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Old Yesterday, 10:16 PM   #1
Rebel2345
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Default Dumb question about auto loans.

I've been driving the same old ass truck for nearly a decade now. I don't mind it, but it's getting up to nearly 300k miles, and my fiance won't ride in it at all. She doesn't trust it, worries about being stranded (I'm not worried. It's been well taken care of). So I'm kind of ready to move on. I was talking to someone about buying a newer truck, but that I'm working on getting my credit card(s) paid off completely before I do.

He said, "Just get them to loan you more than you need and pay off your cards, buy the truck you want." Or something along those lines..

Is this even something banks will do? I figured they wouldn't want to do that because of the whole secured/non-secured debt thing. Is he on crack or is this a common thing?
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Old Yesterday, 10:22 PM   #2
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I've been driving the same old ass truck for nearly a decade now. I don't mind it, but it's getting up to nearly 300k miles, and my fiance won't ride in it at all. She doesn't trust it, worries about being stranded (I'm not worried. It's been well taken care of). So I'm kind of ready to move on. I was talking to someone about buying a newer truck, but that I'm working on getting my credit card(s) paid off completely before I do.

He said, "Just get them to loan you more than you need and pay off your cards, buy the truck you want." Or something along those lines..

Is this even something banks will do? I figured they wouldn't want to do that because of the whole secured/non-secured debt thing. Is he on crack or is this a common thing?
People do it with a higher interest rate, and through the personal loan programs. usually around 10% interest. I wouldn't do it. To me it's bad advice, unless you have an obnoxious CC interest rate that you would be reducing.

If you really need to do an auto loan on a used truck Credit Unions often offer 2.5% or so, I know mine does frequently.

Fiancee sounds high maintenance, more so then the truck, ditch her instead
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Old Yesterday, 10:35 PM   #3
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One card would be about the same, the other, 10% would be lower. It's not a lot of CC debt, but I also wouldn't mind getting them paid off again, even if I pay a little more for a vehicle. Atleast I have a vehicle and not a chunk of plastic with imaginary money in it. (mainly racked up on wedding expenses recently.)

I can't blame her too much. It's not just the whole trust issue either. I smell like exhaust after driving it, and it's a manual, which makes her motion sick depending on how I drive

The other big reason I want to get into a new vehicle is because the lady is currently leasing after losing her last car to an idiot in a wreck. She's currently 4k or 5k miles into a 24k 2 year lease, only 3 months in. So I'd like to have it so she doesn't have to drive everywhere.

Oh, and we're renting an apartment right now, so I have no place to really work on the old truck besides work. If it does break down, I can't get to where my tools are to work on it.
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Old Yesterday, 10:37 PM   #4
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Fiancee sounds high maintenance, more so then the truck, ditch her instead
x2

Her thinking it will break down translates to she thinks you don't know how to maintain a vehicle.
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Old Yesterday, 10:51 PM   #5
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x2

Her thinking it will break down translates to she thinks you don't know how to maintain a vehicle.
Yeah, I'm aware. But it's the way she is with everything, not just about my maintenance abilities. She always wants a second opinion.
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Old Yesterday, 10:57 PM   #6
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I don't know what your credit score is but my credit union has a 2.5% on 730 scores and above. I currently have a 4.5% but I used to have a 7.9% when I first got it with no credit. I'd assume your like everyone else and hates having debt. In my opinion I'd run that truck till it blows and then get a new one. In the mean time pay down your credit card debt as much as possible so when it comes time to buying a new vehicle, you know for sure your bank will give you a loan, or if you need a truck buy a cheap beater car like a Focus or Cobalt and dd that to save money while keeping the truck for when you need a truck.
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Old Yesterday, 11:03 PM   #7
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Fix the exhaust and learn how to drive a stick.
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Old Yesterday, 11:10 PM   #8
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I don't know what your credit score is but my credit union has a 2.5% on 730 scores and above. I currently have a 4.5% but I used to have a 7.9% when I first got it with no credit. I'd assume your like everyone else and hates having debt. In my opinion I'd run that truck till it blows and then get a new one. In the mean time pay down your credit card debt as much as possible so when it comes time to buying a new vehicle, you know for sure your bank will give you a loan, or if you need a truck buy a cheap beater car like a Focus or Cobalt and dd that to save money while keeping the truck for when you need a truck.
You pretty much said it all, but I can't keep a spare vehicle in the apartment complex we live in. So having an econobox and a truck is not an option for the time being.

As much as I don't want the debt, in my head, the positives outweigh the negatives for me here. I'm just collecting more information about what I might be getting into with that sort of loan, if I do it.
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Old Yesterday, 11:59 PM   #9
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Eh, just buy a truck and continue paying down the cards.
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Old Today, 12:06 AM   #10
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Man I don't know why you're sweatin' any of this.

We're in the modern era of gender equality. Just find out from her what kind of vehicle she'll be providing for you OR at the very least, she will be paying 1/2 on.
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Old Today, 06:51 AM   #11
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Sell the truck, pay down ccs. Buy another truck. Have a small wedding, save money.
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Old Today, 07:01 AM   #12
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Pics of fiancee.

I wouldn't do this, even if the bank would, which I kind of doubt. Adding debt to debt isn't going to help you in the long run.

Pay off a first card as aggressively as you can. Maybe this is your highest interest card, or the quickest payoff, whatever. Then snowball those payments into the next one. Get that shit paid and then reward yourself with a newer vehicle. Or a house. Or a girlfriend.
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Old Today, 07:09 AM   #13
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Having said the above, I realize millions of people get new car loans with credit debt hanging out there. But I'd take advantage of having a usable, paid-off vehicle for the time being if I were you.
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Old Today, 08:05 AM   #14
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Sell the fiancee and lose the friend. Looks to me like they're both full of bad ideas and make poor choices.
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Old Today, 09:22 AM   #15
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credit union. watch for deals

I have a small (in my mind small) unsecured line of credit from my CU that is under 6% interest...

I didn't want to pull money out of investments, and I didn't want to throw grad course tuition and books on a credit card.

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Old Today, 10:19 AM   #16
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Not really sweating anything, I was mainly just curious if that was a thing is all.

If I was to get a car loan, and was only paying the minimum on the cards(No, I don't usually) The payment would be about the same as if I threw my cards on the loan too, so it doesn't make much sense for me to do that. At least if I'm in an accident or something, I don't have that extra part of the loan to worry about if the truck is totaled, leaving me with extra debt and no vehicle.
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