Quote:
Originally Posted by cdawg410
Student loans don't count. They are guaranteed. Granted Nissan can take back the car but they can't take back the miles and make it brand new again. Most student loans are guaranteed by the government so if you default the loaning institution is covered. In my humble opinion you shouldn't be looking to buy a 30-40k car if you don't own property. Priorities my man, get yourself a home or some assets so a bank starts looking at the collateral it can go after instead of writing you off as bad debt. What you do is certainly significant and important and congrats on being a pharmacist, very nice job, but being new to the field doesn't make the banks feel good about your prospects of being employed long term. If you were a pharmacist for 5 year with an income history consistent with that of a long time pharmacist it wouldn't be an issue but I'll bet that you haven't been a 'real pharmacist' for over 30 months. Patience is a virtue, your car will be waiting for you and so will we. GL!!
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Absolutely agree 110%. I had a Datsun 280ZX that I was happily dumping money into 16 years ago. My dad said it would be wise to buy a house. I was 21 at the time and I would have way rather spent the money on my Z but instead I buckled down and put a lot of sweat equity into my place and no more mods for my Z and definately not a new 300ZXTT. It was a struggle - got married had kids, etc and my dream of getting a new Z all but vanished. I'm not going to get into the details but suffice to say although I do Electronics Engineering and work on some crazy stuff I would never have gotten as far ahead finacially as I have with Real Estate. I encourage young people all the time to get into the market but most would prefer to spend their money now for instant gratification....
Anyhow 16 years later I could actually afford to buy my Z. Sacrifice now will pay off huge in the future....