I already said that. There are multiple reasons that I want it. I could see if I made half of what I'm making and owed money to everyone. I have paid everyone off and most of the negatives on my credit report will be off in about 2 weeks so that should help my score also. I called a finance company today and told my entire situation and not did she say I could get the loan but I could get a single digit interest rate. Y'all are judging me off of being a 20-22 year old kid who grew up poor and started making decent money and bought a lot of things and then got laid off. I couldn't find a job paying well enough to pay my bills back then and wrecked my credit. Now I have 7 years experience and a good name so a job won't be an issue anymore. I have been on time with everything the last 4+ years and make more than twice what I was making then.

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Posted by Will Cover

St. Louis, MO

Member since Mar 2007

38705 posts

Posted on 2/26/14 at 10:29 pm to DanielTosh

quote:
Y'all are judging me off of being a 20-22 year old kid

I was once your age and wished somebody would have given me the advice that I am trying to give to you.

Contrary to what I have posted and how you have interpreted it, I'm happy that you can "afford" this vehicle. But what happens, god forbid, if you suffer a life changing event that takes away your ability to earn an income? What happens if your company decides to close up shop one day, without you having a clue that this was about to happen?

Instead of financing a vehicle for $30 to $35K, why don't you take that money that you have to pay cash and buy a used 3 to 4 year old vehicle and start paying yourself back in the amount of $30 - $35K over next 60 months?

What would you rather? A truck that you'll want to get rid of in 5 years that will be worth less than 1/2 of what you paid for it, because you're 22 and your style and perhaps relationship (family - think house, life insurance, child's needs, etc.) situation will change or at a minimum $35K in investments that are working for you? What do you think will offer more security to your spouse? A 5 year old + truck or a fully funded emergency fund?

This post was edited on 2/26/14 at 10:34 pm

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