Should I get a personal loan?

[BrothaZay]

I have the option to buy a truck. According to credit karma I am pre approved for a 4000$ loan. However the apr is over 30% and will cost me $180 a week over 36 months.

I do need that loan but I doubt I will spend the full amount. The down payment only $1000 but I hurt wanted a few extra for other business related expenses that I might need.



The projected revenue of the truck is about $150,000 a year

 

[King Frost]

Never take a loan

save up and buy used

 

[humminbird]

no

 

[UpAndComing]

Plan to become an Owner Operator with a Truck fleet after I finish school


To me, $4000 to buy a Tractor Trailer seems low as hell to me. Not sure that will cover anything. How much is the total price of the Truck you want to buy?

 

[BrothaZay]

Plan to become an Owner Operator with a Truck fleet after I finish school


To me, $4000 to buy a Tractor Trailer seems low as hell to me. Not sure that will cover anything. How much is the total price of the Truck you want to buy?

It's a 3 year lease for a brand new truck.

They want $3000 down but if you are a first time leaser they ask for $1000 down and you will get $1400 matched. The other $600 is taken out each week from your settlement

 

[BrothaZay]

Never take a loan

save up and buy used

Leasing a used truck isn't ideal. The risk for expensive repair can wipe you out

 

[Food Mane]

Never take a loan

save up and buy used

This is dumb advice. Don't take loans that are higher interest than the standard return on your investments.

 

[BrothaZay]

no

Why not.

 

[BigMoneyGrip]

 

[BrothaZay]

This is dumb advice. Don't take loans that are higher interest than the standard return on your investments.

The apr while high is only $2000 in interest over 3 years. Maybe less if I borrow a lower amount. However what I'm expected to gross with the truck is around 150,000$ a year.

 

[UpAndComing]

It's a 3 year lease for a brand new truck.

They want $3000 down but if you are a first time leaser they ask for $1000 down and you will get $1400 matched. The other $600 is taken out each week from your settlement

So you can't pay out of pocket for a $3000 money down?

 

[Orange cream shake]

I know you bsn but just in case somebody else is in the same situation, go to a credit union.

 

[CrimsonTider]

Never take a loan

save up and buy used

terrible advice

 

[BrothaZay]

So you can't pay out of pocket for a $3000 money down?

I can the loan is so I won't have to. You never know if you might need that money right after pi spend it. Anything can pop up

 

[BrothaZay]

I know you bsn but just in case somebody else is in the same situation, go to a credit union.

I'm dead serious. Why a credit union?