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Thread: financing

  1. #1
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    Default financing

    i haven't financed a car since freshman year in college. i vowed i would never do it again. but i have two big ass trucks that sip gas like it's champagne thirsty so i plan to get a nissan of some sort. well, i was going to pay for it straight out but now i think to get extra points on my fico that if i find one for 7 or 8k, that i would put down 5 and finance the rest for 1 1/2 to 2 yrs.

    good idea?

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    Veteran Member luxi_kitty's Avatar
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    Default Re: financing

    Quote Originally Posted by bustybabe312 View Post
    i haven't financed a car since freshman year in college. i vowed i would never do it again. but i have two big ass trucks that sip gas like it's champagne thirsty so i plan to get a nissan of some sort. well, i was going to pay for it straight out but now i think to get extra points on my fico that if i find one for 7 or 8k, that i would put down 5 and finance the rest for 1 1/2 to 2 yrs.

    good idea?
    yeah i think thats a good idea..
    usually those types of loans are the best to get ur credit up QUICK..

    uggh just wish MY car was in MY name..
    (damn u mom!)
    "All little girls should be told they are pretty, even if they aren't."


    [SIGPIC][/SIGPIC]

  3. #3
    Veteran Member Krill_'s Avatar
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    Default Re: financing

    Depends on what kind of loan you can get. I think the term and amount you are looking for falls outside the realm of what most lenders will offer for an auto loan, although you can check with local banks that will often cater to those types of needs better than national lenders. But... they also may not report an account in good standing to the credit agencies which would defeat the whole purpose.

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    Default Re: financing

    ^^^ agree with Krill that the 'key' to improving credit rating via any loan is to A. make on-time payments for the full duration of the loan, and B. reports of those on-time payments actually showing up on your credit report. For the type of auto loan you're talking about I'd definitely check out a local credit union, since they will be more willing to write an auto loan under 'non-standard' terms, and since they will report it to the credit bureaus.

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    Default Re: financing

    I've also been thinking about financing a car to improve my credit score but since I have very little established credit I'm looking at a VERYYYY high interest rate. will it affect my credit negatively if I pay the loan off early??

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    Default Re: financing

    will it affect my credit negatively if I pay the loan off early
    ... compared to not taking out the loan in the first place, the record of the loan will help even if you pay it off early. But compared to making on-time loan payments for the full duration of the loan, yes the early repayment will 'hurt'.

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    Default Re: financing

    so my credit score will improve just not as much as it could.

    well I'm looking at about a 20% APR at any car dealership I go to :\ I could reallllly use the credit though. my credit score is pretty sad. thanks!!

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    Default Re: financing

    ^^^ again consider a local credit union ... which may offer you a significantly lower interest rate versus 'in house' financing through an auto dealer.

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    Default Re: financing

    Why pay interest you don’t have to? But don’t get rid of the truck. You are going to HATE driving a small car.

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