Posted by JD Seller on March 02, 2015 at 05:43:31 from (208.126.198.123):
In Reply to: Re: truck loan posted by LAA on March 02, 2015 at 05:25:34:
LAA I am not in any way telling him to not pay his loans. I also take offence in you saying I don't think defaulting on his loan is not big thing.
Also how many farmers have a government back loan???? Not very darn many anymore other than fellows just starting out.
There are a heck of a LOT more government back home loans , FHA and VA, than all the farm loans put together.
Here is new flash for you!!! I have ZERO loans and never have had a government backed anything!!!! None of my sons or daughter have any GOVERNMENT back loans either.
I also TELL every single one of them to pay off their homes FIRST!!! A nice fancy truck or car is not very warm to live in.
The difference in the amount of interest saved on a short term loan like a car or truck is peanuts compared to what the interest is on a longer term home loan.
As for him being in danger of losing anything. I have never met anyone that "PLANNED" on being hurt or disabled. His income is not in anyway guaranteed. HE could also be laid off and then not be able to find work that pays as well as his current one.
All I am saying is PAY OFF YOUR HOME FIRST!!! Then double up on the truck loan and it will soon be paid off.
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