Should I just pay off my truck with a personal loan?

I hear that. Buying a problem is not financially smart. Make sure whatever you buy is inspected by a mechanic and isn’t ready to explode your wallet with repairs and maintenance issues.

 

Did you mean "rodent sammich"? A rat on rye shouldn't run you more that five bucks, I'll say.

 

Not sure how we’ve gone from buying your truck back because you wanted it for too much money to trying to trade back out of it. A lot of advice has been given here. Non of it has been heard. Your were on the right path coming here to seek wise council. What you do with it is up to you.

 

Stop trying to spend yourself out of a hole.

 

Please inform the federal gov't.

 

Rolling over negative equity into a truck with unknown reliability sounds like a disaster. Keep the Tundra and pay it off as quickly as you can, without a personal loan.

 

I’m down to 21k instead of 21,500 now. Will be 20500 before the end of October.

 

I think you’ve made plenty of decisions that aren’t financially smart. Keep the truck, pay it off, learn a lesson

Based on past events, you’ll trade for one of those then want your truck back and be further in the hole.

 

It sounds like your question is "should I take out a personal loan, regardless of the cost of the loan, so that I can sell my truck for under the value of the loan at a later time if I decide to, while still being liable for the balance of the personal loan."

The answer is NO.

 

I really love my tundra. One of the best vehicles I have ever owned. I do use the back window and that is one of the selling point to the tundra.

 

Why in the world would you want to trade out of your reliable Tundra just to get your loan down to $19k!?

@helpmeout

 

In other words, don't buy a Ford.

 

I’m not the smartest person when it comes to financing that’s why I always ask questions whether it be friends, family or even online.

I’m only 29 and I want to be in better shape before I get older.

 

Keep your truck and pay it off. Or sell it outright for true market value and buy something more affordable. Wants VS needs is a hard lesson to learn sometimes. They want you to buy more car than you can afford, but you don’t have to play along. Take some financial literacy classes. See a financial planner.

 

Here's my advice on this one. You are where you are. Vehicles are generally a depreciating asset, and as a customer you'll generally be trading whatever you've got for wholesale $ (low) and buying at retail $ (high). I don't think I've ever heard of anyone being able to trade themselves out of debt. If it's happened, it's not the norm. Probably best to make extra payments and get the current loan paid off as quick as possible. Bonus: every extra dollar you pay early is another dollar not accruing interest to the bank.

I don't always practice what I preach, but try to keep an eye on the long game (total $ you'll pay out over the life of the loan). Unless you're really in a bind short term, beware of trading lower monthly payments for longer terms - more often than not the result is paying more overall to the bank. Those are $ you could (eventually) put into your account instead of giving them to the bank.