harley mudflaps, dark tint and some harley decals on the rear windows and it'll be sweet.
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Thread Starter
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Elder User
Joined: Feb 2005
Posts: 689
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From: South suburb of Chicago
Originally Posted by Country Sweetie
i recomend no co-sign either..if u cant get it with just your self then definatly dont co-sign just askin for trouble and what makes u think u can pay for it if u do have to go with co-signing? not wise with family friends or strangers...
The reason I would like to make the change is because mine has nearly 100k miles on it this one has 35k. Its a supercrew and mines a supercab. Mine has cloth and I would like to have leather. The HD has most of the things that I would like to have in my truck now, and has a lot less miles on it which if taken care of properly I think would last longer than my truck now.
The Pacifier
Joined: Jan 2003
Posts: 8,245
Likes: 7
From: Cloverdale, BC
Your insurance will probably be a bit higher too. And, with the proper maintenance, there's no reason why your current truck shouldn't last as long as what you're hoping from the HD.
Ultimately, it's your decision, but if I were you, I'd stick with the truck you got. $11,000 from being debt free? That's a no brainer right there.
Ultimately, it's your decision, but if I were you, I'd stick with the truck you got. $11,000 from being debt free? That's a no brainer right there.
Senior User
Joined: Jul 2004
Posts: 479
Likes: 1
From: Syracuse
I'll wish you luck, because you ask for it. I wish you sense, because you need it. If you take out a $21,000 loan, for say 5 years, how old will this Harley edition be when it's paid for? If you get a low interest loan, you're still looking at close to $400/month in payments, plus insurance and not to mention GAS. I don't usually put down what people would like to do, but I see this as a real headache for you down the road.
Hotshot
Joined: Apr 2004
Posts: 13,589
Likes: 2
From: NW burbs of chicago
Assuming you could get a 5% rate
Number of Months -> 60 (thats 5 years)
Interest Rate -> 5%
Amount Financed -> 21000
Monthly Payment -> 396.29 396 x 60 = 23760
That truck will be 12 years old when you pay it off, and thats if you can get a rate that low. I've got a freind who's always buying and selling cars, Seems on older (more than 4 years) stuff the best he gets is 7%
If you get 7%
your payment is 415 a month.... again a hefty payment for what your getting.
Number of Months -> 60 (thats 5 years)
Interest Rate -> 5%
Amount Financed -> 21000
Monthly Payment -> 396.29 396 x 60 = 23760
That truck will be 12 years old when you pay it off, and thats if you can get a rate that low. I've got a freind who's always buying and selling cars, Seems on older (more than 4 years) stuff the best he gets is 7%
If you get 7%
your payment is 415 a month.... again a hefty payment for what your getting.
Last edited by jake00; Apr 3, 2006 at 10:15 PM.
Post Fiend
Joined: Apr 2004
Posts: 6,473
Likes: 4
From: Lafayette, IN
What's the truck WORTH now? Plus, you're closer to paying off a gas-guzzling truck now than if you lock yourself in for another 60-72 months. What are gas prices going to be in 5 years? You may be stuck with a truck that's only useful as a boat anchor because no one can afford to fuel it. There's already some downward price pressure on the truck market because of the high gas prices. I only see that downward pressure increasing in the next few years. More and more people are going to decide that they would rather go back to the early 80's--driving smaller, more economical vehicles than the large status-symbol SUVs of the '90s. That will lower the demand (and value) for large, body-on-frame vehicles.
Getting a loan you can't afford is not a good way to build credit. You're young. You've got plenty of time left in your life to get a better truck. Work hard and save. Trust me. I'm 31 and have made some of those poor decisions, and now I'm having to work harder than my body really wants me to in order to make up for some of those poor financial decisions.
Take a pass on the truck.
Jason
Getting a loan you can't afford is not a good way to build credit. You're young. You've got plenty of time left in your life to get a better truck. Work hard and save. Trust me. I'm 31 and have made some of those poor decisions, and now I'm having to work harder than my body really wants me to in order to make up for some of those poor financial decisions.
Take a pass on the truck.
Jason
