That’s like 4 used Buicks per year!
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Here is another way to think about it. Do you plan on keeping the truck for 30 years? Will it even be viable transportation in 30 years? If not it does not make sense to finance it for 30 years.
The math is also in favor of the car loan, even with a significantly higher interest rate.
$40k for 30 years at 1% interest and you’ll spend just under $6350 in interest over the 30 years.
$40k for 6 years at 5% interest and you’ll spend just over $6350 in interest over the 6 years.
Of course you won’t get a 1% rate on a 30 year home loan and it isn’t uncommon for auto mfgs to offer below market interest rates.
Yeah, I know it’s actually cheaper to get the car loan. The real problem was the difference between spending $170 a month on the mortgage, for the extra money, or $615 a month on the car loan. I know the $170 would end up costing more over time, but it doesn’t mean much if it’s impossible to come up with the $615.
Honestly if we ended up selling the house in a year, (we won’t) that money would come out as a deficit of cash (money we would have otherwise gotten) and we would no longer be paying ANY interest on it. (That is of course disregarding the idea that it would probably be used as a down payment in another house. Guess I could just live in my RV pulled by my new truck 
LOL)
I’ve spent much of my life never being able to get the “better deal” because I couldn’t afford it. For me it often comes down to “what is the LEAST WORST thing that will still get me what I need”. Is a low income trap and it can be difficult to sometimes get out of that mindset.
It’s like a $5 pizza. You KNOW it’s not healthy, but you can feed 3 people for $5, and if $5 is what you’ve got to spend, well… it’s not really that hard to see why nobody’s healthy.
In the end I’m glad we found a way to swing the monthly payments. I know it works out WAY better this way.
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