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A little financial guidance...

Discussion in 'The Lounge' started by NEK5, Apr 6, 2007.

  1. NEK5

    NEK5 3/4 ton status Premium Member

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    Alright guys, here`s the deal. I`m turning 18 soon, and school is almost over. I`ve been tossing around the idea of picking up a new truck, a diesel pick up to use as a tow rig/dd to be exact. That way I can have that good feelin' when I`m wheelin', and a better DD. My question is this, is it going to be possible for me to get a loan, being 18? I`m hoping to find something under $10k. The problem is, I don`t have a cosigner...is it required?

    I`m trying to think of ideas to build good credit, and I would think that having different forms of credit, and maintaining them would look good for when I eventually go to buy property...I figure I might as well get an early start. So, basically, I`m looking for guys/gals my age that have gotten a new(er) car/truck/whatever, and didn`t have a cosigner...

    Is this a smart thing to do? Or would the extra costs not be worth it, and most likely just be a hassle?

    What about personal loans, same idea?
     
  2. TexasBlazerBoy

    TexasBlazerBoy 1/2 ton status

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    Are you a member of a Credit Union or Bank? See if you can get pre-approved for the price you are comfortable with. That will take a lot of the stress out of the money end of it. Your lending institution will tell you if they are going to require a co-signer.

    You may think you can afford 10k....Your lending institution may not. Also don't forget to check with your insurance company and see what will happen with your rate. All you need is the VIN and they should be able to give you a quote.


    I would not go with a personal loan, unless it is a really low interest rate, which they are not typically.

    In my opinion, buying a vehicle and paying it off would establish good credit. And you hopefully will get a lot of use out of it.

    Don't let the banks rape you on the interest rate, shop around.

    Good luck.
     
  3. ramjet gmc

    ramjet gmc CK5 Staff Staff Member Moderator GMOTM Winner

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    you do not need to buy a truck to get credet get some small store cards and just pay them off as the bill comes in then get a master card and pay them off as the bill comes in just do not go get in a - cash flow place you will probly get a place and pay rent soon the public utilys will be good for your credet

    i have never been late on bills or bought a truck but i do have a exelant score and a morgage just pay on time
     
  4. chalet2506

    chalet2506 1/2 ton status Premium Member

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    Basically all you need to do is what these guys already said. Get a credit card now, use it sparingly and pay it off in full for a couple of months. Join a credit union now. Save up some cash for a down payment now. By the end of summer you'll be in good shape to get you a nice low interest car loan from just about anywhere.
     
  5. NEK5

    NEK5 3/4 ton status Premium Member

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    cool, thanks guys..

    I guess getting a CC, and using it for gas wouldn`t be a bad idea, then pay it off at the end of each month...
     
  6. chalet2506

    chalet2506 1/2 ton status Premium Member

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    Good credit's great, just make sure you know how much money you can afford to borrow and pay back, and then stick within that. "Stretching it" to put yourself in a vehicle, house, lifestyle that you can qualify for, but not afford causes lots of problems for lots of folks everyday. Use a little self discipline and you'll be fine.
     
  7. TexasBlazerBoy

    TexasBlazerBoy 1/2 ton status

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    I would not recommend the CC. But that is just me. I am not disciplined enough to do that.(Thank god my wife is)


    You seem to be way ahead of your years as far as maturity so it will probably work good for you.

    Good luck
     
  8. 76zimmer

    76zimmer Flyin Rat Premium Member GMOTM Winner

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  9. NEK5

    NEK5 3/4 ton status Premium Member

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    Thanks, dude, I seem to get that alot;)
     
  10. 2BLAZERS

    2BLAZERS 1/2 ton status Premium Member

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    I don't know the whole situation but I would not get a vehicle loan until you have a full time job have moved out and decided what is more important to you a newer truck or getting into a house. I would put everything into getting into a house. When we were in aprtments there was always some nice vehicles of those who bought new vehicles but couldn't afford to get a house because they thought they needed a new car. Its all about priorities. For me house was number one after college graduation and it only took about 2 years to do. For establishing credit get a gas card like Shell or Exon, it will keep you from buying toys on it, just run your gas each month on it and of course pay it off right away. You could also get an American Express card, get the one that you have to pay off every month. This is what I did my freshman year at college so by time I graduated we had pretty good credit established.
     
  11. K5Greek

    K5Greek 1/2 ton status

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    x2 plus you dont really need a towrig..i think you just want a diesel:p: if you really need another dd why get a diesel which gets at best 20 mpg and spend 10k+ when you could get a cavalier or civic or something and get over 30mpg easy and wont cost you a premium
     

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