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Started By
Message
Buying a new/used vehicle is retarded vs 15-20 yrs ago
Posted on 3/9/25 at 6:57 pm
Posted on 3/9/25 at 6:57 pm
Cant negotiate without financing these days
15
Posted on 3/9/25 at 6:58 pm to SuckerPunch
Deepshot
Posted on 3/9/25 at 7:00 pm to SuckerPunch
Finance then payoff right away. The banks will try to take it out on you with a credit score hit but as long as you aren't financing more right away, you shouldnt care.
Posted on 3/9/25 at 7:09 pm to SuckerPunch
quote:
Cant negotiate without financing these days
Why not?
Posted on 3/9/25 at 7:10 pm to forkedintheroad
That's what they did to us on my wife's vehicle and are about to do to me. We usually put half down and sign a 4 year but pay it off in under 2. Credit score drops like a rock each time
Posted on 3/9/25 at 7:11 pm to forkedintheroad
quote:
Finance then payoff right away. The banks will try to take it out on you with a credit score hit but as long as you aren't financing more right away, you shouldnt care.
I’m ignorant on how this works I guess, but how would paying it off right away (i.e. early) negatively affect your credit score?
Posted on 3/9/25 at 7:11 pm to SuckerPunch
Absolutely you can! Maybe you are visiting the wrong dealership…
Posted on 3/9/25 at 7:16 pm to Ponchy Tiger
quote:
Why not?
Loans are better for the dealerships than cash, because most banks give them a kickback %. Especially if they can get people to go with higher rates. So they end up making more on the vehicle than straight cash.
Posted on 3/9/25 at 7:17 pm to CocomoLSU
quote:
but how would paying it off right away (i.e. early) negatively affect your credit score?
Banks have gamed the system so if you pay off a car loan before 6 months have passed, its a red flag.
This post was edited on 3/9/25 at 7:18 pm
Posted on 3/9/25 at 7:21 pm to CocomoLSU
quote:
I’m ignorant on how this works I guess, but how would paying it off right away (i.e. early) negatively affect your credit score?
It doesn’t, these ppl have shite credit likely. I have paid off real early and it never hurt me. I am in the market now and have already arranged financing with USAA. Still shopping around but have talked to several dealers who have tried to pull that financial scheme. I just firmly tell them we going to have to agree to a price before we even discuss finances.
Posted on 3/9/25 at 7:22 pm to SuckerPunch
In before a Dave Ramsey quote.
Posted on 3/9/25 at 7:23 pm to VaBamaMan
You can also tell them you're gonna pay cash, but you'll agree to finance if they'll split the incentive.
Posted on 3/9/25 at 7:25 pm to CocomoLSU
quote:
I’m ignorant on how this works I guess, but how would paying it off right away (i.e. early) negatively affect your credit score?
It’s good for your credit score to carry some balances and show you are a responsible borrower.
In creditors eyes, it’s much better to have years of responsible borrowing as opposed to never having borrowed anything.
Posted on 3/9/25 at 7:57 pm to Ponchy Tiger
[quote]I’m ignorant on how this works I guess, but how would paying it off right away (i.e. early) negatively affect your credit score?
your credit score is a predictor of how reliable you are to both not default and to pay actual interest. Banks aren't interested in loaning money just to have it paid back with little to no interest. Pay off loans early and they will absolutely knock your score. They don't even have to hide it.
your credit score is a predictor of how reliable you are to both not default and to pay actual interest. Banks aren't interested in loaning money just to have it paid back with little to no interest. Pay off loans early and they will absolutely knock your score. They don't even have to hide it.
Posted on 3/9/25 at 8:17 pm to forkedintheroad
quote:
your credit score is a predictor of how reliable you are to both not default and to pay actual interest. Banks aren't interested in loaning money just to have it paid back with little to no interest. Pay off loans early and they will absolutely knock your score. They don't even have to hide it.
Yep, just paid off my wife's car 2 years early and my score dropped from 810 to 775. 4 months later and I'm finally back to 802...
Posted on 3/9/25 at 8:20 pm to OleVaught14
quote:
775
Yeesh, that is a ugly number
Posted on 3/9/25 at 8:25 pm to SuckerPunch
Yep...it's damn near impossible to just buy the damn thing outright.
A buddy of mine haggled over a new jeep. He just wanted to buy it outright. He wound up having to finance a portion of it. It's a monopoly that should be illegal.
A buddy of mine haggled over a new jeep. He just wanted to buy it outright. He wound up having to finance a portion of it. It's a monopoly that should be illegal.
Posted on 3/9/25 at 8:56 pm to TackySweater
quote:
It’s good for your credit score to carry some balances and show you are a responsible borrower.
One of the stupidest ideas humans have cooked up, and that's saying something.
Posted on 3/9/25 at 8:57 pm to ISEN_AG
quote:
One of the stupidest ideas humans have cooked up, and that's saying something.
I mean. Not really lol
Posted on 3/9/25 at 9:01 pm to OleVaught14
quote:
dropped from 810 to 775
just about the same for me.
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