Purchase first truck cash or loan?
I’m 23 with 2 years of driving under my belt (dry van, dump truck, flatbed). I’m making a decent amount with my local flatbed job. Not lavish, but it gets bills paid and food in my system which I’m grateful for.
I don’t have much savings other than a couple 401k accounts Less than 12k total. My biggest debt is my personal vehicle I bought from a dealer 4 years ago. I have 1 year left on it and then I’ll have that extra amount to pocket.
I’ve heard that buying a truck cash and having enough money to pay myself, fuel, insurance, and maintenance/breakdowns the first few months until I get paid can run upwards of $50k. Which I really don’t have.
I’ve also heard of drivers who took out a loan to buy the truck and pay everything else and paid off the loan pretty quick after within a couple years or less.
Just wanted to hear from those who took either route and how it worked out- or didn’t work out. I have time so I’m not rushing anything but I am looking to see which direction I could possibly lean towards some time in the future.
Cheers 🤝