loans

[woodsracer144]

ok so should i or should i not pull a loan, i just got done with high school. i dont get to ride quads as much at the moment but i like to try and keep up and work on them. I wanted to pull a loan and start a creit and i've been trying to be really smart. as of right now at most i drive 1500 miles a month and with the truck i would get it would be roughly 200 bucks a month to drive it. then i think insurance would be about 300 every six months and that is 50 buck a month broke down. so then with my payments anywhere from 126 a month to 87 a month my monthly expence would run from 396 to 283 i thought i would be to the point of asking a loan officer about applying for a loan for a private owner and what the differance would be from getting one form a dealer (car or truck that is) and we talked that over i applied and i could get a max of 2000 with a cosigner because the what the truck i want is.

the truck is a 86 F350 Crew cab long box with the 5.9 V12 cummins in it, my cousin did the swap and he is like one of 5 fords master mechanics so i trust his work. he wants 4500 for the truck and its a rust free truck and i think its worth every penny of that 4500.

if i would get the truck i would have the 4500 cash in hand i just want to get a loan do build my self some creit. so would you go through with the 2000 dollar loan for a 48 month term or just pay it out right and be done? i can handle the payments for the truck i have the money i just took it as a insault of only gettin 2000 dollars max with a cosigner.

[CJM]

Your not gonna get an autoloan for that truck, at least what your cousin wants are you already found out. Its way to old and they wont do it more than likely.

Maybe a personal loan, but you dont have any collateral to back it up.

I say frig the loan, its pointless. Wait till you have a better stable job and take a loan out for something else you may want.

[ZeroLogic]

I hope it wouldn't take you two years to play off a 2k loan.:p

Pay it in cash, CJM is right. I'd save your money and just buy a newer truck. Its old and it will have problem.

[woodsracer144]

i just drove it 350 miles one way to get a honda civic dynoed. its got a 5.9 cummins in it and runs like a champ, i wouldnt be supprized if this motor has 500K on it. the guy keeps up on stuff and his dad and brother have about 3 or 4 of these 80's cummins swaps trucks. the truck came from Ca im in WI, he got it with out a motor in it and put the cummins in it. I would not be affraid to tow thi biggest inclosed goose neck a guy could find all the way to TX or Ca with this truck its a great truck. like I said I'm getting it in a sence to replace my quads cause no one really rides anymore.. the only work it has left is some interior work and a paint job. and when or if I get /paint it I want it to be the dark blue that big foot is. and make it look kind of like #3.

it wouldnt take me 2 years to pay it off but they say that in order to have a good score off something like this you need to go for about 2 years.

[CJM]

Then dont even bother with the loan man, totally pointless.

[woodsracer144]

Originally posted by CJM
Then dont even bother with the loan man, totally pointless.

ok so what else could i use to build my self up a little?

[ryansblaster]

get a gas card and pay it off every month

[SRH]

dont get a loan , get a job , save and buy it, money you get in a loan is overhead for your life, not to mention you dont appreciate it, when you work hard for it and you got the 4500 cash in hand or however much youll make better decisions, dont get a loan invest in a learning expirience for your future and get the cash first vehicle later

[CJM]

Gas card, credit card and purchase gas on that, etc.

Im 25 and went to apply for a car loan, I have SUPER excellent credit and work a reliable job. I had to have my mom cosign for me, my mom FFS. All b/c they dont want to hand out loans PERIOD cause so many defaulted on the loans they handed out to ppl who made like 5k a year and bought a 40k vehicle.

I decided to forgo a loan and buy an older vehicle I had the cash for. I rather spend 5k total fixing and buying than spend 12k on a 10k auto loan.

[406Z26]

You have to figure in the current state of the economy. Interest rates are sky high and only getting worse. Then to get a good chunk (buying my house) you need 780 or better. Its just not worth it with the way thing are nowadays. I have had a job for 16 years straight and look now, been in layoff for the last year with no sign of a job in my trade. Its just better to pay cash when you have it and dont buy when you dont.

[buck440]

i just got a $4000 loan to fix my bike up and interest is like $500:eek2: but i got three years to pay it lol but i should have it paid off by the end of the year. you without a doubt NEED a steady job before considering a loan. add up the cost of gass, insurance, loan payments, ect and add how much a month you make and subtract the amount you need like mentioned and your left with some spending cash. if you think you are happy whats left and you got a steady job go for it.

[rollie]

i just drove it 350 miles one way to get a honda civic dynoed. its got a 5.9 cummins in it and runs like a champ

did i read that right? lol you have a civic with a cummins in it?

[ryansblaster]

Originally posted by rollie
did i read that right? lol you have a civic with a cummins in it?

he hauled a civic to get dynoed and the truck has a cummins lol:blah: