I took out a 4 year loan through my CU in 2017 with 2.25% interest, and paid it off a year early. If I'd bought new rather than used I would have saved .25%.
I like having my home nearly paid off and have tried the "buy old and fix up" routine on pickups which always ends up being a money pit. I can do minor things but repairs such as head gaskets and clutches I need to hire out; it doesn't take long before I have close to the price of a new vehicle tied up in repairs and still own a piece of junk.
I was saving for a new tractor when my old L275 started going to pieces... every time that I used it something else broke. My choices were to pay somebody to do the work or take out a loan. My plan was to cut enough wood off my property to make the payments but that never happened so while I now have the tractor paid off, I still have the wood to fall back on if I ever need to make some extra money.
I like having my home nearly paid off and have tried the "buy old and fix up" routine on pickups which always ends up being a money pit. I can do minor things but repairs such as head gaskets and clutches I need to hire out; it doesn't take long before I have close to the price of a new vehicle tied up in repairs and still own a piece of junk.
I was saving for a new tractor when my old L275 started going to pieces... every time that I used it something else broke. My choices were to pay somebody to do the work or take out a loan. My plan was to cut enough wood off my property to make the payments but that never happened so while I now have the tractor paid off, I still have the wood to fall back on if I ever need to make some extra money.