Originally Posted by vintage steel
I've never made a payment on ANYTHING! I don't even have a credit card.: I go without untill I can afford what I want. My Jimmy, "ol' #1" is older than me. There is nothing wrong with that. People buying stuff they can't afford,on credit is one of the biggest problems today. People cry when the bank forecloses or reposeses...I got news for you, YOU NEVER OWNED IT IN THE FIRST PLACE!!!! Me, I'll keep my old equipment and never loose one minutes sleep worring about payments and yes, I charge less than the guy with the shiny new "bank owned" truck.
Technicialy you do own it, hte bank just has rights to it. but what do you think of the situation i was in?
My truck went out shortly after i started my business. there was no way i would have been able to buy one with cash, and was pulling my equipment with my motorcycle. (an old bike, not worth the value of a truck). the only way i was able to get a truck was with a loan. i made sure to get a truck capable of plowing, and the money i make from plowing alone pays for the truck and more.
I just wish the bank would have let me gotten an older truck. 04 ram.