What is your monthly payment? Please read.

22 years old. New job, big company. High teens for hourly. Work van so one less expense to pay is gas. Renting apartment, me and gf are splitting every costwhen it comes to rent food ECT. Wondering what ur paying a month. Looking for double cab v6 manual trans. I will value your opinion if you would like to give me some advice or constructive criticism. Thanks everyone

 

How much do you have to put down?

To answer your question, as well. I bought a 2017 in October and borrowed $7k. My payment is $130/month for 60 months.

 

2017 TRDOR
Financed 42k over 72mos

$650/mo payments

 

1) Move back in with your parents.
2) Buy a nice USED truck
3) Stack money

 

How much is rent?
Where do you live?

When I financed my 08, I put down 16k and payments were just over $300 if I remember. Around 19k financed.

Don't remember exact numbers unfortunately...

 

What's wrong with your current truck? Why not keep that and save some money?

http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx
Use a calculator like the one above and find out what your payments would be.

 

Don't over-buy.

If I cannot *pay off* a vehicle within four years, I'm spending too much. I need to either set my sights lower or keep saving up until I can afford it.

Once a vehicle is paid off, keep making your "payments" but put them into savings instead.

When I bought my truck, I wrote a check for 12.5k and financed 30k at 1.3% for 48 months, payment is about $650/mo. I actually put $700/mo against it. (I could have paid cash for the whole thing, but I'm making more on the money in investments than I'm paying in interest)

 

I recommend paying cash for a car, if you can't pay cash then you can't really afford it. If you are dead set on payments you need to look at what happens if you lose your job or what happens when you and your GF split and are no longer splitting the bills. Since most car loans are for 3-5 years a lot can change, jobs, GF,s housing etc. Always need to be cautious of where you might be 3 years from now, could be better or worse.

Here is kind of a general rule of thumb I follow with cars. Take your Gross Pay and divide by 4, that tells you how much you should buy. Example. $80,000 yearly salary/4= $20,000 Car

 

Bought a used 2015 TRD OR last year for $30,500. Put down $10,000. Payments are $360/mo. for 60 months.

Depends how your credit rating is too I suppose.

 

I am about your age and I would recommend not taking on a car payment unless you absolutely need to.

Put your money away in savings while you can.

 

That's pretty much based on sale price, interest rate, down payment, and what incentives your dealership can offer. You're better off talking to them over us.

 

I understand the paying cash thing but with interest rates so low financing isn't a horrible option.

 

One is 480/mo I pay 600/mo, the other is 300/mo I pay 600/mo. Whatever you get always overpay.. if you total it you won't lose your ass this way..

 

Very true, but it obligates you to a payment that you may or may not be able to make depending on your financial situation in the future. What if hes laid off in 2 years and unemployed for 3 months, he might have 0.0% interest but he still owes payment to someone else.

 

Or carry GAP. This is a good way to pay off a loan early if you are making principle payments with your extra $.

 

I had iffy credit. So my payments are $460/month for 72 months.

 

no vehicle is worth that... you'll step into the deep end and never get out. you can't afford a new 2016 4x4 dcsb unless you have a fat down payment and nothing but luck in your future. or wealthy parents. enjoy your 20-something lifestyle while you've got it and stack up liabilities later when there's a real need rather than just materialistic desire.

not that you were asking, but life experience is either helpful or harmful depending on when you get it.

 

I got gap too but, that way with gap I'm guaranteed a healthy check

 

2016 TRD Sport
Financed over 42K (ate some negative equity on trade in) Put 1500 down.
710/72 months

Just be wise when making your decision. I wasn't smart when I was younger, bought to much shit and got into debt. Hence the big payment I pay now.

 

How much do you currently have left over each month? 200.00 per month should be going to a rainy day savings account. What ever you have left over is what you can draw from right. I've never been a fan of a strict budget but without knowing all your expenses, I'd say you should be around a 250 - 300 car payment. So you'll want to have enough down payment to get you into that range.

Here is a simple auto loan calc that will let you manipulate the variables to see how much you need to put down and what payments will be etc.

http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx