Quote:
Originally Posted by Carsten
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.
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I can pick your argument apart easily (having a fiance and/or being married at age 19 is not a strong counterargument to financial stability, just an FYI), but the bottom line is this:
1) you are ruining your chances at good credit with what you're diong
2) you're not using money to your advantage (and yes, you can open credit cards with $500 limit with virtually zero score)... and your inability to open credit cards is representative of a bigger underlying issue with your credit report that you aren't addressing
3) your employment and credit history is high risk, no matter how good it looks to you
4) you keep looking at overall cost of the car over course of the loan... when was the last time anyone bought a house based on total payments over the life of the mortgage? a house is bought based on price and APR, and (to a lesser extent) monthly payments. I suggest you do the same on your car purchase and not look at overall payments.
Either way, my comments are still the same. Your priorities aren't straight and you're focused on secondary concerns with the purchase of this car (total price and APR) when you should be focused on the primary concerns (lack of credit and high risk, high income job). If I were you, I'd suck it up for 2 years and pay for a car outright with cash. And I'd take that money being saved and put it in a CD that can get you money back after 2 years. Or even short term bonds.
But hey, it's your money and credit, do with it as you please.
-alex