Financing Thoughts

[lifted_silverado]

Even if you made an 800 by 22 it doesnt help as much as youd think. The term life of credit is taken into account as well. A few years worth of credit history and having an 800 is not even comparable to a 35 year old with a 700. I was 23 with a 790 and without alot down still had issues because my length of history.

[Kyblack76]

Had 2 cards at 16 , and a gasoline account. Paid in full my first car 4 months after i bought it.

moved out, into my own apartment at 17, married at 19, bought my house with 8% down just after i turned 22.

Been chilling like a villian since..... Divorce wont even touch me.

[Deeznutz]

Thanks for the responses guys. I'm pretty set on financing them out if i can. My truck payment is set on autopayment every friday, thats how i get paid. Never missed a payment on my toy truck i bought.

The big issue i have, even though i have a steady job, good work history, and I'm able keep payments on time, is that i have basically no credit. Almost 19, goal is to have an 800 or REALLY close by 21, 22, somewhere around there...get a nice home loan at that point.

Again, thanks for the replies and thoughts. I'll talk with my banker, see about early payoff penalties, and to see how this can/will happen.

Boom, if you are dead set on getting them. More power to you. You are young. You have the energy to work 60-80 hrs if needed. If the roads where you live decent, than go for it. The only thing is. if you wear out the rear tires, you may need some in 1 yr. Say the tires cost $300 a piece. So in 1 yr of driving, you need 2 rears at $600. You're still paying on the initial $3800 at a monthly of ??????? Hmmmmm. $97.00 a month lets say that. So you'll have to dish out $600 on top of that.

So in 1 yr the wheel tire venture is now worth $4400. Broke and a few others commented on paying it off in 4 payments. Why continue to pay for a set of rear tires that are already off the rim????? See the logic????

Personally, now I am just talking from experience. Finance the rims, but buy the tires outright. Offer cash for the tires. People love cash for tires. Financing disposable items like tires may not be the best thing especially if they do not last as long as the payment schedule.

Just my 0.02 cents.

Again, if you're dead set on it. Than do it!

-Frank

[ROLEXrifleman]

Buy outright.

Building credit and getting points added to your score happens by maintain a balance over a period of time longer than twelve months to have a positive effect. depending on the type of loan and the amount of time to pay back ( less than 12 months) a move like this may cost you credit points. The part people tend to forget is that your credit score takes a hit simply in having it run for credit approval, not to mention the points that are taken when an account is above a certain percentage of the whole. Talk to someone in the finance world that can give you a better picture of your entire credit history. The worst thing you can do is take out a shorter than 12 month loan on a closing account if your trying to add points to your score. This types of loans have their place and are very useful but from the sounds of what your trying to do aren't for you. Those are the types of loans the 780+ crowd use all the time.

[bighossf150]

shoulda gone to college so you could buy outright instead of financing.

[OrionStang]

Surprised dude didn't suggest used wheels.

[Deeznutz]

Nah guys, can't suggest used wheels, it would be too hard to find a set that fits his taste, with his bolt pattern, without rash, etc. And Hiss, for someone who doesn't like college, you sure say it a lot!

I recall in my post he said he was living at home saving. He's doing the right thing by doing that.

Boom, I don't know how discplined you are, because at that age I'd be super tempted to borrow from that stash "and pay myself back later" which for me would probably not have happened.

-Frank

[meade916]

shoulda gone to college so you could buy outright instead of financing.

I know more than a few people that went to college and don't have a pot to piss in. I know people that dropped out of high school that are doing very well. So going to college doesn't exactly mean "great job" and "lots of money".

Nothing wrong with financing as long as you pay your bills and i would suggest making double the minimum payment if possible.

[Deeznutz]

It's all in what you chose Meade, you know that.

People use that example as a reason not to go. Which is wrong.

You can see the annual salaries to the right of the job description when you are seeking the degree.

My sis and I both went to college, she makes beans as a teacher, and I make twice as much as she does as an ER Nurse.

.....because I saw that average salary "$69k-$80k". The annual is now $95k per yr. in 10 yrs it will be a bach. degree only

with >$100k as the income average.

If you pick a business degree, a psych degree, or liberal arts degree, the salary spread may be $40k to $200k, but

the reality sets in that it's the lesser.... thus the point you mentioned.

I'm laughing thinking how this word bothers people soooo much.

I will always be a pro-college, under 40hrs a wk sort of guy.

To each his own.

Sorry to jack your thread boom.

-Frank

[IH8PunkRok]

shoulda gone to college so you could buy outright instead of financing.

I know more than a few people that went to college and don't have a pot to piss in. I know people that dropped out of high school that are doing very well. So going to college doesn't exactly mean "great job" and "lots of money".

Nothing wrong with financing as long as you pay your bills and i would suggest making double the minimum payment if possible.

You missed his thread about the corvette didn't you