JackOfAllTrades
FNG
- Joined
- Apr 27, 2022
- Messages
- 71
Someone straighten me out on my thinking. Ill need a new truck this summer, Im waiting for a good deal on a 2016 F-150, 5.0L V8 with a 6 speed transmission.
100-120k miles sells for around $20k. If I put down $5k, and have a $15k loan, my monthly payment will be $300, assuming a 7% interest rate on a 5 year term.
Total interest paid will be $2800 over that 5 year period, this seems like nothing compared to what that cash invested could return in that time period?
I could pay cash, but then I wont be able to pay cash for the utilities that I will put into the chunk of land I just bought, building the equity of the land and lessening the mortgage payment of when I build in a few years.
100-120k miles sells for around $20k. If I put down $5k, and have a $15k loan, my monthly payment will be $300, assuming a 7% interest rate on a 5 year term.
Total interest paid will be $2800 over that 5 year period, this seems like nothing compared to what that cash invested could return in that time period?
I could pay cash, but then I wont be able to pay cash for the utilities that I will put into the chunk of land I just bought, building the equity of the land and lessening the mortgage payment of when I build in a few years.