What is your monthly payment? Please read.

Don't buy 3rd Gen overpriced pieces of shit. Get a second gen DC with a stick shift for a fairly new one under 50k you can find them for 25k put 5k down and you'll have like 400 bux a month payments

 

I replied just that a few months ago car shopping with my dad. Salesman was not amused.

 

Your first mistake was dealing with salesmen.

 

This is my reply for anytime people ask me that, blank face reaction and a "wtf do I say to that?" look almost every time.

 

This right here is why I am advising that you not finance a vehicle yet. Make sure you're going to stick around - probation, layoffs happen. Save what you think you could afford payment wise for a year or so.

Once you're settled in the job commit to a payment no more than 25% of your take-home pay. That way if you get fired and end up flipping burgers, you probably won't have to give up the truck.

Being young the most important thing is to establish your credit and KEEP YOUR SCORE UP. This means not leveraging yourself too deeply. Debt is not a bad thing - like most tools when used wisely it can accomplish good things. But like most tools it can also cause damage when not used properly.

 

I'm pretty sure when I was 22 with first taste of financial freedom after college, I did what most 22 year olds do. Do exactly the opposite of what older folks tell you.

 

There are lots of opinions on this thread. Just remember this: No one ever said you have to be in debt to drive a car.

Your credit score does not matter, if you pay cash for everything. No one said you must have a 30 year mortgage to buy a home, either.

I live in Charlotte, HQ to Bank of America and other large banks/finance companies. I invite anyone to walk into these buildings- they are like palaces. The people that "work" in these palaces, at the top, earn millions. Their job is to do ANYTHING to keep you in debt.

Imagine actually having $40k plus, in your 20's- instead of owing that amount, and making payments to someone else...

 

Can confirm

 

This is the most idiotic post I've seen in here

 

Not really.

Cash is king, credit provides what a lack of cash doesn't.

You don't need credit to buy things, you need currency. Credit borrows currency from another source, but it's still cash. If you have no credit history and $400k in assets, you're far less of a risk (though you wouldn't be buying on credit anyway, so this is nonsense) than someone with excellent credit and $400k in debt.

Credit is a business and debt is the product. If you don't understand that, then good luck.

 

Whys that? Cause you say so?

 

^^^This.

 

You guys are completely missing the situation here.

Guy is 22
Makes <20/hr
No previous credit history
No assests, liquid or otherwise
No financial help from others
Did not have a trust fund


How do you presume to have 25k in cash for a truck, much less 200-500k in cash or assets to buy a house?

 

I am not here saying anyones post is idiotic.

Live with zero debt, and you will accumulate cash- quickly. Be in debt, and someone else will become more wealthy.

As @DCSBFTMFW said, credit/finance is a mega huge business. For a reason.

 

See my above post

 

Exactly.

 

I'm not missing anything.

You want to call someone an idiot who is talking in largest picture generalizations, and you're taking that generalization and making it into something it wasn't - a reference to buying a truck.

You're so smart, obviously, you should realize how to read within context.

 

Why would this be a large generalization? Its not. Its specific, so why is it being applied to this persons situation?

 

@SC2SC is talking about life.

You're talking about a truck.

Therein lies the difference - recognize it before calling people stupid.

 

Best thing op can do, bank what he thinks he can afford as monthly payment. Get a credit card and use it for gas, groceries and stuff like that. Pay it off every month if not weekly. Continue to open credit cards as possible and barely use them, but always pay off.

Credit scores do matter in today's world, learn to build your score it will be important later in life.