Effin A! Gosh Darn It!
Senior Member
Joined: Dec 2003
Posts: 464
From: Mississippi
[quote name='89 Rag' date='Jul 13 2005, 06:53 PM']Yeah, I think he's too young to have an unsecured or personal loan, line of credit etc.
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yeah. I get confused looks when my credit gets checked.. I'm 18 and have a line of credit better than most adults
... I plan on keeping it that way too. I don't want something thats gonna hold me back when I need investors when I start a development, or a loan to purchase land to begin a subdivision.
My dad has helped my out a lot by teaching me financial stuff, what is good to do, what isn't, stuff that sounds great, but isn't really, stuff like that. He has also cosigned a couple loans for me, thats what established my credit early. I also have had 2 credit cards (cancelled one to get the second, amex business cards suck *** 500 buck annual fee) Both have been payed off at the end of each month. no minimum payment bullshit for me . I don't charge anything on them if I won't have the money at the end of the month to pay the bill.
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yeah. I get confused looks when my credit gets checked.. I'm 18 and have a line of credit better than most adults
My dad has helped my out a lot by teaching me financial stuff, what is good to do, what isn't, stuff that sounds great, but isn't really, stuff like that. He has also cosigned a couple loans for me, thats what established my credit early. I also have had 2 credit cards (cancelled one to get the second, amex business cards suck *** 500 buck annual fee) Both have been payed off at the end of each month. no minimum payment bullshit for me
Senior Member
Joined: Dec 2003
Posts: 464
From: Mississippi
[quote name='CletusFD3S' date='Jul 13 2005, 07:14 PM']really, i dont suck at life. i have the money to pay the loan, i really dont ahve any bills and what not. I just want my ******* car done. Plus my parents want it out of their garage.
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haha ^^proof^^
If you have the money to pay the loan, then why take the loan?
There are only 2 times to take a loan. 1: if it is your last choice 2: if you have the money in the bank to pay it back to begin with, but taking the loan will help you financially. (don't ask. I'm not explaining)
you never take a loan just because you feel like it and you can make the monthly payments THEN. who knows what might happen.. you could lose your job, then what? oh ****. I have a loan to pay and no money
Think a financial decision over and over, then ask someone successful that you can trust for adivice. That is the only way to be truely successful. the school of hard knocks is great and all, but if I can learn from someone elses mistakes before I make em myself, I'm gonna do it.
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haha ^^proof^^
If you have the money to pay the loan, then why take the loan?
There are only 2 times to take a loan. 1: if it is your last choice 2: if you have the money in the bank to pay it back to begin with, but taking the loan will help you financially. (don't ask. I'm not explaining)
you never take a loan just because you feel like it and you can make the monthly payments THEN. who knows what might happen.. you could lose your job, then what? oh ****. I have a loan to pay and no money
Think a financial decision over and over, then ask someone successful that you can trust for adivice. That is the only way to be truely successful. the school of hard knocks is great and all, but if I can learn from someone elses mistakes before I make em myself, I'm gonna do it.
Senior Member
Joined: Jul 2002
Posts: 2,467
From: Portland, OR
That is close... A loan is for a house primarily, and a practical piece of dependable transportation ONLY if your job is a career! Working at mickey d's or the local 5 and dime do not qualify you to take out a loan, contrary to what lenders and used car sales people will tell you! Anything above 7 percent is a HIGH INTREST RATE LOAN, ANYTHING above 4 percent on a new car is a HIGH INTEREST RATE LOAN! Ride the bus, hitch a ride with friends, have the parents give you rides if they can! Avoid taking out a loan on transportation at all costs! Trust me on this! Credit is your friend and a valuable asset if it is handeled wisely, if not, it will become your worst nightmare and a private prison!
...And I'm sorry to say this but in case anyone was confused, RX-7's do not qualify as practical, many do not qualify as dependable!
...And I'm sorry to say this but in case anyone was confused, RX-7's do not qualify as practical, many do not qualify as dependable!
Senior Member
Joined: Dec 2003
Posts: 464
From: Mississippi
[quote name='89 Rag' date='Jul 13 2005, 07:39 PM']That is close... A loan is for a house primarily, and a practical piece of dependable transportation ONLY if your job is a career! Working at mickey d's or the local 5 and dime do not qualify you to take out a loan, contrary to what lenders and used car sales people will tell you! Anything above 7 percent is a HIGH INTREST RATE LOAN, ANYTHING above 4 percent on a new car is a HIGH INTEREST RATE LOAN! Ride the bus, hitch a ride with friends, have the parents give you rides if they can! Avoid taking out a loan on transportation at all costs! Trust me on this! Credit is your friend and a valuable asset if it is handeled wisely, if not, it will become your worst nightmare and a private prison!
...And I'm sorry to say this but in case anyone was confused, RX-7's do not qualify as practical, many do not qualify as dependable!
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Yep. I wasn't really including a mortgage in what I said. There aren't many people that can build or buy a house without a mortgage. you have to be pretty damn rich for that.
And true about rx7's and loans too. If you're having to take out a loan on a car that you already own, a rx7 obviously isn't the car you need, specially a fd. high cost + low reliability = poor investment.
Smartest choice right now would be to sell the FD and get something cheaper and more reliable. A 99-00 altima or something along those lines. I never said it would be the best sounding choice, but you'd be glad you did it in the long run. when you can afford to play with some money, then you can get something like a fd.
...And I'm sorry to say this but in case anyone was confused, RX-7's do not qualify as practical, many do not qualify as dependable!
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Yep. I wasn't really including a mortgage in what I said. There aren't many people that can build or buy a house without a mortgage. you have to be pretty damn rich for that.
And true about rx7's and loans too. If you're having to take out a loan on a car that you already own, a rx7 obviously isn't the car you need, specially a fd. high cost + low reliability = poor investment.
Smartest choice right now would be to sell the FD and get something cheaper and more reliable. A 99-00 altima or something along those lines. I never said it would be the best sounding choice, but you'd be glad you did it in the long run. when you can afford to play with some money, then you can get something like a fd.
Senior Member
Joined: Jan 2004
Posts: 2,748
From: Columbia IL/St. Louis MO
[quote name='venomrx7' date='Jul 13 2005, 11:52 PM']Yep. I wasn't really including a mortgage in what I said. There aren't many people that can build or buy a house without a mortgage. you have to be pretty damn rich for that.
And true about rx7's and loans too. If you're having to take out a loan on a car that you already own, a rx7 obviously isn't the car you need, specially a fd. high cost + low reliability = poor investment.
Smartest choice right now would be to sell the FD and get something cheaper and more reliable. A 99-00 altima or something along those lines. I never said it would be the best sounding choice, but you'd be glad you did it in the long run. when you can afford to play with some money, then you can get something like a fd.
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That is why I am waiting on an FD. I already have enough headaches as is.
89 Rag- You think 10.5% is bad on a first time new car buyer? It is what I got on the Wrangler. But here is the thing(or what I want to do), is pay off for 1-1.5 years on the car, then refinance for 3 years. By then I will have more experience, more money. A steadier income and ****. Could that happen honestly?
And true about rx7's and loans too. If you're having to take out a loan on a car that you already own, a rx7 obviously isn't the car you need, specially a fd. high cost + low reliability = poor investment.
Smartest choice right now would be to sell the FD and get something cheaper and more reliable. A 99-00 altima or something along those lines. I never said it would be the best sounding choice, but you'd be glad you did it in the long run. when you can afford to play with some money, then you can get something like a fd.
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That is why I am waiting on an FD. I already have enough headaches as is.
89 Rag- You think 10.5% is bad on a first time new car buyer? It is what I got on the Wrangler. But here is the thing(or what I want to do), is pay off for 1-1.5 years on the car, then refinance for 3 years. By then I will have more experience, more money. A steadier income and ****. Could that happen honestly?
Thread Starter
Senior Member
Joined: Dec 2004
Posts: 742
[quote name='venomrx7' date='Jul 13 2005, 09:27 PM']haha ^^proof^^
If you have the money to pay the loan, then why take the loan?
There are only 2 times to take a loan. 1: if it is your last choice 2: if you have the money in the bank to pay it back to begin with, but taking the loan will help you financially. (don't ask. I'm not explaining)
you never take a loan just because you feel like it and you can make the monthly payments THEN. who knows what might happen.. you could lose your job, then what? oh ****. I have a loan to pay and no money
Think a financial decision over and over, then ask someone successful that you can trust for adivice. That is the only way to be truely successful. the school of hard knocks is great and all, but if I can learn from someone elses mistakes before I make em myself, I'm gonna do it.
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i was building my credit thank you
If you have the money to pay the loan, then why take the loan?
There are only 2 times to take a loan. 1: if it is your last choice 2: if you have the money in the bank to pay it back to begin with, but taking the loan will help you financially. (don't ask. I'm not explaining)
you never take a loan just because you feel like it and you can make the monthly payments THEN. who knows what might happen.. you could lose your job, then what? oh ****. I have a loan to pay and no money
Think a financial decision over and over, then ask someone successful that you can trust for adivice. That is the only way to be truely successful. the school of hard knocks is great and all, but if I can learn from someone elses mistakes before I make em myself, I'm gonna do it.
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i was building my credit thank you
Senior Member
Joined: Dec 2003
Posts: 464
From: Mississippi
[quote name='CletusFD3S' date='Jul 13 2005, 08:02 PM']i was building my credit thank you
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there are much better and much safer ways.
Lets just say what you did is something I wouldn't do. Lets see who's got more dough in 10-15 years and then we can argue about what is right.
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there are much better and much safer ways.
Lets just say what you did is something I wouldn't do. Lets see who's got more dough in 10-15 years and then we can argue about what is right.
Senior Member
Joined: Jul 2002
Posts: 2,467
From: Portland, OR
[quote name='rowtareh' date='Jul 13 2005, 08:59 PM']That is why I am waiting on an FD. I already have enough headaches as is.
89 Rag- You think 10.5% is bad on a first time new car buyer? It is what I got on the Wrangler. But here is the thing(or what I want to do), is pay off for 1-1.5 years on the car, then refinance for 3 years. By then I will have more experience, more money. A steadier income and ****. Could that happen honestly?
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It's not bad, but it is a little high, co-signer or by yourself? bank or credit union?
I wouldn't pay it off right away, it will help improve your credit score but get the interest rate lower, re-fi in 6 months through a credit union, make payments a week early, every month, mandatory, and pay more when you can. An 850 beacon is unheard of but it is possible to have 825 (which Bill Gates doesn't have) and this is part how you can do it. Then trade in/up in 3 to 4 years or a few months/few thousand miles before the warranty is up. Get a gas card at a local service station, pay that bill like clockwork too, it all helps to have great credit when you go to buy that first house.
89 Rag- You think 10.5% is bad on a first time new car buyer? It is what I got on the Wrangler. But here is the thing(or what I want to do), is pay off for 1-1.5 years on the car, then refinance for 3 years. By then I will have more experience, more money. A steadier income and ****. Could that happen honestly?
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[/quote]
It's not bad, but it is a little high, co-signer or by yourself? bank or credit union?
I wouldn't pay it off right away, it will help improve your credit score but get the interest rate lower, re-fi in 6 months through a credit union, make payments a week early, every month, mandatory, and pay more when you can. An 850 beacon is unheard of but it is possible to have 825 (which Bill Gates doesn't have) and this is part how you can do it. Then trade in/up in 3 to 4 years or a few months/few thousand miles before the warranty is up. Get a gas card at a local service station, pay that bill like clockwork too, it all helps to have great credit when you go to buy that first house.