Thoughts on financing a used truck? I'm thinking around ~15-20k. I own my own home and have around 3k on my credit cards. I just graduated college with no debt. I worry about getting that much debt but at least I know its secured.
Any tips or good guides? I don't want to make a huge mistake
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Save up and buy it outright. Vehicle vendor finance options are a fucking scam.
>financing a truck
go buy a 1990s or earlier full-size for 3-5k
>not wanting to make a huge mistake
>owning a truck
Unless you have a nice motorcycle or another car having a truck sucks except for the times you go off road or need to haul something. A capable SUV, like an Range Rover Evoque. By Range Rover an American one, is a better choice.
But in all seriousness think how dumb a truck is to own all year. It's fun in winter but in sun seasons you drive this Dime a Doesn't amerrrrican gas chugging machine and have this stupid looking empty bed following you around.
Anyways wut I'm saying is get a car that's fun to drive and a beater pickup
Well I'd finance with my bank, I've got good credit.
All my money is in assets and I currently don't have a vehicle
Yeah I've got bikes I want to track
Sorry I had a stroke while typing this on my Apple iPhone by Apple plz don't hack me
Lol this website is so random
How do I tweethash my insta snap?
Gotcha. Even still, I would recommend getting a cheap shitbox and saving up and buying outright. You indicated you don't have any debt, you should do you best to keep it that way.
>huge mistake to buy a truck
>buy a 40k range rover instead
is joke funny ja?
you have money for a down payment?
Or he could buy a 10 year old truck that happens to have low miles and not get fucked by "military grade" memes.
I was gonna buy used brah, probably 5-10 years old
Nope, I spent my last bit of cash paying off what little tuition I owed
>has no money for a down payment
>has no money for payments
>thinks his credit will cover him
Your credit won't help you here m8.
I start my job in a few weeks and wouldn't be buying for another few weeks anyways
Financing with your bank is definitely the best idea if you're going to go that route, but you should think about whether you will have a use for the bed of the truck on a weekly, monthly, or yearly basis.
Its nice to have a truck bed when you need it but if it's only once every few months that you use it, a car may be a better choice. You'll appreciate the fuel economy and the ability to have extra passengers WAY more often than having the cargo space of a truck.
If you still want a truck, try to avoid the dealerships if possible. Don't get emotionally attached to any vehicle you view, because you must be prepared to walk away if you don't get the deal you want. Research what the vehicle you're looking at, what issues are common, and decide what price you want, and if you don't get close enough to that price, walk.
Also ensure that you have a schedule for INDEPENDENT inspection of any used vehicle you're looking at. If it's a dealership, they often have a few nearby shops that will be in bed with them and not accurately report problems with the vehicle - try to find a mechanic's shop a distance away from the dealer, ideally one that specializes in that kind of vehicle if it's not domestic.
TL;DR make sure a truck is the right choice, do your research, get it inspected, bank financing is good but try to put as big a down payment as possible to minimize the interest you pay
just save your money and buy the first truck off cl you can afford. you'll get fucked by a BHPH and most other stealerships won't give you a good (or even mediocre) rate if you don't have at least ~20% of the total price as a down payment.
Ok that's doable, I can save up 3k in a few months
Gonna have to continue riding my bike, but it's doable
nigger, you already own your own house, shit, get a brand new 70k truck
If you think things are that simple just because someone owns a home then you probably don't own one yourself. You still pay property taxes and bills, life isn't suddenly free.
Pay off the credit card first. Why are you even carrying a balance?
So he has a credit score you dumb fuck
He said he got a free house without a mortgage, and has no student loans. Assets don't give you a credit score.
OP buy a newer truck. You'll just hate this one, and end up trading for a newer one at a loss.
Veeky Forums loves to claim the only car anyone anywhere should ever buy is a shitbox on craigslist and only pay in cash
in reality a loan from a local credit union/bank with a moderate down payment is probably the best route for most people living above the poverty line and have decent credit
OP, go get pre-approved from somewhere local that has decent rates
credit unions are your best bet in my opinion
you don't have to carry a balance to have a credit score
He's fresh out of college without debt, has a gifted / freehold lien house, and apparently more assets under his name.
If he didn't have a credit card balance, he wouldn't have a credit score. He doesn't have to have a balance now, but if he didn't have a balance payment history, he wouldn't have a good credit score.
This is such an odd humblebrag thread.
>If he didn't have a credit card balance, he wouldn't have a credit score.
this is untrue
please do more research on how credit scores work
I think he should buy a more expensive truck . $15-20k is going to be full of age and wear issues unless it's a cuck truck.
Imo assuming he is making $60k+ in his new job, and does indeed have zero mortgage expenses, student debt etc, he should be looking at owning something newer, nicer, and for longer term. Put down like $10k on a 2 year old tundra or F250 and go from there. Payments would run about $500 and not impact his lifestyle unless he is either a miser, cokehead, or suddenly gets married and sprouts kids
This is true. The only thing on my cards is the last semester of tuition that I didn't have covered in some other manner
>(you)
t. Banking exec. What obligors are reporting to the credit agencies if he has no student loans, mortgage, or other debt? He built whatever credit he had with small amounts of consumer credit over the years he was in college.
ok mr executive
CARRYING A BALANCE ON A CREDIT CARD IS ONLY NEGATIVE
here, I'll do some spoon feeding
en.wikipedia.org
now I know that picture has something labeled "capacity used" but lets not get confused here
the higher amount of used capacity, the lower the credit score
this is also used to determine how much monthly debt you can carry by loan officers when you apply for a loan(debt to income ratio must be under a certain %)
any other questions?
And that payment on debt is how the score was assigned...
Shoulda asked on Veeky Forums. Veeky Forums doesn't know anything about money.
Best way to do it is start an account with a credit union and have them finance it. My CU currently charges like 3.75% for used newer model year vehicles. That's not bad at all, it's about 1.75% once you account for inflation. You generally don't need to put money down.
Get a 4 or 5 year loan and make sure you can afford the payments. You'll also need full coverage insurance, required by the lender.
I'll even attach that oh-so-helpful picture
so to recap, credit score is positively effected by;
not being late on payments
having a large amount available on revolving credit and not using it
having cards open for a long time/having old loans
having different types of loans
not fucking around and applying for 50 mortgages and credit cards all at once
You're right, he's not, move on.
Too bad companies can report you for missing payments and you have no chance to defend yourself.
His prior consumer credit history is his only credit history, and it is limited.
If he didn't have that, he wouldn't have had a credit score. (Because he stated he had no mortgage or student loans or other debt).
If you were following along, the original statement that he would have no credit score if he didn't have the card, remains 100% accurate. Wtf are you autists trying to sperg out over this for?
I never brought up debt limit utilization or capacity. You guys are completely over complicating this.
Under what condition would you defend yourself against a missed payment that you missed? The bank and reporting agency only care about history, not excuses
Except you don't get to build a score until you create a history paying on a consumer line of credit.....
You guys are missing the part about this kid having a free house, no student loans, no debt, and assets....except that small line of consumer credit / revolving credit that he should be able to pay off at any time if he has no other debts and assets as he claims.
If he didn't have that, then he wouldn't have a credit history (FICA score)
Don't even need a down payment? That'd be nice so I could have something before my job starts and then refinance in 6 months