So, I finally decided I wanted to get a personal vehicle. Something nice, something new, something to be proud of after working my ass off these last two years in this job.
Now, it's not that I need a vehicle, I have a relatively nice, unmarked company truck that is mine to do with as I please, but should that ever go south, I have nothing. And I don't really spend a lot of money anyway. So I adopted a "Merry Christmas to Me" attitude and set about getting a new truck in my own name.
Now here's the catch 22: I have no credit, so no financial institution will loan me money or lease me a vehicle. But you can't get a credit without securing loans/ amounts payable, right? WHAT THE FUCK?
I just spent two hours at the Jeep/Chrysler/Dodge dealer talking about Durangos and Cherokees. The end result: I qualify for a loan, but not a lease, and my APR is 18%.
How fucked up is that? Is there any secrets I should know? Or am I really this fucked?
YOu mean you didn't open a few credit cards (sears, discover, visa, etc) when you were 18, etc ? EVERY kid does that..... I would suggest getting some credit cards. Buy a few things, pay them off (but not too early).. One little trick ( I'm sure there a bunch) I use is keep SOMETHING, ANYTHING on credit..
Good Luck and be patient..
You may want to find a parent, friend, etc who will cosign for you. Or keep an eye out in paper for those ads that say , Good Credit, bad Credit, No credit.. OK.. Just be prepared to pay for it in the fine print..
G
I have a credit card, but I never use the damn thing.
I would like to have my own personal vehicle. What happens if I quit the job or something like that?
Well how the hell do you think they calculate your credit score??? It's a score based on your ability to repay your debts.
If you want your own personal car save up a couple grand and set it aside. If your job situation changes by then you should have a couple grand in the bank for a downpayment and some credit earned if you start using the damn card. The more you put down the less your monthly or term will be and therefore less interest. Only put the minimum down if your interest on the loan is less than what you earn if your money was in your bank account. Given that you have zero credit this is unlikely to happen.
I really see no point in having 2 cars right now if you have one provided by work. Why throw money away on insurance if you don't have to??? If I could drive something for free I would be banking that $500-$700/month saved on a car payment/interest and insurance savings and putting it into a car account for when I really needed one or putting it towards a downpayment on a house.
Have you priced insurance on a new vehicle vs. one that is 2-3 years old? For something as generic as a truck buy used and save on insurance and depreciation.
Didn't your parents teach you a damn thing about money???
Credit is a weird thing. You have to pay to play. If you don't have a co-signer, you just have to suck it up and pay the 18% for a while. Either that, or go buy a Ford. Ford Motor Credit will finance ANYONE!! A guy I knew in college fucked his credit up, so he MADE UP a social security number and leased a car through Ford!
I'm with Craig. 2 trucks probably are not that necessary. Start making those "payments" to savings now and later when you need the money, it will be there. Also a good idea to use the credit card, ONE credit card. Pay it off every month and it does not cost you anything but helps your credit score and teaches you a little fiscal responsibility. The one month float between cash and credit will likely be a free month's "payment" to your savings to boot.
And the wisest advice, buy a house. The right house, not just a house for the sake of buying a house. Short term, buying a house "right" can be very lucrative and responsible. Long term it really doesn't matter what you pay but at 22 you will ideally be moving up the ladder. Factor in the total cost with things like taxes, maintenance, repairs, tax savings, etc.
Is there any secrets I should know? Or am I really this fucked?
Actualy, being a complete "ghost" can be to your advantage right now. In the mortgage biz, we would take your job history, bill payments, rent payments, cable tv, cell/telephone bills, anything you make payments on sorta stuff, and send those into the big three. Viola... you come back as an average 620 credit score.
Actualy, being a complete "ghost" can be to your advantage right now. In the mortgage biz, we would take your job history, bill payments, rent payments, cable tv, cell/telephone bills, anything you make payments on sorta stuff, and send those into the big three. Viola... you come back as an average 620 credit score.
Simple.
Corestar can do a 590 Stated wage earner (VOE only) in that scenario. Let me know if you need their contact info.
Actualy, being a complete "ghost" can be to your advantage right now. In the mortgage biz, we would take your job history, bill payments, rent payments, cable tv, cell/telephone bills, anything you make payments on sorta stuff, and send those into the big three. Viola... you come back as an average 620 credit score.
Simple.
620? Is'nt considered crap credit? You want to be at least in the low to mid 700's. With high 700's, you can borrow when you want, how you want.
I've had a credit card since I was 18.
