UGH, explain to me about loans for buying a truck?

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chasinrodeo

New member
I'm 17 looking for a truck before senior year starts. I ride horses, so I need something big enough to pull a loaded horse trailer, haul hay, pretty much a work truck. That's the gist of the story.

We have a horse trailer that's worth $3,000. My mom was telling me something about owner ship papers and that we can use those to get a loan for $2,000 or something like that, and that I would be able to buy a truck and make payments, if I didn't make a payment they take my trailer.

Sounds good to me, I'm pretty reliable, but I'm so confused. How does all this work? Would it be better to make payments, get a loan blah blah blah, or should I save up entirely and buy a truck.

And, what to look for in a truck for hauling horses? I heard diesel is better in the long run. What's all this V8 and 6cyl and stuff. Lol, let's just say I know horses, and not trucks. BUT I know how to change a tire! So please, tell me all I need to know.

Thanks
http://bakersfield.craigslist.org/cto/1868100456.html

Why do you think this truck is so cheap?
 
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noneofurbiz

New member
If you are going to be towing with the truck then forget about the 6 cylinder you will need an 8 and yes the diesel will last longer and be more economical as far as fuel consumption and maintenance. Saving money up to buy the truck is always the best way to go,you have no payments to make and you will save money by not paying interest on a loan. ADDED: About that F-150 on craigs list,they offer no info on the truck and that is very cheap for that make and year. I would buy from a local dealership where you can test drive the truck and have a mechanic check it out for you. I would avoid that truck,deals that are to good to be true usually are.
 
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Matt

Active member
It is always better if you can buy something out right. The total amount you pay on a loan is always higher then the original amount since you have to pay interest to the loan company.
As far as what type of truck, depends on the weight. If you are just pulling a 2 horse trailer then a standard 1/2 ton truck with a V8 should work fine. If you get much bigger then that I would recommend going up to a 3/4 heavy duty truck with a larger engine and transmission to handle the weight. Diesel vs Gas depends on how often you will be hauling and how far. Diesel is the gold standard for long hauls with heavy weight, but if you are just doing short hauls you can probably save money with the gas engine. Personally I like the 2500 HD Chevy with the allison Transmission.
 
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puppyailens

New member
A good Dodge Ram will do the work!! and I would get a loan from the credit union or bank first, and you will have to have a down payment or a deposit depending on your resources, just explain what you just said here in your question, and have them help you try to get your payments as low as you can, and if this doesn't work then have the dealerships work out a loan for you and and your parents are gonna have to do this because your are underage, sorry! good luck!!
 
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