Here is my $0.02.

If you make enough to pay it off in a short amount of time and can get a 0% for 12-18 month credit card go for it. I have done that many times and am currently paying off one for my TT kit. It's like a free loan but make sure you have a back-up plan if things go bad. I will take out a HELOC on my house and pay it off if there is any problems.

"reasonable" 19 year olds in college with a semi acceptable C average working 30 hours a week just so they can afford a semi acceptable sport-coupe, and now wonders whether they should blow several thousand dollars on wheels?

"reasonable"?

hey, you asked for opinions.

Here's mine: you'll get a better return on one of the best investments you'll ever make (college) if you get 3.5+ GPA in a not totally worthless major (I don't even know what you're studying, so do not take this as me saying you're doing a worthless major). You can accomplish this by not worrying so much about making end's meet, and that means controlling your spending, get a grip on priorities, and spend less time working and more time studying because good grades now will be worth so much more than your ever depreciating car in 5 years.

nchima - Why even ask? It's obvious you are looking for validation rather than opinions.

FWIW, the bank will approve you w/ absolutely no problem. This is because you are the perfect credit card customer - one who is responsible enough to pay on time every month, but only a little bit each month so that they can keep earning that double digit interest on you for years and years and years.... even after all of your mods have rusted away and you are driving another car.

Alright, so I read through the post here's what I have to say.

1) I'm working on a BA in Business. (I'm going to be opening up my own business.) Which I'm sure I will be successful at.

2) It wouldn't matter if I had a 3.0 or 4.0, in college unless you want to be
on the Deans list, then yea. For me, personally, it's just getting the degree.

3) 19 years old with a 3.0, PASSIONATE love for cars, and maintaining everythign else. I think that I should be okay.

Just remember, yea you guys all have your opinion, which I HIGHLY respect and will definitly take into consideration BUT to each is own.

Thanks,

Nick

im 23 and just paid off 15 g's in credit card debt...thank god my credit is sick and i never missed any payments. and i have 2 leases currently under my name, the g being one.

trust me when i tell you its not worth...it took me a nice amount of time to get that 15 gs up to send them all at once...i cut up all my cards except one for emergencys now.

there made to be so convienient for a reason trust me.

and im in the car business so i deal with credit daily...its not something you want to ruin.

finance charges are not that deadly.... well .. for your case... it will be since rims are expensive.. hahaha

i get all my mods on credit card but like what others say, if you cant pay it off in full when the time comes, then you shouldn't do it. However, it's not like you're going to be paying the min balance either....

assuming...3000 for rims @ lets say typical 18% APR
when bill comes u pay 1000 bucks
2000 balance = 30 finance charge
pay 1000 balance is 1030
1030 balance = 15 finance charge
pay 1045 and you're done

did i calc that right??? hahah

so u pay only 45 bucks in finance charge for lagging 90 days... assuming up ay 1k.. thats not that bad!

And my interest rate is 8% APR on my credit card.

wow nice.. is the apr % bargainable? do u just call up visa and say "hey, i want a lower rate" or did they just give that to u?

they gave that to me.

I got approved for a 20K loan, and My parents put a down payment.

I pay the rest off over time.

First my rate was 13% then I up'd it from 300 to 2k and it went to 8.

Dude, don't do it. You're 19. You shouldn't use a credit card to buy something that you can't afford. The way to build credit without digging yourself a hole is to pay it off every single month. If you have to carry a balance because you don't have enough liquid $$$ to pay it off, then you're living beyond your means, and you're going to be in big trouble in the near future.

If you do this, you're well on your way to living a life in debt. It's just the first step. The way you're describing using your credit card is EXACTLY the wrong way to think of a credit card.

Don't do it. I got my first credit card when I was 18. I had up to 5 credit cards at one point, but I trimmed it down to just 3 because I don't need even more than 2. I now have a credit score of 760 and I have never even ONCE carried a balance past it's due date. But I charge all of my purchases on my credit card and pay it off every month. That's how I built my credit, and my credit limits are like $13,000 now, which I don't even come close to using.

Just my $0.02, but I strongly suggest you learn some self control and don't charge your rims on your Credit Card - you're already in debt, don't make it worse. And think about the retarded interest rates they'll charge you. Don't be dumb.

Don't do it man, its a very very bad move. I am 20 currently with a credit score of like 732 and over $30k in credit cards in my wallet...and they get paid off every single week, when I check them online I pay them right there.

If you do it, you're an idiot and you will most likely do it again for some other mod after your wheels and just keep digging a deeper hole.

lol im pretty sure he cant make the 1k payment a month, if he was making that much im pretty sure he would be able to pay them cash.

Bro trust me dont do it, its the worst thing you can do, if you cant afford it just wait.

Exactly...he said he's paying off $900 "SLOWLY", so he's broke. And he wants to increase that debt? That's just stupid. Anyways, I'm done saying my peace. I hope you make the right decision nchima. Most of us agree on this one. I'm only 27, so I'm young like you...I know what it's like to be your age, I can certainly remember it. Fight the urge bro.

Good Advice, I think I'll hold off until I pay off the rest of the credit based on your experiences and info.

Thanks,

Nick

it's all good if you charge on the credit card. i've done it a couple of times. speaking from a 20 year old's point of view. i know how the game works, i know how to win. you may charge it to your CC, BUT be sure to pay the whole thing off once you get yoru statement. i can do the monthly payment, BUT also you when it's asked to pay minimum that you DO NOT pay the minimum. if you pay minimum, youre basically paying for intrerest. and what the other dude said, you might be just paying more than what the actual parts cost you. say if the minimum monthly payment is $10.00 a month, throw down AT LEAST $100-$200. if not, pay it all off, then youre all good. i've done that couple of times and i have great credit. let us know how it turn out and what decisions you decide to do BEFORE actually doing it. we're here to help. good luck man!

-jeff