Should I get a loan or save up?

[devon527]

Lets start off and I'll say I am very impatient. LOL. I have been wanting another truck after my dad traded mine and his in for another truck (Without telling me). I have about $1500 saved up and I found a couple trucks I love. They are both about 9-10,000. Should I jsut keep saving up and waiting... or just get a loan?

I want a 99-04 Ford Powerstroke Diesel 6-speed straight cab. One of the trucks has a rebuilt title so I doubt the bank will give me a loan on it.

Oh and I make about 1,800 a month, so it would take over a year to get a truck with cash, I jsut got my new job. What are your thoughts guys? I have no credit and Im 18

[Grey Vw]

Don't finance toys.

[wybnrml]

I would personally pay cash. You can get better deals and you don't have payments! But depending on where you get your loan, like through a bank, they have certain criterias for the type of car they will loan money on. For example, the car can't be older than 5 years and have over 75,000 miles, but I'm sure it varies from the place you get a loan from. I would go down and talk to the bank you deal with and ask them.

[link5186]

Don't finance toys.

x2 It'll be a losing deal. You'll end up paying a whole lot more after interest and insurance. Save up, pay cash. You'll thank yourself later for it.

[1988festivazoom]

im 22 and still have no credit, i will NEVER buy a car or truck on borrowed money, if u loose your job or something comes up and u miss a fiew payments.... its no longer your truck and all the money u have thrown at it is gone! buy it with cash! if u pay cash then u have no debt, and having no debt is a good feeling! if anything try to borrow some money from your grandparents and just set up a payment plan with them. if u miss a payment or are late im pretty sure they will understand unlike a loan place will.

[skimsucka]

dont buy dumb exspensive car get what you can pay for with cash money

[thered56]

I'm impressed with the advice I've seen here. You've been well advised. I'm currently saving up the funds for my next Festi.

[BigWheel]

Be patient andpay cash. It is far less expensive.

[Charlie1717]

Are you in college? You can get a Student credit card. I have one and it's pretty awesome. It's purely for building credit. You can spend up to $250 @ 0% interest. I've been buying my gas with it for the past 3 years and have a pretty decent credit score and an awesome one for my age (21). That's an option for building credit.

Plus with getting a loan... you just don't know what could happen in the future for you. I hope nothing bad! But you just never know. If something happened to your job or something you know? Just not worth it right now.

[1988festivazoom]

Are you in college? You can get a Student credit card. I have one and it's pretty awesome. It's purely for building credit. You can spend up to $250 @ 0% interest. I've been buying my gas with it for the past 3 years and have a pretty decent credit score and an awesome one for my age (21). That's an option for building credit.

Plus with getting a loan... you just don't know what could happen in the future for you. I hope nothing bad! But you just never know. If something happened to your job or something you know? Just not worth it right now.

this is part of the problem and partly why decent hard working peole cannot get a credit card. (im not saying charlie1717 is not resopnsible) they will give any college student a credit card wtf is with that? they are in college and problay have a part time job at best, if any job, and they give a credit card to them! i have had the same job for 3 yrs and have always had a job since i was 16 yrs old, i make 35,000$ a yr and have no debt, i cannot get a gas card, credit card or even a target card! i just find it pretty hypocritical of the credit card companies.

sorry for the rant lol but pay for it outright and have the good feeling of it being YOURS.

[Damkid]

When i bought my Nissan 300ZX, i got a loan, then i got a second loan to buy my red festiva, lets say i have been suffering trying to keep up financially ever since because all my money goes to loan payments, and this also means my money doesn't get to go to buying new parts for my red festiva

thankfully the larger of the two loans will be done this June (Thank God) and i don't ever plan on getting another loan again

So my advice is, save up the cash, that way you won't be paying like crazy into loans and you'll be able to afford the maintainence (<-SP?) and any upgrade parts you desire

[perucho]

What's the problem with a loan? Building up a good credit history is a must! Charlie's advice on getting a student credit card to build up a credit history is excellent. Just make sure you can pay it!
Funny that most of the advice is to save up until you have the full amount. I guess they will save the same way to buy a house
Don't take this as an insult, but with your income and no credit, I doubt that you would get a loan. Save up a bit more so that you can at least put a big down payment and have low monthly payments.

[Damkid]

I do agree good credit is a must for the things that you can't save for (ie. house) but a loan takes away from the "day-to-day" spending money which is what i was getting at

[Charlie1717]

What's the problem with a loan? Building up a good credit history is a must! Charlie's advice on getting a student credit card to build up a credit history is excellent. Just make sure you can pay it!
Funny that most of the advice is to save up until you have the full amount. I guess they will save the same way to buy a house
Don't take this as an insult, but with your income and no credit, I doubt that you would get a loan. Save up a bit more so that you can at least put a big down payment and have low monthly payments.

I think that's your best advice there^^ If you really want to do it. Plus by the time you have the money for a larger down payment you will have a better idea of what you will be making and how solid your job is. And probably get better rates.

I do agree with you though that them giving all these college kids credit cards is just awful. Most the people I know are just dumb and spend all this money they don't have. Or have parents who give them everything. But if you are a student then I'd highly recommend the student card. Fortunately with the one I have... There are qualifications. You must be a student. And you have to have "good" grades. Then as long as I have under 250 on it it cost me 15 bucks a month at 0% interest. Can't beat that! Plus I only buy gas and never spend more than I have.

[thered56]

Building up a good credit history is a must!

It's relative. Personally, I don't plan to ever buy a house or new vehicle, nor do I desire to. For me personally, I don't feel it is a must. I'm not saying that building credit isn't wise either though.