Financing wheels/tires
06-20-2013, 07:39 PM
#31
Senior Member
06-20-2013, 07:39 PM
#32
A mortgage is way different than financing mods, and even the vehicle. While you should save and pay cash for a house, it's just not going to happen for a lot of people, including me. I have a mortgage, but never plan on financing anything else. I'm 25, so I'm the same age as you guys. I tried financing a car once, but couldn't stand it and paid it off the next month. Saving money can be done at a young age (I know!), it just takes a lot of discipline. You may see your friends/other people driving around with nice things, to add to the temptation, but you'll be a lot better off in the long run if you save your money and pay cash for everything.
06-20-2013, 08:46 PM
#33
I don't see a problem with it either. With the logic above about buying it out right or you can't afford it. I am sure more then half of us wouldn't have our trucks myself included only had 8 grand down and have a 13k loan which I pay double on every month gives me awesome credit at the age of 20. I got a crappy credit card for awhile and had a light line of credit and was approved for my own loan. I heard about financing window tint thats pushing it. But 3 grand in wheels is a different story. I don't know of any place around here but I would consider doing it myself if there was. Whats the difference of financing something interest free or even a small amount versus storing it away every pay check. It's the same thing it all goes to the same place at some point. sorry for the rant 
Even high end manufactures of cars consider that their clientele annual family income will be 5 TIMES as much as the car is worth.
I completely disagree with the statement that if you have to finance something you can't afford it. If that were the case I couldn't afford very much, my home included. I put my wheels on a CC that offered me 0% for 16 months. Do I have the money to pay it off, of course, but I'd rather use someone else's money for free rather than my own.
So if you need to finance a truck or any other vehicle, you cant afford it?
can I not afford my ranch because I have to make monthly payments on it? your logic is misguided to say the least. Financing is a financial tool, and those who are smart and responsible can use it to get the things they want for little or no cost to them. It doesn't matter if its a set of wheels or the whole damn truck
can I not afford my ranch because I have to make monthly payments on it? your logic is misguided to say the least. Financing is a financial tool, and those who are smart and responsible can use it to get the things they want for little or no cost to them. It doesn't matter if its a set of wheels or the whole damn truck
Investopedia explains 'Financing'
There is a large variety of financing techniques that businesses and consumers can use to receive financing; these techniques range from IPOs to bank loans. The use of financing is vital in any economic system as it allows consumers to purchase products out of their immediate reach, like houses, and businesses to finance large investment projects.
There is a large variety of financing techniques that businesses and consumers can use to receive financing; these techniques range from IPOs to bank loans. The use of financing is vital in any economic system as it allows consumers to purchase products out of their immediate reach, like houses, and businesses to finance large investment projects.
Also with a home loan. Make sure that by the end of your loan you didn't pay out so much interest and subsequently in that time property tax and maintenance to the home that at the end you have more money in the house then its worth. If that is the case you where better off renting.
06-20-2013, 09:52 PM
#34
A mortgage is way different than financing mods, and even the vehicle. While you should save and pay cash for a house, it's just not going to happen for a lot of people, including me. I have a mortgage, but never plan on financing anything else. I'm 25, so I'm the same age as you guys. I tried financing a car once, but couldn't stand it and paid it off the next month. Saving money can be done at a young age (I know!), it just takes a lot of discipline. You may see your friends/other people driving around with nice things, to add to the temptation, but you'll be a lot better off in the long run if you save your money and pay cash for everything.
06-21-2013, 12:15 AM
#35
Yes there is something wrong about financing wheels at the age of 20. Tires I understand, no point risking a crash, but why do you need wheels.
You don't need debt to have a good credit rating, you just need a credit card and to regularly spend and pay the full sum every month.
It's quite simple if you can't outright buy something and you need to finance it that means YOU CAN'T AFFORD IT.
You don't need debt to have a good credit rating, you just need a credit card and to regularly spend and pay the full sum every month.
It's quite simple if you can't outright buy something and you need to finance it that means YOU CAN'T AFFORD IT.
I however feel rims and tires are not a good item to finance simply because it is one of those things which heavily depreciates once its bolted onto a car. So alot of future money you will be donking out is gone off the bat.
Loans on other items that are 2-5k dollars heavily work in your favor especially if your young in your credit history. Credit bureau's look for three main things when they give you a score.Time of credit history how long you have had loans or used credit cards. Credit to debt ratio, amount of money you can potentially borrow to how much you have actually borrowed you want to keep this under 25-30%. Finally do you carry any decent size or large loans say like a car lease of financed car and or mortgage. Those three elements play heavily into your score there are other little things that play in a few points here and there.
06-21-2013, 02:15 AM
#37
Blah, blah, blah. The OP asked about locations that finance tires/wheels in his locale. NOT how you did or didn't build your credit.
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cptbimes (06-21-2013)
06-21-2013, 05:32 PM
#38
Financing is a tool for the bank to earn money as people will usually pay out 70%-120% of the initial loan value. Thats the problem with it. Unless you are doing 0% financing you are the one that will loose at the end. Because if you just saved up in the beginning you could have gotten almost twice the car.
Financing is also a way for 99% of small business to create and sell their product. and more importantly it is also a way for them to pay the wages of all their employees. it is just not a tool for banks to make money. without financing we would all be jobless...
Financing is also a way for 99% of small business to create and sell their product. and more importantly it is also a way for them to pay the wages of all their employees. it is just not a tool for banks to make money. without financing we would all be jobless...