i have no credit, but i want a loan

[blackhawkimpact]

Credit cards don't really help you on your credit. They help you increase your credit limit for that specific store if you pay your monthly payments on time, but that's it. You'll see little to no increase on your credit because credit cards really only go through the credit bureau when you don't pay your bills. If you want to increase your credit get a loan form your bank, a credit card, that will help you a lot.

I've had 5 store credit cards for 2-3 years, and my monthly payments were on time if not early, always. No change on my credit. I got the a $300 credit card laon from my bank and boom credit goes up. Only had the card for two months too.

[J3M93]

if you have to take a loan, you cant afford the car

[Charlie]

if you have to take a loan, you cant afford the car

Yes, because dropping 10k liquid vs the 1.9~2.9% used car loan rates they currently offer makes *tons* of fiscal sense.

-Charlie

[dannyyisntt]

Don't do it bro. When I was in high school, I was making a lot of money. More than a few of my friends parents. I also had no credit and wanted a new car, but couldn't get a loan even with a large downpayment, so I waited.

Well I'm 21 now and my hours at that well paying job got cut to nothing since last April. Meaning I wouldn't have been able to afford the car payment I'd still be making now and continue to be able to go to college.

Life is rough and your young, too young to strap yourself to a 10-20k burden. You'll have plenty of time for nicer things later on in life, once your established in a career.

[devon.818]

Don't do it bro. When I was in high school, I was making a lot of money. More than a few of my friends parents. I also had no credit and wanted a new car, but couldn't get a loan even with a large downpayment, so I waited.

Well I'm 21 now and my hours at that well paying job got cut to nothing since last April. Meaning I wouldn't have been able to afford the car payment I'd still be making now and continue to be able to go to college.

Life is rough and your young, too young to strap yourself to a 10-20k burden. You'll have plenty of time for nicer things later on in life, once your established in a career.

its cool guys lol
gonna get a cc through my bank this week and build credit, decided i dont need the car i wanted and am selling my e30 to get another e30 with whatever money i make off mine.

starting classes soon so yeah, will prolly take a cut in pay since i wont make as much overtime.

[J308]

Good call man. You'll appreciate not being tied to that payment.

[devon.818]

Good call man. You'll appreciate not being tied to that payment.

means more hookers and cocaine for me :)

[redsubdivisions]

Having new things is nice, but having something that is outright yours is even nicer. I almost sold my E30 and E34 just to get an E90. Glad I didn't because with my daughter being recently born, I am making ends meet until my woman goes back to work. Basically...if you can't afford it on a cash basis, you can't afford it at all. True story.

[rlddlr53]

Get a car title loan on the car you currently have. Pay it back over 3-5 months. Then it will show you had a car loan on your credit history ----> then you can get the car loan for the more expensive car

[devon.818]

Get a car title loan on the car you currently have. Pay it back over 3-5 months. Then it will show you had a car loan on your credit history ----> then you can get the car loan for the more expensive car

wait, wouldn't i just being paying on interest then for no reason?

[dannyyisntt]

wait, wouldn't i just being paying on interest then for no reason?

The reason would be credit building.

[eoddom]

My credit score is a 530 and with 4K down i still managed to finance a 17K car. If I can do it anyone. My girl has fairly new credit history (only around a year) and we got approved for a brand new 370Z with only 2500 down.

also what helped is I put her on the loan for my M3...thats what started her history. Since then we've added 1K in credit cards that get paid off monthly. Key to building credit is to have revolving credit and a loan or two....and to keep your debt to credit ratio under 15%. Hence if you have 1000 worth of credit cards....make sure you never have more then 150 dollars used on them by the time the next billing cycle starts (aka pay them completely off every month)

[J308]

Yes, because dropping 10k liquid vs the 1.9~2.9% used car loan rates they currently offer makes *tons* of fiscal sense.

-Charlie

fuck this thread. Your sig pic is made of win! Where was that taken?

[evoDRichie]

steal what u want to survive

[mrsleeve]

Just remember payments on stuff sucks