How to buy a car when You are self employeed???

[#45 10+ year member]

when i was 18, i purchased a credit card...had to since they wouldnt give me one. it was $100 and i used it only when i had the cash and paid in full on time. Did that for 2 years and i easily got the credit i needed to buy a new car. I still do the same technique to this day, pay in full, on time and have a perfect credit score at 34 yrs old. i can get whatever i want now of course, IF i wanted to within means that is.

 

[MikeofTulsa Moderator]

either do things the legal way and claim all his income or save and pay cash.

 

[hzsogood 5,000+ posts]

good point, but none of us have job security because there is not money security i can understand trying to build credit but you can st up a debit/credit account and just pay with debit and it will build your credit without ever actually using credit. my mother is a financial genius and she set up an account like this for me, i have perfect credit but was never credited anything (excuding my home)

What's this credit/debit acct. ?

 

[blazeplacid 10+ year member]

lol at people saying " I have a great credit score"

all that means is that you pay your bills on time and dont max out your cards.

I did nothing magical or weird but I have a ~750 score. I know because we were looking at cars

 

[Louisiana_CRX 5,000+ posts]

its hard to build a credit score when you pay cash for everything //content.invisioncic.com/y282845/emoticons/fyi.gif.9f1f679348da7204ce960cfc74bca8e0.gif

 

[hzsogood 5,000+ posts]

Truth. I buy most everything I own with cash. Snowmobiles, my motorcycle my ssei for a fun little summer car, but when it comes down to it. You need credit and if you don't have it you can't get much of anything now days

 

[hzsogood 5,000+ posts]

either do things the legal way and claim all his income or save and pay cash.

get out.. Dont pull this legal bs dude..

an 18 yr old self employed kid is supposed to pay all his bills, go to and pay for school, own a car , work 30 hrs a week, not get any compensation or write off, and still pay a 20% self employment tax on top of state and federal, EVEN tho he claims, or writes off nothing?? ]

Yea.. get out

 

[ThomasG 5,000+ posts]

If he makes good money at 18 years old I'm assuming he doesn't have kids then he should be able to pay cash for a car.

 

[Louisiana_CRX 5,000+ posts]

my first car was $700 i bought what i could afford..there will be a time in life where you can afford the things you want...and do better for yourself