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Anyone know if financing works this way?
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Anyone know if financing works this way?Posted:

002
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So my master plan was that I was going to sell my truck when I turned 18, and finance a truck. I would have enough money to buy it outright, but the reason I want to finance would be to raise my credit score.

Anyway, I was talking to my boss about this and he said I could do this right now at 17, has anyone done this / anyone know if it works this way?

I am in the US by the way.
#2. Posted:
Gymaholic
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Are you wanting to buy a truck brand new? If so you would have to finance unless if you have about $40,000 saved up. You can not take out a loan unless you are 18 years old and up.
#3. Posted:
Dxminic
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Keep the vehicle you have now until a couple months you turn 18, then trade it in. Make payments on your new vehicle. This way your credit rises.
#4. Posted:
4x4
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Wait till you are 18. Minors cant take out loans.
#5. Posted:
Ever
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To get your credit to rise you'll need to make payments on the vehicle. Never be late on payments.

Get a credit card also. That's another way to help your credit, as long as you pay it on time.
#6. Posted:
TheRealMark
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I'm on finance but I'm from the UK so it might be different I payed a big deposit so mine works out ok.
#7. Posted:
002
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I would not be buying a brand new truck, I would be buying one that is a max of 20k, shooting more for the 15k area. Right now I have 4k cash, then if I can sell my truck at say 7-8k, I'd be at 11-12k right now.
#8. Posted:
MickersSweatsTTG
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I wouldn't finance it. Buy it outright to save money then get a credit card and use it and pay it off on time each month.
#9. Posted:
Ever
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002 wrote I would not be buying a brand new truck, I would be buying one that is a max of 20k, shooting more for the 15k area. Right now I have 4k cash, then if I can sell my truck at say 7-8k, I'd be at 11-12k right now.


What you would do is keep your 4k saved, then sell your truck and get that money and go and put let's say the 12k down payment on whatever truck you want. Then you'd just be making payments on that truck until it's payed off, but since you're putting so much down the payments won't be much.
#10. Posted:
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Motto: There's magic on the other side of fear.
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7yle wrote I wouldn't finance it. Buy it outright to save money then get a credit card and use it and pay it off on time each month.
this is the best way to get great credit
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