Guess I'm waiting for awhile..

[tooldrmr2009]

Just to put some insite in this topic. Here in my town most banks and mortgage companies recently changed to a secure loan principle. For example if someone makes 70k$ a year they can not finance a vehicle that's more then 35-40k$ regardless of there credit scores. Complete BS. Furthmore mortgage companies are not giving mortgages to people who do not have x amount of credit lines(cards opened-maybe not being used) and have not held lines of credit for x years. So for my parents they are 70years old, they bought a house in 1972 and still live there, they did a mortgage paid it off early and haven't hardly used credit since they always pay cash. They were told by multiple banks it'll be very hard to get a mortgage unless they put down 40-50% as they don't have x amount of credit lines opened or haven't built up their credit. Me on the other hand have a mortgage, vehicle loans in the passed ect, and multiple lines of credit and my credit score is insanely higher then there's. I am only financing the vehicle as I have a better shot at lower interest rates ect and I WILL pay off early(prolly pay most of the interest ahead of time according to the amorozation schedule ect. So people do things totally different but some have to do what's required ect.

 

[Ragnar]

Ok, I guess we are a member of the poors if you finance a 75k truck.

 

[Honeybadger_Zero]

LOL.. yeah these are the kind of ridiculous statements that really encourage people to do bad things.

1. Finding a 1.99% interest rate on an $80k purchase will not be found by everyone. People who find those rates will have to have >790 FICOs which only means that those people have been gassed to death by paying interest for years on things that they couldn't afford. This is not a path to wealth.

2. It's a misnomer, and one given often by broke people, that they'll make "so much more money" in the market and this is why they choose to finance. Look, if you have $80k to invest, I also hope you have $80k to buy this truck in cash and then you have the best of both worlds. You'll receive long-term gains and future value towards your retirement, and you won't get into issues with your income ratios. If you can't buy this truck in cash, you simply cannot afford it. If you must finance, the only rule I go by is from "the money guys" they are a little more lenient than Dave Ramsey, so I'd encourage you to watch their take and model.

3. No wealthy person finances their $80k toy. Broke people do all the time, for sure. People wanting to keep up with the Jones.

and I've known many upon many wealthy people that finance an 80k toy... but thats ok you continue on with your everyone here that finances something is poor. I'll enjoy being poor in my new raptor.

 

[Ragnar]

You don’t have 80k in liquid cash? Well then it sucks to be you. Oh, and I haven’t had a carb since the early 2000s. Do you want to touch my six pack?

 

[Jdselig]

Just to put some insite in this topic. Here in my town most banks and mortgage companies recently changed to a secure loan principle. For example if someone makes 70k$ a year they can not finance a vehicle that's more then 35-40k$ regardless of there credit scores. Complete BS. Furthmore mortgage companies are not giving mortgages to people who do not have x amount of credit lines(cards opened-maybe not being used) and have not held lines of credit for x years. So for my parents they are 70years old, they bought a house in 1972 and still live there, they did a mortgage paid it off early and haven't hardly used credit since they always pay cash. They were told by multiple banks it'll be very hard to get a mortgage unless they put down 40-50% as they don't have x amount of credit lines opened or haven't built up their credit. Me on the other hand have a mortgage, vehicle loans in the passed ect, and multiple lines of credit and my credit score is insanely higher then there's. I am only financing the vehicle as I have a better shot at lower interest rates ect and I WILL pay off early(prolly pay most of the interest ahead of time according to the amorozation schedule ect. So people do things totally different but some have to do what's required ect.

Todd this really does not make sense. First why would your 70 year old parents want to take out a mortgage now? I wouldn’t lend 70 year old people money for 20-30 years either. Second.. if their current house is long paid for they should have a ton of equity and savings to buy a new house if they really want to. And if they don’t have the savings the current equity in their current home should be more than their 40-50% down payment on their new home. Guess none of what you said above really make any sense to me. Again most people from that generation would understand that and anyone who understands money and wealth. Not trying to be a ****. Just doesn’t make sense.

 

[tooldrmr2009]

Todd this really does not make sense. First why would your 70 year old parents want to take out a mortgage now? I wouldn’t lend 70 year old people money for 20-30 years either. Second.. if their current house is long paid for they should have a ton of equity and savings to buy a new house if they really want to. And if they don’t have the savings the current equity in their current home should be more than their 40-50% down payment on their new home. Guess none of what you said above really make any sense to me. Again most people from that generation would understand that and anyone who understands money and wealth. Not trying to be a ****. Just doesn’t make sense.

im not stating they were going to take out a mortgage, im saying even if they wanted to even for 10 years it would be harder to do so, same with a vehicle loan, they paid cash for their recent truck purchase as no bank would allow them a loan due to the changes around here ect. secondly what I was saying was that even if they had enough equity to cover that down payment of 40-50% they would be in a different situation then me per say regarding credit standpoints. I put down 7% on my mortgage and financed it no problem, they wouldnt be able to even if they were lets say 50 years old. everything has changed around here in the last 3-4 years. I was just making a point that some people have to finance maybe for credit report reasons, not that they cant afford 80k$ cash. Could i? prolly not just based on what I am trying to do with my life, so if im stupid for taking out a 80k$ loan and a 250k$ mortgage on my house then so be it, i always make payments on time and have no issues doing so. I just dont agree with some peoples comments on here that they are dumb or making a bad choice. its their choice to make, let them live life how they want and enjoy their truck however they can make it happen. Not knocking you, just stating an opinion from what I have ran into.

 

[Billybob454ss]

I've been searching for a 2021 raptor in the northeast talked to 30 dealers all are 5,000-20,000 over msrp ...
I secured one being built the 1st week in October 5,000 over
I bought my 2018 Raptor from that dealer
they said anyone else it would be 10k over
they are giving me 2,000 more than I payed for my TRX

 

[Littlefx4]

You are an optimist. But I'd also state that our ideas of wealth are likely different.. I'm simply a believer that you cannot afford things if you can't pay for them (and do pay for them) in cash. Financing a vehicle this expensive is a recipe for disaster for the vast majority of consumers.

I don’t have a dog in this fight but I do have to ask…did you pay for your house in cash? Dumb question, I know…of course you did going by your logic above.

 

[ganooch]

You are an optimist. But I'd also state that our ideas of wealth are likely different.. I'm simply a believer that you cannot afford things if you can't pay for them (and do pay for them) in cash. Financing a vehicle this expensive is a recipe for disaster for the vast majority of consumers.

Lol. What an elitist point of view. There are tons of people that finance trucks and boats and toys and make the monthly payments as they fit into their budget while still allowing them to put more money in savings. If that is fiscally irresponsible in your eyes, then it sounds like you were raised with more money than sense.

In my mind if people can finance, make all the payments on time, pay all their other bills on time, and still save, they are doing just fine.

 

[HighwaySentinel]

LOL.. yeah these are the kind of ridiculous statements that really encourage people to do bad things.

1. Finding a 1.99% interest rate on an $80k purchase will not be found by everyone. People who find those rates will have to have >790 FICOs which only means that those people have been gassed to death by paying interest for years on things that they couldn't afford. This is not a path to wealth.

2. It's a misnomer, and one given often by broke people, that they'll make "so much more money" in the market and this is why they choose to finance. Look, if you have $80k to invest, I also hope you have $80k to buy this truck in cash and then you have the best of both worlds. You'll receive long-term gains and future value towards your retirement, and you won't get into issues with your income ratios. If you can't buy this truck in cash, you simply cannot afford it. If you must finance, the only rule I go by is from "the money guys" they are a little more lenient than Dave Ramsey, so I'd encourage you to watch their take and model.

3. No wealthy person finances their $80k toy. Broke people do all the time, for sure. People wanting to keep up with the Jones.

Stop being a weirdo. People are here because they are into this truck...doesn't matter how they get it. If they want to have a conversation about money management, they will go to the Dave Ramsey forum. FFS