Well your one of the better DIY guys on here, I recall Neon saying he is not that type, or at least not yet. For you, definitely cheaper ways. I would love to be able to swap out my tranny with junkyard versions for 200 bucks a pop. But I don't have the knowledge, know how, or ambition to do any of that.

 

Sorry VW I gotta get on my soap box now. Good credit is absolutely the most important thing you could do for your future. Look at my situation I got married at 21. We bought a condo right after we got married because I had a credit card that I had never been late on and a car loan. We built equity in this condo and a year later bought another condo and sold the first. Our second we got on a steal for 150 even though it apprasied at 180. While living in that condo we took out a second and payed cash for a lot on lake hartwell in south carolina. Looking back I wish we hadn't taken a second and instead and put that loan on the land but live and learn. Anyways we sold that condo a month ago for 210. We were expecting 230 because thats what all of the condos around us were going for 6 months ago when we put it up for sell but, as most of you know the market took a **** and it seems we put it up a day late. Anyways right now I'm living with my in laws so that I can finish school. As soon as I finish school I sell that lot because the market should be back by then. I bought the lot at 50,000 and I hope to sell it for 70,000. None of this would have been possible without good credit. Let me just remind you I'm 24 wife and 2 kids.I just gotfinished moving to SC. I have 50 grand sitting in equity. I'd like to cash it out and invest it but at the moment I'm only working part time and living off savings. I gotta say none of that is possible if I hadn't payed on time on every debt I've ever had. However I will say stay away from credit cards like the plaque.

 

Let me throw this out there to. Trump would have gone bankrupt if New York hadn't given him a loan. Also as your credit gets better and better your interest will go farther and farther down.

 

Lets say he can find a used one for $1000. To me, the $3000 savings is worth it to justify getting your hands dirty and learning how to swap in a good working replacement transmission into your truck. I've never done it on my truck, but i've replaced several transmissions in my time in other vehicles, and it was always a doable adventure. Guess it just depends on how much your willing to spend. I wouldn't spend 4 grand for a transmission unless it came with a new 360 attached to it.

And Trump was dumping that loan money into investments (real estate). A transmission for your truck is not an investment, it is a depreciating expense being installed on another depreciating expense. Very little to be gained from doing this except putting yourself into debt. Sorry, there are much better ways to gain credit history for yourself then this.

 

I'm just pointing out that loans arn't that bad. The key is paying them off early. As far as credit goes he has to start somewhere.

As far as the transmision goes my opinion is that I would go with APS or DR. Evil because they work speciffacly with the dodge transmisions. If I had to go with a tranny shop I would go with someone local who has been around a long time. Never go with a chain. Also see if they can't give you that packaging for all of the parts they are putting in. The transmision is such a magical peice of your vehicle that there is alot of fraud they could do. Last I don't agree with just grapping a tranny from the junk yard. You'll just get the same problems you have before. Pulling a tranny and putting it in another vehicle isn't to hard it's just bolts and alot of weight to move around. All though since you have 4000 why not buy a wrecked 2500 with an nv3500 and see if you can't swap the parts. It's a little difficult and it'll take some time since your so new but it's a good option.

 

so anyway... 4.10's i take it? cause you havent said anything about your gears.

 

Well in regards to the gears, I'm still waiting for them to find out for me. He said he'll know by tomorrow, so I'll take his word for it. I'm hoping they are 4.56s, but he said even if they are 4.10, the transmission will still be very adequate.

But in regards to the loan, sure it probably isn't the BEST thing to be starting my credit history, but as some have said here, it is a start. I plan to pay this off in 3 years instead of the expected 4 years. Also, when she appraised my truck, she came up with $11,650. So the loan is not worth more than the truck. To me though, it'd be stupid to sell this truck. Once the transmission is complete, it's going to last the life of this vehicle. I would never find a truck like this for $7,000. Once the tranny is done, it will be back to a truck that I've always wanted. I guess in reality though Silver, you have to acknowledge that it's pretty unrealistic for me to install a transmission man. As VwDodge said, it's a very fine fine art, so I don't think a young uneducated kid like me can just jump into a transmission job. I do know it's expensive, but it's expensive because it's their top of the line transmission. I could have gotten their OEM replacement installed for $2600, but to me, that seemed stupid, seeing they suggessted getting rid of the tires if I just got the OEM replacement. I wanted a transmission that was going to be designed for street/strip and would be able to handle this monster of a truck. Plus, I have a HUGE attachment to this truck, I really love this thing. I'd be so annoyed if I ever some other dick with my truck driving around town lol. But, credit scores are not bogus. They exist. It's what banks have to look at when your applying for loans, otherwise they have little to justify giving you your loan. I am very suprised the rate I got for only being 18, but I think she took me for face value. She knew I was not some punky immature kid. I had everything prepared, and have had a good steady history with them. I also have a nice weekly income that showed in my pay stub that she liked as well, so working 52 hours a week defiantly helped me out. As I've said, I'm sure this isn't the "smartest" loan, but I have no choice. IT was either sell the truck, or put in a half *** transmission, or just go full out and never ever have to look back again. The situation is what it is, but it's a situation that will never have to be addressed again, thank god[8D]

 

Let me throw this back -- If Trump is so smart, why was he going bankrupt? And, which time? (He's been bankrupt before.)

I will say it again: All of this "you need credit" is absolute crap. You do NOT need credit to buy a vehicle; you do NOT need credit to buy a house; you do NOT need credit to buy anything. Cash and debit cards work great. I will never, ever, ever borrow to buy another vehicle again. Ever.

Back to the OP stating he plans to pay this off before the four years are up -- I hope you can, but I will tell you from experience (I'm 39), something called LIFE will happen, and does happen, which can royally screw things up. You are young, so I will advise that you get off of the "gotta have a credit history" mentality, check out Dave's website, and with every check start putting some cash away. Believe me, I've been between a rock and a hard place when I never thought I would be, and I'll be damned if that ever happens to me again.

 

Actually, VW, Iceman is correct. When you increase your credit score the lower the potentialinterest rate. I am on my 3rd house and well aware of the credit game. You need some credit, but the credit you have needs to be clean, and no missed payments.
http://en.wikipedia.org/wiki/Credit_score

Last I recall my FICO score was around 820. Guessing because of the two prior mortgages were paid off after 1.5years (from the sale of the house, not from me just having $300,000 laying around).

So, good for the kid to get the loan.

 

I can understand the debt thing; debt kills people financially, if not physically and mentally as well. BUT that being said, it's just something to be controlled. If you keep everything within reason, there's no need for multiple credit cards and massive loan/mortgages. If you play your cards right, and handle a load that you can handle, you can make it work for you and make a significant gain; all due to good credit. It's just these days and times you can't get around it and live a reasonable life.

And SilverDodge I can completely understand that transmission is not a very good investment. If there was another way around it, I'm sure neon would have done it. I almost had to take out a loan for my tranny, but luck would have it I came up with 1055 dollars and the total fix cost 1054. SO I was totally broke, but my tranny made it up here on my 800 mile trip, so I was glad about that. Otherwise I would have been stuck bouncing around my friends' houses until I could scrape up enough cash to do so. I can't get a loan without a co-sign because of my age and lack of credit. I would like to start investing in CD's and possibly a few stocks, and if I could land a big loan I would buy up some of this cheap land and hold on to it for a few years. In response to gettin your hands dirty, swappin out a tranny, engine, etc may be easier than our minds conjure it up to be, but if he's like me, I don't have the physical space necessary. Right now my truck is parked on the side of the road next to a sidewalk, and people would have a fit if I was to go through a procedure like that out on the road.