Thinking to upgrade my truck


#1

My wife and I are finally deciding to upgrade our truck and buy something bigger newer and more powerful. But I don’t have that much cash to drop on a truck. I have never had a truck loan before. I have talked to my bank and got the reply “we have not had good experiences financing trucks” and so they turned me down. I have also talked to a few people who said that is common.
My friend then told me to try the truck financing company as they provide loans for trucks. I don’t know whether they will be able to finance me. I am not sure if we are going brand new or slightly used. How much down payment should I need to pay?
If you guys could give me any information I’d appreciate it. Any information or suggestions would be great! Thanks!


#2

Hi Larry, you and your wife may wish to consider buying a near-new truck for two reasons - paying a lower price due to new truck depreciation, and having the remainder of the new truck guarantee for peace of mind and savings if any repairs crop up.
If you don’t have much to drop on a truck, perhaps upgrading to a newer reliable make that is more fuel efficient and reliable might be an idea that’s good for your finances.