How about "If you can't pay cash, you can't afford it?"

 

Well the above statement is looking like the truth. I think I may have screwed myself a few months back, because I was looking at a reaalllly nice 98 24v, all sorts of goodies with 80k mi for $10k (was 4wd with NEW plow, flatbed, 5spd, etc) and I tried applying for 2 or 3 loans. I really needed a 2nd vehicle at the time because my fiance's car edit the bed, but I didn't have any credit history really (I will be 21 in July). I can definetly afford this truck, as I should be a licensed electrician in the next few weeks. I don't have much debt at all, just a student loan for $2500 which I'm making double and triple payments on and a credit card balance of maybe $600, same deal.
I've never been late on anything, and the only reason I'm NOT paying off the credit card and student loan completely is to beef up my credit history and score. Seems like a downward spiral though.

Any ways, Im trying Lending tree right now for a personal loan of $2500, if this doesn't go through I'm giving up....or maybe I'll go with the 0% credit card, but it sounds a little dangerous to me.

 

Once you pay off the loans you can save up pretty fast for a truck. You can have another CTD for cash in a year if you put your mind to it.

 

great way of looking at it.

problem is 75% of Americans would be living in apartments and they would be 60 before they had enough to buy a home.

then again, if you have a mortgage, do you really own your home?

 

You are exactly correct. Much better to owe 10k on a house than in credit cards.

 

You know the more times you apply for a loan, or credit card, or for that matter any time someone runs a credit report on you, it knocks down your credit score.

 

Did you ask the dealer if they offer financing??

 

Hey!! Now that's a hookup!!!

 

yeah, except I get turned down alot by my loan officer!!

 

Houses usually go up in value, so you make money in the final analysis. Cars and trucks always plummet - so you lose even more money if you have to get a loan to buy them.

With the current savings rate, 99.9% of Americans would NEVER own a home if they had to pay cash for it.

It's the bank's house until it's paid for, and then it's subject to seizure by the local government if you fail to pay your property taxes or if they feel it's in the public interest to build a Wal-Mart on your land. How's that for a sunny outlook?

 

as of about 6 months ago Im credit card debt free now to pay off the current truck and then save for a new one. Still debating buying new vs. buying one that was sold back to the dealers with a few thousand miles on it and still warranted vs. buying a dealer lease buyback. I still have a year or 2 to figure that all out. My only thing is that with new ones you lose a few grand as soon as you drive it off the lot but you know its not been messed with or taken care of wrong. Im thinking a better deal will be to buy one of those ones that are returned within a few months after the previous customer buys and gets loan payments too far over their heads and are forced to sell it

 

very true. The vehicles that actually stay or raise in value are about slim to none but there are a few out there.

 

that's ANY credit card now-a-days.......

 

I learned the hard way.. when I was younger I had a pretty good job and they were sending me credit cards by the handful in the mail.. Wow did those things add up quick.. and making minimum payments they never went down!!! Took a long time and a lot of help from the parents to get out from them. (part of the deal was to cut them all up)..

Fast forward 20 years.. Look back and thank Mom and dad every time I look at whee I am now.. (Youngins listen to your parents!!).. Own 1 house outright and only owe 35K on the 2nd one with a positive income from it..

For 20 years a either fixed my old trucks or bought used ones to get me by.. All cash.. I still didn't like financing the CTD I have now but with rental properties I needed to keep some cash flow.... The credit cards I have hate me.. Use them all month and pay them off at the end of the month.. NO INTEREST that way...

I look at a lot of the new hires at work.. They come in as assistants making 24-28 per hour.. soon you see them all driving new flashy cars.. I try and tell them but they all say they have plenty of time to buy a house.. If they only Knew....

So my advise, save your money, buy some property and let it work for you.. Then use that money to buy something a little nicer for yourself and more property.. Make your own retirement fund.

Gerry

P.S. I am not in one of those high paying jobs.. Just a solid middle class job. I still have a shovel in my hand every day..

 

That's a big X2!

don't get me going on the eminent domain thing, it will not be pretty.