Getting a loan for a Lift and Tires?

[Vortec Lover]

This thread is still going? C'mon guys

 

[ShadowRejects]

This thread is still going? C'mon guys

X2....

 

[Tony_SS]

Look at it this way... What would the loan cost? What would the interest rate be? If it isn't high, use half cash, and half loan and it will build up your credit.

Loans are only bad when interest is high. You're only 16, you need to build up your credit, and doing short term loans are a way to do that. Or use a credit card with LOW interest and pay it off asap. It's not the end of the world here if you borrow money. The key is how its done and that you pay it off. Use credit to your advantage.

But if it were me, I'd so SAS!!

 

[Vortec Lover]

Look at it this way... What would the loan cost? What would the interest rate be? If it isn't high, use half cash, and half loan and it will build up your credit.

Loans are only bad when interest is high. You're only 16, you need to build up your credit, and doing short term loans are a way to do that. Or use a credit card with LOW interest and pay it off asap. It's not the end of the world here if you borrow money. The key is how its done and that you pay it off. Use credit to your advantage.

But if it were me, I'd so SAS!!

He lies! (partly) It's an icy slope...

nothing like the credit card companies dangling the caramel apple over the bottomless pit. Because you'll think "worked last time" and eventually you'll be biting off more than you can chew- and its not until you've got it in your mouth that you figure it out

loans are last resorts

 

[Horns]

Credit cards can't improve your credit, they can only hurt it.

-Via Mobile-

 

[TUCSONDUDE]

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SORRY NOT HELPING BUT... bad credit is somehow better than no credit.

Should get a cosigned exxon credit card, and stop doing doughnuts on peoples lawns.

I think he would able to not totally F himself and parents financially with one of those.


(PS possible free gift if you know my reference in the second line of text)

Also if you keep on cutting panels, painting stuff etc it will take forever to save up for a lift. And protip those sodas from vendingmachines/snackbars add up real quick.

 

[frito-bandito]

Damn, just say "no, its a bad idea" and let it go

 

[RHamill]

Good luck getting any loan at all at 16, I still cant get them and I'm 20. The only credit I have now is through Matco Tools and my limit is 15k and my interest is 23%.

I lied my ass off on my discount tire credit app and still got denied.

And I have a full time job as a Technician on flat rate with 3 years experience.

 

[Darkrider]

I haven't read all the replies, but I'll chime in anywho... Do not buy something unless you can pay for it in cash. Exceptions for when you are a bit older... a home mortgage and maybe an auto loan. When I was in high school/college, I had a full time job but I also did handy work, yard work, etc. to buy stuff for my truck. If you need something done ASAP to your vehicle for the sake of safety and being street legal, see if a family member will match you dollor for dollar on what you need done and in return you'll be responsible for paying back the deed whether monetarily or with a little sweat equity...

This is probably the best advice i have heard in here so far! I agree don't get a loan for something like a lift or bigger tires which are "Wants" not "Needs". As for your tire situation go to your local junkyard..chances are pretty good that they may have some usable used tires there. Or hunt on craigslist. Members on here have had pretty good luck finding used tires on there.
I have been where you are now and had a credit card at 18. I thought hey this is awesome...had a job delivering pizza to cover the bills and what not...Yea bad idea getting the card that young..had another one at 24...had the bottom fall out on me again with getting fired from the job i was working as a tech. That one seriously messed me up for awhile. Im 29 now and im just now starting to repair the damage done with buying my Trailblazer...right now im at an extremely high interest rate on it and prob will be for the next few years till i can start making larger payments on the truck. I got a 6 year loan and plan on having it paid off in 4 if at all possible. If you have seen some of my posts you will prob not see how i plan on doing that but part of it will be investing in a plow or a plow truck to make some extra cash in the winter alongside the income i make from doing the security work i do now.

 

[Tony_SS]

He lies! (partly) It's an icy slope...

nothing like the credit card companies dangling the caramel apple over the bottomless pit. Because you'll think "worked last time" and eventually you'll be biting off more than you can chew- and its not until you've got it in your mouth that you figure it out

loans are last resorts

I'm 38.. I've been in and (now) out of debt ... I know how the system works. Whether its fair or not, most everything is based on your credit rating. Your insurance, etc. If it wasnt for my good credit, I would not be able to get LOW rates on my mortgage, car insurance and any used car loan I want, only 1.9% now. That is like free money, and its better to keep mine liquid and play with the banks money for 1.9% on a used car loan for example.

Credit cards are not the devil - its the guy who cant control his spending and manage his money. Credit is just a tool...use it wrong and you'll hurt yourself.. use it right and it works to your advantage.

Lots of kids need to start out with a $250-500 credit card from their bank and just keep it open or a very low balance. That builds up your score. Just dont be stupid and get in over your head with it.