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Buying A New Truck? Here Are A Few Ways To Fund It


Written By Wallas V. Cervantez

It’s difficult to think of a more exciting time than now to look into purchasing a new pickup truck. While there have always been individual new trucks to take an interest in, it was noted in a recent piece here that pickups are now adapting to the future in exciting ways. Tesla’s eye-popping, tank-like “Cybertruck” is likely the first thing that comes to mind in this regard, but there are actually various ways that pickup truck manufacturers more broadly are adapting for the future, from the implementation of EV features, to automated technology, to improved towing visibility and more.

With so many changes occurring in this vehicle class, the temptation is likely growing for many pickup owners (or aspiring first-time pickup owners) to buy a new, more modern truck. Naturally though, these newer evolutions of the vehicles can be quite pricey. For that reason, I’m presenting a few ideas for how to fund the purchase, beyond all of the typical financing tips and dealership negotiation tricks.

Check EV Incentives In Your State

While you’re undoubtedly aware that auto companies are pushing EVs in order to appeal to modern consumers, it’s important to keep in mind also that there are actual federal incentives to adopt these types of vehicles also. Many people have become aware of this though Tesla, thanks in part to Elon Musk consistently using incentives as a selling point. Indeed, there are significant tax credits that can more or less result in money back on the purchase of an electric vehicle. While we can’t offer specifics regarding Tesla’s Cybertruck just yet, it stands to reason that some of these tax credits will apply.

It isn’t only Tesla that offers these kinds of benefits for those purchasing EVs though. In fact, there are policies all across the U.S. designed to incentivize drivers financially to go electric. Clipper Creek provides a detailed state-by-state breakdown of purchase and lease incentives relating to electric vehicles, some of which may come into play if you’re looking into a new pickup truck. And once you gain a firm grasp of what kinds of incentives you may ultimately enjoy, you might be reassured that your money back will offset the up-front cost for the vehicle.

Research Title Loans To Cover Costs

These days, there are more ways than ever before to secure a financial loan – even if it’s for something a little bit more personal, like funding a new vehicle. No longer is it necessary to go through a bank, fill out mountains of paperwork, and wait for days or weeks on a reply as to the viability of your proposal. Today, you can use any of a number of resources online to secure money when you need it – sometimes without involvement of any entity whatsoever. For instance, there are now plenty of reputable peer-to-peer lending platforms through which strangers can give you money for the time being in return for gradual repayment with interest.

That said, there’s also the more creative option to consider, which is to use your new truck itself to secure a loan in the short time. That way, if necessary, you can overshoot your budget a little bit to buy the car, and then use the loan to reimburse yourself almost immediately, paying the loan back over time and thus effectively stretching out the down payment for your truck. Specific options for this type of loan may vary depending on where you are, so it’s worth doing your research. Some states like Ohio have fairly generous title loan options that will take the sting away from your truck purchase. LoanMart in Dayton details how such policies work, explaining that a short form online can get you the cash you need quickly. Thereafter, you may have up to 36 months to pay back the loan at a competitive interest rate. So, if you have the option, you might consider paying more than you ordinarily would to secure your truck, and then using it as collateral in a title loan (during which you can still drive the vehicle) in order to repay yourself and obtain time to pay the funds.

Maximize Trade-In Value For Your Current Vehicle

Last but certainly not least, it’s important to make sure you get everything you can for your current vehicle if in fact you plan on trading it in. While the suggestion above of obtaining a title loan for your new truck is a creative way of quickly making some money back after purchase, your trade-in can give you some funds in advance that you can immediately flip toward buying your new truck.

This is one of those tricky types of transactions we all encounter in life for which it’s difficult to tell if you’re getting the right deal. But with due diligence, you can make sure you aren’t taking a low-ball offer from a dealer, and that you’re getting as much money as you should be getting for trading in your current truck (or whatever vehicle it may be). NerdWallet covered this topic and pointed to online pricing guides as solutions, noting that sometimes the difference between trade-in value listed on these guides and a dealer’s suggested price can be as much as $3,000. This doesn’t mean that you’ll necessarily get the exact value that an online tool tells you your vehicle is worth. But you’ll gain a better perspective and possibly more leverage for negotiating.

Through any of these methods, you can stand to raise some cash just before or after the purchase of your new truck. It may still be expensive, but this can be the difference between buying the truck now and putting it off for months or even years longer.

About the Author

Wallas V. Cervantez is a U.S.-based freelance writer and blog contributor. He writes primarily about finance and tech.


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  1. mpzz January 31, 2020

    If you have to “fund” a pickup, or a car, or a refrigerator, or a TV set, you can’t afford it.

  2. danicolin May 28, 2020

    I wonder how difficult this would be in the current state of our economy and while there is still pandemic?

    1. Tim Esterdahl May 30, 2020

      Seeing a TON of new trucks on the road. Lots of buyers out there right now for sure.



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