A future Tremor Owner!

[Quincy6302]

Good morning fellow Tremor owners, I'm 18 and the ford tremor is my aboslute dream truck. In the next year or so I'm looking to start my own real estate flipping business as well as get into excavation (hence me needing the Tremor for towing and Off roading.) I'm wondering what would my payments look like monthly for a new top of the line platinum Tremor. I've tried calculating my payments through my credit union and on the ford website but I'd like to hear from real owners on how I should expect financing and payments to go? I'd like to put down about $15K and try to buy at a time when there are rebates and discounts. Not trying to be in anyone's financial business but I'd really like to know what to expect when it comes time to buy. Or advice on what I should do once it comes time to buy. Also how long did it take your truck to be built?
Also for those who live in the rust belt what are your thoughts about rust protection as I will have to park outside judging my calculations, I won't be able to fit my truck in any garage and I'm worried about rust and corrosion underneath it.

Might be a goofy post but I hope folks can help me out!

 

[StoneGreyTremor]

If I had one thing to tell my 18 year old self, it would be don't finance, especially a $80K truck. Yes you might be able to make the notes but you are only making the banks rich.
Who cares if you have your dream truck at 18. You have a long time ahead of you and making sure you are financially sound is a lesson I wish I learned about 20 years sooner than I did.
You can find a truck that will look good and do the job you need it to for $15K. Also, wish I had $15K when I was 18, congrats.
I'm sure it's not the answer you were looking for but I wish someone told me that before making some of my financial mistakes.
Good luck!!!

 

[ddowney]

Depends on your interest rate. I'm looking at around 1200-1400/ month depending on 60 mos or 72 mos for a Lariat F350 Tremor w/ 6.7L. that's with 0 down and no trade in. Personally I say go for it, tomorrow isn't guaranteed to anyone so if you have the means to get something you want, go for it. Yeah the banks gonna make money but as long as you aren't over extending yourself you'll be fine. You're young enough at 18 that paying 4-5k in interest over 5-6 years isn't going to be the end of the world. They're aluminum bodies, so from what others have said they don't rust like the previous years, not sure though. I live in San Diego so rust isn't really much a problem for me. Good luck with whatever you decide.

 

[modified]

Welcome to the forum @Quincy6302 - I agree with @StoneGreyTremor, I would probably look for something cheaper if you are just starting out. At least a XLT Tremor One big advantage you'll have with a new truck is the tax deductions if you are buying it for business. Another positive buying new over used is you know what your max monthly payout is. The problem with used, is you might have a lower monthly payment but a huge surprise if something breaks.

 

[JC_Tremor]

I went with a cheaper Tremor, XLT, not the nicest but it's a truck so I don't mind. It was 52,500 after dealer discounts with the 7.3 gaser. If you are financing...you'll definitely appreciate lower payments if the total cost is lower. My total out the door was almost 62K and my payments with 2% interest rate is around $913 a month. My other vehicles are paid off and my insurance is 1600 per year for all 3 vehicles. Choose wisely what is priority to you and do realize you've got a lot of time ahead of you. You can't always get or achieve your dreams as soon as you'd like, unless you sacrifice or compromise along the way. Good luck.

I wonder if platinum loaded is around 1200$ a month ($75K sticker, gas engine) payment with an interest rate 2% or lower...eg: agate black platinum 7.3 tremor

 

[richtor]

Big goals. It’s not as easy as they make it seem on tv. In fact many lose hundreds of thousands on flipping. And these are people that have and make $100k in their real jobs. If they go broke make six figures it’s even easier for a young 20 something to go broke.

Unless your parents are doing this currently I’d suggest you get your real estate license then work with a successful company that flips homes. Learn the industry.

 

[Backwoodsrider]

My advice if you want it. Buy a $10k truck cash. And start saving. Buy a cheap house you can afford and work at paying it off as fast as possible. Dont focus on the shining things focus on financially setting your self up for financial freedom! It feels awesome. Then step up and buy that shinny Platinum. You'll enjoy it a 1000X more! Trust me.

 

[2020Tremor]

Good for you to be In a situation to even entertain that big of a purchase at 18. I was still at rolling pennies for gas, racking up student loan debt at that age.

You are going to here this a lot but just starting out with a new fancy truck is probably is not the wisest financial decision. Lots of capital will be needed to get the business off the ground. A massive truck payment could hinder cash flow for other equipment needed to increase your cash flow. Old man lecturing over.

At 18 you will likely not have enough credit history to qualify for the better interest rates without a excellent credit co-signer. Right now Ford is offering 3.9 fo 60 months financing. At a approximate sticker of 86K for a loaded Diesel Platinum Tremor, should be able to get 10% to 15% off that depending on rebates/PCO so a purchase price of about 73K with 15K down and 3.9 for 60 you are looking at a about $1066 ish a month not including tax title an licensing fees. Let’s say with lack of credit history you get 6.5% now your payment is up to $1136 ish for the same 60 months. If you live in a state with sales tax than that will tack on more to the purchase price and up the payment (won’t go in to numbers on that since I live in a state with no sales tax and not sure what to assume there). Licensing fees can be spendy as well depending on where you live, it would be another $900+ a year where I live.

Another thing to consider is insurance since the lender will require you to carry full coverage. At your age is not going to be cheap guessing an additional approximate $250+ a month depending on driving records and credit score (you will need to confirm with you insurance on that).

Also you need to account for maintenance not covered by warranty (Oil/filters) and fuel cost when deciding total cost per month to own. Assuming 15,000 miles a year, $200 oil changes with $2.5 gallon diesel prices with a total average fuel economy of 17mpg looking at almost $220 a month in operating costs. Even at the lower interest rate you looking at a total average monthly cost of $1700 Assuming no sales tax.

 

[Backwoodsrider]

Not trying to pop your balloon but I run a large territory for a Bank that specializes in automotive and Powersports lending. I can clearly tell you we would not approve an 18yr old for an $80k+ truck. Even if you had $10k down and a 800 credit score. Not a chance.

The guys in the posts above make great points but if your buying a Platinum Tremor your not worring on how to make the payment or how much it it costs. It is what it is.

As i mentioned above buy a cheap truck and focus on your business and things that will build equity like a house.

 

[richtor]

Love to see your business plan. You can share it in direct message if you want without addresses or names for privacy.

 

[Quincy6302]

Love to see your business plan. You can share it in direct message if you want without addresses or names for privacy.

Do you have an email? I'll just shoot it over to ya later tonight.

 

[Quincy6302]

I

Good for you to be In a situation to even entertain that big of a purchase at 18. I was still at rolling pennies for gas, racking up student loan debt at that age.

You are going to here this a lot but just starting out with a new fancy truck is probably is not the wisest financial decision. Lots of capital will be needed to get the business off the ground. A massive truck payment could hinder cash flow for other equipment needed to increase your cash flow. Old man lecturing over.

At 18 you will likely not have enough credit history to qualify for the better interest rates without a excellent credit co-signer. Right now Ford is offering 3.9 fo 60 months financing. At a approximate sticker of 86K for a loaded Diesel Platinum Tremor, should be able to get 10% to 15% off that depending on rebates/PCO so a purchase price of about 73K with 15K down and 3.9 for 60 you are looking at a about $1066 ish a month not including tax title an licensing fees. Let’s say with lack of credit history you get 6.5% now your payment is up to $1136 ish for the same 60 months. If you live in a state with sales tax than that will tack on more to the purchase price and up the payment (won’t go in to numbers on that since I live in a state with no sales tax and not sure what to assume there). Licensing fees can be spendy as well depending on where you live, it would be another $900+ a year where I live.

Another thing to consider is insurance since the lender will require you to carry full coverage. At your age is not going to be cheap guessing an additional approximate $250+ a month depending on driving records and credit score (you will need to confirm with you insurance on that).

Also you need to account for maintenance not covered by warranty (Oil/filters) and fuel cost when deciding total cost per month to own. Assuming 15,000 miles a year, $200 oil changes with $2.5 gallon diesel prices with a total average fuel economy of 17mpg looking at almost $220 a month in operating costs. Even at the lower interest rate you looking at a total average monthly cost of $1700 Assuming no sales tax.

Do you think its possible? Or should I not even waste my time if banks won't finance to me as one guy suggested.

 

[Quincy6302]

Not trying to pop your balloon but I run a large territory for a Bank that specializes in automotive and Powersports lending. I can clearly tell you we would not approve an 18yr old for an $80k+ truck. Even if you had $10k down and a 800 credit score. Not a chance.

The guys in the posts above make great points but if your buying a Platinum Tremor your not worring on how to make the payment or how much it it costs. It is what it is.

As i mentioned above buy a cheap truck and focus on your business and things that will build equity like a house.

Was hoping to buy once I had 3-4 houses under my belt and I knew I could afford the payments no problem.

 

[jhblaze1]

buying an $80K truck as an 18 year old just seems reckless to me, no offense, but just my opinion. Realistically you're probably around 82K on a totally slammed out platinum, assuming diesel

15K down, you're looking at like $915 a month on a 7 year note assuming a 4% rate (you're rate could be lower or higher) . This also assumes no sales tax that you'd likely be rolling into the loan on a sales price of 82K.

On a much more sane 4 year term, same rate it's a $1512.80 monthly payment.

That's also assuming @Backwoodsrider is wrong and a bank will give a kid with no credit history a $67K loan, which I can't imagine would be the case without a co-signer. Especially since you're also just starting a business and probably don't have pay stubs or any other way to prove income. I've never been asked to prove income when financing at the dealership but have always had to at credit unions.

I'm ~40 with kids, make good money and could never stomach a grand a month on a car/truck for 7 years. if I can't put enough down to have a MAX $1000 or lower per month payment on no more than 48 month term, I just accept that I can't afford the vehicle.

I can tell you there's nothing worse than scraping by and barely being able to afford the vehicle, because you'll resent the thing because it will make you a debt slave. I learned this lesson in my 20s when I bought a vehicle I really had no business buying and I loved and hated the thing at the same time.....while I liked driving it, all it did was remind me how broke I was because of it. 2 years in a row I took 100% of my bonus and tax refund to pay it off a few years early because I couldn't stand making those payments any more. At 40, God I wish that 2 years of bonus and tax refund money had been in my IRA for the last 15 years instead of paying down a vehicle I don't have anymore.

I'm assuming you're sitting on a huge pile of cash that you're planning on using to start buying houses to flip, and have just chosen 15K as a down payment number. Feel like using that 15K to buy an older used work truck and some tools would make more sense just from a logical and financial standpoint....BUT not all decisions are or ought to be made purely on economic logic, sometimes we just want awesome shit, so that is why I gave you some numbers to think of.

 

[jhblaze1]

At a approximate sticker of 86K for a loaded Diesel Platinum Tremor, should be able to get 10% to 15% off that depending on rebates/PCO so a purchase price of about 73K

10-15% off sticker? TEACH ME! lol

 

[Chris21667]

You said it .... DREAM TRUCK!!!!! your 18 you have dreams.... like everyone else BUILD your business i started small on all my vehicles and i am now in a state in my life i can afford a 80k Truck and love it but i earned it... i worked up to my dream truck... don't just straight a dream truck.... wait a while to build up to getting a Dream truck ... and honestly building a truck is so much Fun and enjoyable... I have 3 Jeep XJ and a F150 and now a F350
Build your self a older truck it .... it will be more enjoyable and you will be able to pay cash for a 80k truck in a few years if you are success.

 

[Backwoodsrider]

Was hoping to buy once I had 3-4 houses under my belt and I knew I could afford the payments no problem.

Just remember when you do purchase the Bank or Ford Credit will want 2 years of Statement of Business Activities, and 2 years Notice of Assessment from Revenue Canada or IRS.

Statement of Business Activities shows the profit and losses of the business and what it cleared $. NOA is what you declared as revenue to the IRS or Revenue Canada.

These are almost 95% required for your first vehicle purchase with a business.

 

[Chris21667]

10-15% off sticker? TEACH ME! lol

He needs to teach the way of saving

 

[richtor]

I

Do you think its possible? Or should I not even waste my time if banks won't finance to me as one guy suggested.

Getting capital to flip houses is going to be much harder than $80k capital for platinum. Why the platinum anyway? With discounts the lariat would be $60k with the 7.3. Badass truck. Lariat has most of the stuff platinum has.

 

[Yukon Bush Tremor]

I agree with Richtor! To me there is no value in the platinum. Beautiful truck but I’m all about the lariat.