Financial / car buying advise

[xDestro]

*disclaimer*
I know this forum has nothing to do with this but it doesn't mean I can't ask opinions of others

To try and shorten things up I basically hate my job and I want to start looking for a career (im 20 at home and only a few hundred in bills every month)

I have a truck but honestly I don't think it's the most convenient vehicle ever and it has issues that could lead to it being a money pit so I'm saving for something else.

My plan is to save 10k wether that's save 10k then sell my truck or save 5-6 then sell my truck depends on how patient I am (I have 4k saved now I'm saving 1k a month)

Here's where I guess I would like opinions of others...

1. Would financing say like 5k at my age with no credit history be a good idea if that meant I could get a better more reliable / convenient vehicle that would last me 10+ years?

2. After I get a vehicle I'm looking at apprenticeships maybe an electrician or something... But my gf is graduating college in a year and we plan to move out so maybe financing would be bad as I would take a pay cut going after an apprenticeship? Making bills and that harder to pay?

I know this is kinda weird and hard to explain but maybe what did you all do when you were younger trying to get started on a career while also trying not to f yourself with a money pit of a vehicle

 

[millerkid519]

I personally would deal with the truck being inconvenient because it is paid for right now and look for an apprenticeship.
Keep saving you money for when you move out and look at getting a credit card to start building your credit

 

[xDestro]

I personally would deal with the truck being inconvenient because it is paid for right now and look for an apprenticeship.
Keep saving you money for when you move out and look at getting a credit card to start building your credit

So say get a credit card and use for smaller things? .. I can get a pretty decent car for around 10k which I'm not to far off of but I would like to stretch it as far as i can but I can see why it could be a bad idea

 

[millerkid519]

Ya I would get a credit card and use it for fuel and just the regular things you buy and when you get home just pay it off. It' kind of a pain but worth it.
Ya a newer car is nice and of that's what you want you should go for it.

 

[jaws7777]

I would look into careers that are stable and provide good benefits. Where are you located ?

 

[millerkid519]

Electrician is a good trade. I would go for industrial electrician they make more money.

 

[Joshomaru]

xDestro, I'm impressed that you are weighing your options and not just jumping into an already made decision; that shows maturity.
#1- electrician is a good trade with many, many levels of pay and options available to someone willing to put in the work. Taking a pay cut now at 20 to put your apprenticeship in is a smart thing. You've already proven you can budget and save money. You and your girl will find a way to make ends meet.
#2- vehicles. Ugh.
I don't know what kind of truck you have, but, consider hanging onto it as a work truck. If you buy another vehicle to use for outside of work stuff, you don't need to blow your load on it. Carrying a balance on a credit card will build credit, too, and you will (hopefully) have more control over how much it costs you. Your 5k finance might cost you 8.5k in the end!
Also, depending on your state, you may be required to have full insurance coverage on your newer vehicle if you have a loan on it. Even if it is a beater.
You may also qualify for a multi car discount through insurance if you keep your truck.
Good luck, young man. I have a feeling you're going to be just fine!
Josh

 

[TheWolfman]

You sound like I did at 20. I had no credit to my name ether. Go to a credit union and get a starter credit card with a $500 limit you will need to have a extra $500 to put up in a holding account as you have no credit history. After you have a cc then start using it every month and pay it off. You will start to build credit and be able to get financing down the road for that car you want. This may sound a lot of work and you may say I can save the money and buy a car cash, but it’s the credit that you will need to get that apartment with your girlfriend down the road. Now for the trade part call your local union hall and find out the day of the month that they take job applications and get down there and put yours in for A construction. Keep saving your money and try not to waste it on stuff you don’t need. If your putting 1 k away a month your doing great keep it up.

 

[xDestro]

I would look into careers that are stable and provide good benefits. Where are you located ?

I'm in Louisville ky

 

[xDestro]

Thank you all for the reply's... I have an 03 dodge ram 1500 slt closing in on 170k miles... It runs good and does Wat I need it to do but last oil change they did find some sludge in the engine cap so that's my main concern. Has small coolant leak and need tires desperatly and the usual dodge rust. for getting a new vehicle..If I were to finance 5k that would be with a 10k down payment and I wouldn't finance that 5k for more than 2 years max. Yes insurance is a big concern and as of now I'm under my moms insurance paying a bit over 150$ a month for the lowest coverage. If I were to finance I would need full coverage yes but if I'm going to spend that much to buy a car I would want full anyway... Just financing would add 100-200 a month. Yes I could keep my truck and use it as a work truck that is very Tru but I feel as though managing 2 vehicles + my girlfriends would be a bit much... When I save enough I will look into other trucks though because I do understand they can give you more job opportunities. Luckily my gfs parents have had their insurance company for a long time and she pays 180 for full insurance on her 2010 Mercedes sport coupe. Insurance will be way cheaper on cars under her name so that will be the plan when he move out.