Quote:
Originally Posted by mav1178
The same arguments apply:
- You have no idea how to build up credit even though you have more than enough income. Stop paying off car loans and start using short term unsecured credit (aka credit cards) to your advantage
- If you can't wait a year to save up to buy this car, you don't have your priorities straight and a high APR is your only "out".
- Paying off a cheap used car for "quite some time" when you're 19 doesn't mean jack squat. Try 5-7 years for you to have enough decent credit to buy a house, that's usually the credit history a lender looks at.
I understand you want the car badly. A lot of us do when we see something we like. But buying a car is the 2nd or 3rd biggest thing most of us will buy in life next to a house (and a post-graduate education). You should know what financing and credit scores actually do for you before you go in to talk numbers, and how you should manage your finances better.
Make money work for you, not the other way around.
-alex
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I understand what you are saying but how are my "priorities not straight?" I have a job, my own business actually. I have a fiancé, I have an apartment, I pay all my bills on time every month. I make more than enough money to pay for the car. Id say financially I am in a better place to buy this car that most people who have bought the car.
And I completely understand about credit cards, I've applied for quite a few, I've even applied for secured credit cards... All applications rejected.
And I didn't say that me paying off my first car loan was a big deal or anything I am just responding to the people who are suggesting that, and letting them know that I have been paying off my first $16000 car for around a year now and it is almost paid off. Yet I still haven't build any credit from it so to the people who are telling me to do that, I have been.
Also I am perfectly able to put about 10k down on this car. So while I respect your opinion you seem to be a little biased about my situation. I get this all time, so I don't take it personally but it's because I'm 19 years old, no college education and I make more money than most starting salaries out of college.
Just because I am 19 doesn't mean I don't know about money, I know enough about money to pay my bills, to pay my taxes, to do my regular sales tax, llc tax, and make appropriate tax deductions for my business. And I knew enough to walk out from a bad deal even though I could have afforded it but I knew enough to not pay 45 thousand for a car that retails for under
30 thousand.