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Auto finance on used truck purchase

By Terry Savage on October 31, 2020 | Credit/Debt

We had no debt than we had to get used truck. We r not sure where to finance our truck or borrow from life insurance. Please advise. Thank you so much

Terry Says

I don’t think you want to start borrowing from your life insurance. But you should check around on truck financing. If you belong to — or can join — a credit union, that will usually be your lowest rate on a used vehicle. Used car salesmen make most of their commission on selling you the financing! Remember, you are not comparing the monthly payment — but the total amount you will have paid over the life of the loan. So you want to ask for the total price of the car, including the sales tax — minus the trade-in (if any) and that is the amount you will have to finance. Check around. Bet you can find a better deal!

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