# NEED ADVICE, how to get rid of truck debt?



## PortAltoFisher (Jan 19, 2015)

I have a 2012 Texas Edition Silverado with 78K miles. Bought certified pre-owned and threw on some negative equity from my previous vehicle. I am now in a hole...I owe $30,000 on my truck and it is worth $18,000 at a dealer. Maybe $20,000 private sell. Looking to get a car because of drive, I have about $4000 cash saved up, talked to a dealer and said I would need at least $1000 down if I tried financing a small used car on their lot for under ten grand. Would yal finance a cheap *** car and add more debt? Or private sell the truck, bring loan debt down to $11-$12K, and buy a cheap reliable car? I'm scared that my insurance will go up if I get an older car VS. financing a newer one


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## CaptainJMB (Nov 28, 2008)

If you private sell truck, it's going to need to get paid off in order to release the title. So if you sold your truck @ $20k - you'd need to put $10 with it to pay it off. 
Keep your truck - buy a $4k car


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## JFolm (Apr 22, 2012)

Why not put the 4K towards the trucks principal? Seems like that needs to be in order before adding on more debt. 



Get the trucks negative equity gone, then you can sell the truck and downsize...


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## maskale (Sep 19, 2014)

advise is bite the bullet. Gas is cheaper right now, keep driving the truck and pay it off. Every time you buy or sell you are loosing money, thats how you got to where you are now. Sounds like you may be over spending on your trucks. Get what you can afford. Don't get big loans with double digit interest rates. Don't stretch out your loans for 6 years and pay more then the minimum.


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## H2 (Jan 11, 2005)

maskale said:


> advise is bite the bullet. Gas is cheaper right now, keep driving the truck and pay it off. Every time you buy or sell you are loosing money, thats how you got to where you are now. Sounds like you may be over spending on your trucks. Get what you can afford. Don't get big loans with double digit interest rates. Don't stretch out your loans for 6 years and pay more then the minimum.


This^^^


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## Part Timer (Jul 2, 2012)

CaptainJMB said:


> Keep your truck - buy a $4k car
> 
> Sent from my iPhone using Tapatalk Pro


I would take this option. You can get a decent car for 4k or less. Get liability ins on the car, then tell them your truck is a luxury vehicle. It might make your insurance less than what it actually is now (call your insurance company first and ask!). You can have a nice truck to take out on the weekends, and keep the miles off of it by driving the car everyday.


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## PortAltoFisher (Jan 19, 2015)

Great points, thanks


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## txjustin (Jun 3, 2009)

Pay down the truck debt with the $4k and drive it instead of buying a car. do that math on buying a car versus keeping your truck and driving it. i think you'll be surprised on the break even point...


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## FishermanSteve (Jun 24, 2014)

*$0.02*



maskale said:


> advise is bite the bullet. Gas is cheaper right now, keep driving the truck and pay it off. Every time you buy or sell you are loosing money, thats how you got to where you are now. Sounds like you may be over spending on your trucks. Get what you can afford. Don't get big loans with double digit interest rates. Don't stretch out your loans for 6 years and pay more then the minimum.


from personal experience ^^^^^^^^ this is the best answer. it hurts & it takes awhile but it is the best way to go..........


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## Charlie in TX (May 4, 2012)

You cannot finance yourself out of debt. Live within your means and throw every penny at your debt that you can.


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## K Man (Jun 21, 2012)

maskale said:


> advise is bite the bullet. Gas is cheaper right now, keep driving the truck and pay it off. Every time you buy or sell you are loosing money, thats how you got to where you are now. Sounds like you may be over spending on your trucks. Get what you can afford. Don't get big loans with double digit interest rates. Don't stretch out your loans for 6 years and pay more then the minimum.


This exactly! Also I might add, get a part-time job delivering pizza or something to make quick money and get the debt gone. The longer you wait the more this will cost you in the long run.


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## boom! (Jul 10, 2004)

*NEED ADVICE, how to get rid of truck debt?
*

Pay off the truck.


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## Gottagofishin (Dec 17, 2005)

Suck it up and pay it off. You didn't get into this bind overnight and you won't get out overnight. 

Only one way out and it won't be easy, but it will be worth it. Once youre out stay out. It isn't that hard.


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## captMike (Jan 30, 2006)

*Need advice, how to get rid of truck debt*

Never finance a car / truck that you don't have paid off before 100,000 miles. Suck it up and pay it off, get extra job or what ever and make extra payments or put it on short term note.


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## acoastalbender (Jul 16, 2011)

PortAltoFisher said:


> I have a 2012 Texas Edition Silverado with 78K miles. Bought certified pre-owned and threw on some negative equity from my previous vehicle .I am now in a hole...I owe $30,000 on my truck and it is worth $18,000 at a dealer. Maybe $20,000 private sell. Looking to get a car because of drive, I have about $4000 cash saved up, talked to a dealer and said I would need at least $1000 down if I tried financing a small used car on their lot for under ten grand. Would yal finance a cheap *** car and add more debt? Or private sell the truck, bring loan debt down to $11-$12K, and buy a cheap reliable car? I'm scared that my insurance will go up if I get an older car VS. financing a newer one


"I am now in a hole..." "I have about $4000 cash saved up," Throw that money in the hole, wave good-bye to it and you'll be standing a little higher in the hole ... then pay off the truck ... "I'm scared that my insurance will go up" I'd be scared my credit rating will go down ... I assume you'll profess to be unmarried but I can assure you that you're all ready married ... for life ... to your credit worthiness. Screw up now and it'll be 7 years till you can buy that shiny new tricked out truck you've been dreaming about, a lot longer than a civil court divorce. Every decision you make from here on out needs a little more focus on your future than you've displayed thus far ... live and learn ...

.


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## ibtbone (Oct 7, 2013)

gap insurance and a boat ramp accident

done


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## warcat (May 22, 2004)

Get a cheap, economical, $3k car.
Volkswagen bugs are cheap and presumably economical... surprisingly cheap for used ones. Or just look at anything cheap and economical. The savings in gas (any economy car should drop your gas bill by about half since it should get double the mileage of your truck) can increase your bottom line monthly budget if you drive your "new to you" car most of the time. The added bonus is that your truck gets less use and it's value gets closer and closer to what you owe as you continue to pay it off.

So basically, you'd be investing your $3k into yourself... and in theory, you could re-save the $3k over several months on the gas savings alone if you have a pretty substantial monthly bill for gas. AND, you still have $1k for emergencies.

Autotrader is your friend. Set the search to the price you want to pay, and have fun.


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## RRfisher (Mar 5, 2007)

What are the MPG for the car and what is your commute length? What % is your truck note currently at?


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## JFolm (Apr 22, 2012)

Example - 550 miles per week of commuting. Gas @ $1.9gal

Truck fuel cost at 14mpg - $75/ week
Car fuel cost at 30mph - $35/ week

$3000 (car price) / $40 (fuel difference per week) = 75 weeks for it to pay off. Then it would start helping. That's not an accurate number because it doesn't include insurance, maintenance, & registration.


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## RRfisher (Mar 5, 2007)

Almost.
You have to factor the negative equity as well. $13,000/$40=325 weeks if he gets the car. Try to refinance your truck, but keep paying the same amount you are now. You'll catch up on that equity much faster than buying a car. Plus you're 22, you're too young to drive a sensible vehicle anyway


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## PortAltoFisher (Jan 19, 2015)

I guess I'll throw this in here too: I am currently a college student and paying my way through college with cash as I am working. Icing on the cake right?


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## goodwood (Mar 30, 2009)

One big repair with the used car and youre screwed. Pay off the truck. Itll probably be more reliable. Youll improve your credit.


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## BBCAT (Feb 2, 2010)

Beans and rice, rice and beans. And throw all available money at the truck. I wouldn't take on another vehicle, insurance, maintenance, etc.


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## SeaOx 230C (Aug 12, 2005)

Put the $4000 in a savings account and forget it's there except for real true emergencies.

Forget about buying another car, buying stuff is what got you here. Keep paying on the truck and drive it until the wheels fall off.

And most important of all:

Quit buying things that you cannot afford.


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## RB II (Feb 26, 2009)

PortAltoFisher said:


> I guess I'll throw this in here too: I am currently a college student and paying my way through college with cash as I am working. Icing on the cake right?


Even more reason to keep the truck and just make the notes, plus a little extra toward the principle every month. You will be surprised how fast an extra $20 toward the principle will reduce your debt.


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## texasair (May 22, 2004)

Quit eating out. No exceptions.

You can eat at home for next to nothing compared to eating out.

Most places just buying a Coke is close to 2 bucks.

Away from home, take a sack lunch and a thermos of lemonade.
Get a wide mouth thermos for sack lunch hot meals.

In a year you will be out of your negative equity hole just on food costs.

Keep the truck, pay it off as soon as possible, use it sparingly, avoid useless trips and travel, make it last.

Make friends with Mr. Dave Ramsey.


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## IvanSanchez (Dec 22, 2016)

Find a part time job, pay off truck. 

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## Whitey (Dec 16, 2004)

texasair said:


> Quit eating out. No exceptions.
> 
> You can eat at home for next to nothing compared to eating out.
> 
> ...


X2 on Dave Ramsey. Listen to his podcasts for 2 weeks then make a decision.

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