Should I get a personal loan?

[Orange cream shake]

I'm dead serious. Why a credit union?

Interest rates are lower. Also don’t go to buy here pay here lots . I learned my lesson over a decade ago. My rate was like 29% on a 5k car.

 

[BrothaZay]

Interest rates are lower. Also don’t go to buy here pay here lots . I learned my lesson over a decade ago. My rate was like 29% on a 5k car.

It's for a semi truck not a car

 

[analog]

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

Although 30% APR is insane, you'd be a fool to pass it up if it's going to generate a $150,000 a year.

 

[Gold]

Never take a loan

save up and buy used

U mean in general or for this situation?

 

[Gold]

Interest rates are lower. Also don’t go to buy here pay here lots . I learned my lesson over a decade ago. My rate was like 29% on a 5k car.

Good lord what the hell

 

[UberEatsDriver]

Just took out a personal loan and wiped off 2 credit cards.

my loan amount is much cheaper monthly compared to the credit debt and even though I have 36 months to pay it I’m planning to pay it all back by September to save on the high interest

 

[UpAndComing]

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

I'm sure the interest rate is higher because you won't pay upfront downpayment costs right?

What is the comparison of how much interest it would be, paying out of pocket for the $4000 vs using a loan to pay the downpayment?

 

[Darth Nubian]

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.

Only $2000 in interest
Down payments on depreciating assets
Go to your bank and apply for a loan. If you don't have a checking/savings account then you not ready to own/operate anything

 

[Standing on business]

30%


OP you’re a truck driver that lives in a $700 a month apt. Where is your money going?

 

[analog]

Folks completely hung up on $2,000 in interest and overlooking the opportunity to generate $450,000 during that same time frame

 

[BrothaZay]

I'm sure the interest rate is higher because you won't pay upfront downpayment costs right?

What is the comparison of how much interest it would be, paying out of pocket for the $4000 vs using a loan to pay the downpayment?

Paying out of pocket is no interest. But you just dropped a few bands on a truck you're going to immediately be putting to work. Plus you still have personal bills as well. I it want to have money to cover my up front expenses that can arise.

 

[BrothaZay]

Just took out a personal loan and wiped off 2 credit cards.

my loan amount is much cheaper monthly compared to the credit debt and even though I have 36 months to pay it I’m planning to pay it all back by September to save on the high interest

Does the personal loan have a early payoff penalty

 

[Toe Jay Simpson]

Breh, I’ll sell you my Semi Truck for $3750 if your actually serious. Shoot I’ll even bring it to you and make a road trip out of it. I’d rather you load up a few Visa cards though for payment since my bank is acting funny right now. I’ll send you my number and you can just text the numbers to me you don’t even have to mail them to me since you’re Coli Breh.

 

[Swirv]

Get your credit right and save more money. You'll end paying less interest and having more lines of credit available to year at better terms.

 

[Low End Derrick]