Loan or No Loan

skotty Kilmer ?

 

Those single cab Tacos, especially the 4 cyl stick, , are incredible trucks!!! Dont spend the gas$$ on the Tundra IMO...

 

I heard they last forever too

 

NO loan. My Dad had a number of sayings that he repeated often. One was: If you can't pay cash for it, you don't need it. Another: If you're paying interest, you're supporting someone else's family.

 

There's alot to be said about not having payments. I could afford a brand new Tundra. I prefer not having payments at all. More money for mods and guns. I picked up my super clean, low mileage 2005 Tundra for $15,000 Canuck pesos. Members here have posted up some great deals in the states for around $10,000 Freedom Bucks.

My advice for whatever it's worth is to save your money and haunt the 1st Gen sections here waiting for a sweet 05 or 06 to come up.

I'm not totally sure how your credit system works in the US, but here in Canada it was advantageous for my dad to cosign a $3000 loan to top up my cash when I bought my first truck at age 17. I repaid the loan and that helped build my credit rating. Maybe saving up 75% of your purchase price and getting a loan from a credit union for the remained is something to consider as well.

 

Nothing wrong with an older Tacoma.
I understand wanting what you want but if you can get a good reliable Tacoma within your budget that would be fine and get you through college. Learn how to wrench on it. Mods are cheaper because they’re older.

I’m 29.
10 years ago my parents bought me a Tacoma.
2 years ago I bought myself a newer nicer truck because I had built a career and had steady reliable income, good credit, and had already bought my own home.
Patience is a virtue.

On the other hand, I don’t disagree with the guys saying get a loan with a credit union. However if you don’t have very good credit you might get stuck with a high interest rate.
But, you only live once and you can’t take the money with you when you’re gone.

 

Never ever get a used car loan piss your $ away !

 

Wonderful advice has already been given so all I got for ya is 7 words that you need to repeat to yourself for the next 10 years or so...."You Can't Always Get What You Want" !

 

A 20 year old $5k truck isn't a beater?

Beater cars are only cheap the first day you buy them

 

I say this, because I did this - It is possible to buy a decent second generation Tundra for five grand, but you better have another five grand available for expenses like taxes, repairs, mods and insurance after the sale. A small manageable loan that strengthens your credit rating is a good idea, but don't over do it. And as mentioned earlier, join a Credit Union asap!

 

What are you driving now?
Why do you need a truck, is it for school, work, basic transportation, or lifestyle?
Do you have access to another vehicle if the truck you buy is down for repair work?

 

Don’t hesistate to look at a nissan frontier too. They are pretty tough and will run less money than a taco if you need a truck. Buy cheap and you will be happier in 10 years

 

OP's dad was trying to get him to go for something bigger/more expensive.

 

At least 2 issues here: (1) buying a vehicle or not & (2) going in debt. Figure out your long-term goals first. Then buy a vehicle that fits your goals. Get on the Dave Ramsey train as soon as you can. Long-term, you'll never regret it.

 

Fuck DR. Save time and never need his program. Take out only loans that will increase your credit fast and avoid CC debt. Pay CC off every month and watch your CR rocket into the high 700's by the time you are 25.

 

Agreed. Dave Ramsey is for people who have lack of impulse control, make or have made poor financial decisions, have masssive debt and zero savings. Avoid debt, learn about saving and investing and follow Warren Buffett's advice instead.

 

Anything will last if you take care of it..
But yes, the 2.7L 3RZ and 2TR engines are half million mile engines for sure.
I just took this picture of the ODO in my 99 Single Cab 2.7L 5 Speed.
People will look at it and think it's a junker but I can almost guarantee I have done more maintenance on the engine than most would ever think about. Mechanics tell people that the 3RZ doesn't need valve adjustments. Pffff. I've done 5 valve adjustments in 120K miles.
Scuba’s 99 SAS’d Single Cab Tacoma