Car loan

[Jarrett]

OK, let me go another direction with this then. Which of these two concepts makes more sense? Taking out a small personal loan(like $1500 or so) and pay it back to have some credit established, then trying for the car or just having someone with good credit co-sign in the first place. I'll admit I'm talking out of my ass on this topic but I want some information. It seems to me that the second option would make more sense as it eliminates the first loan which would probably be blown on something dumb anyways, and in the long run I'm still establishing a lot of good credit. Opinions?

[uncle_el]

OK, let me go another direction with this then. Which of these two concepts makes more sense? Taking out a small personal loan(like $1500 or so) and pay it back to have some credit established, then trying for the car or just having someone with good credit co-sign in the first place. I'll admit I'm talking out of my ass on this topic but I want some information. It seems to me that the second option would make more sense as it eliminates the first loan which would probably be blown on something dumb anyways, and in the long run I'm still establishing a lot of good credit. Opinions?

the concept of a credit card is best. just don't use it for anything stupid. having it around can always help out if you have one of those "rainy days."

but if you're still against it (which i think you should rethink), getting a co-signer for the car makes the most sense... after all, isn't that what this thread is about?!

[aero]

OK, let me go another direction with this then. Which of these two concepts makes more sense? Taking out a small personal loan(like $1500 or so) and pay it back to have some credit established, then trying for the car or just having someone with good credit co-sign in the first place. I'll admit I'm talking out of my ass on this topic but I want some information. It seems to me that the second option would make more sense as it eliminates the first loan which would probably be blown on something dumb anyways, and in the long run I'm still establishing a lot of good credit. Opinions?

Yeah, co-signing on the loan is a good idea, if you want the car. BUT, being young, its prolly best to just find something else for now. But if you are set on the car, will have a job that will pay the payments+insurance and have extra for everything else, then see where a co-signer will get you.

But get a credit card. I use mine for pretty much everything when I am not in a hurry... clothes, everything online, gas, expensive food... then I pay it off before the end of the month, I just charge instead of using debit. If you dont have anything to buy with the 1500 loan, dont get one, but if you were going to buy something expensive, instead of paying cash, just get a loan on that bish.

And as far as credit cards... be careful which ones you choose. Some have great rewards points and glitter crap, but always check the interest rate, and the Annual Fee for the credit card.

Interest is usually pretty high (like 15-20 percent after the low introductory rate.) But watch out, because if you miss a payment or anything, the CC companies can pretty much jack up your rates as high as they want

The annual fee, I usually try to find one with no annual fee. Yeah, i dont get stupid points that never get you anything, but never have to pay for my credit card. Just doesnt make sense to me, same as having a bank account with a yearly fee. It is nice in some instances, when you need a bank all over the place, but a credit union usually has the hookup with no yearly fees.

[turboaccordlx]

It not to hard shop around you will get a loan somewhere.. I could get one with "bad " credit just a bad apr. You have a blank slate and have a steady income you should have no problem if you look around. DOD disabitity=more stable then most jobs... So posting in a thread is not going to help you too much just go out and see what people can do for you.

[93EXaesthetic]

But it's medical retirement checks with Department of Defense stamped on them so LET someone say they're not legit. I'm a full-time student so that shows some type of responsibilty.

you got a medical discharge?...how much percentage did you get from VA...and what branch were you? .

[Jarrett]

I was a LCpl in the United States Marine Corps. I wasn't discharged, I was retired. Up until about 3 months ago I was the youngest retired US Marine in the world. It was cool while it lasted not that I got anything special from it except recognition at the Marine Corps ball this year=ladies! I'm at 50%, but not with the VA. I will probably change benefits to VA soon as I'm being taxed out the butt and VA benefits are non-taxable.

Ricky, aero, Elliot...
Thanks for working with my newb credit questions.

[93EXaesthetic]

I was a LCpl in the United States Marine Corps. I wasn't discharged, I was retired. Up until about 3 months ago I was the youngest retired US Marine in the world. It was cool while it lasted not that I got anything special from it except recognition at the Marine Corps ball this year=ladies! I'm at 50%, but not with the VA. I will probably change benefits to VA soon as I'm being taxed out the butt and VA benefits are non-taxable.

Ricky, aero, Elliot...
Thanks for working with my newb credit questions.

so you did 20 years? or they booted you like they did my cousin because they had too many people.?

[Jarrett]

I got hurt. Marines don't boot because it's getting crowded. They just find more racks to fit them in.