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re: I have zero credit
Posted on 5/29/25 at 5:06 am to Chief One Word
Posted on 5/29/25 at 5:06 am to Chief One Word
quote:
have always paid cash for everything …Question what is the best way to establish credit? Thanks
Why now? Makes no sense unless you ran out of cash and need to swipe a card to buy more ED meds.
0
Posted on 5/29/25 at 6:17 am to Chief One Word
you've survived 67 years without credit . You don't need credit now .
Posted on 5/29/25 at 7:29 am to DarthRebel
quote:
You are missing the point. Promotional car finance rates are impacted more by the need to move metal and not a credit score. Your great score does not get you that great rate, the dealer needing to move inventory does. Your great score was worthless in 2020 and 2021, there was no inventory. The qualifying number varies based off product to move, which is normally tied to cost of floorplan to dealer or manufacture sales incentives/goals.
He bought a used CPO vehicle. You seem to not understand what CPO is and the dealership isn't trying to 'move metal' on a CPO car like they are a brand new one.
Posted on 5/29/25 at 8:33 am to ronricks
Ron,
My wife drives a CPO now and I was trying to find a CPO on my current vehicle in 2024, but found a non-CPO that was too good of a deal.
CPO does not change the variables of what has been discussed before, it is merely an tool to make a vehicle more marketable and thus more profitable. The CPO process can be done many ways, to manufacturer specs (these are the ones you want) which would come with factory extended warranties and other goodies, dealer specific certification and some through a 3rd party. Trust me I know the in and outs of these.
The CPO process is not free, it cost the dealer (seller) money to have the certification done. They do this to make more profit, a CPO car will have a higher selling ceiling compared to a similar non-CPO.
Back to moving metal, this is the entire operation of a dealer. Whether new, used or used CPO, they have to move these vehicles off their lots as quick as possible. Dealers are not paying straight cash for these vehicles and every one of them is being financed through their banks. The longer these vehicles sit on their lots, the more they are paying in interest and reducing their overall profit margins.
Banks and financing entities have set rates, and when you are going under that rate there is some financial incentive for them to do for that. There is not a single bank or credit union in the USA that is going to give a person 1% on a new, used or CPO right now. Dealerships or in-house manufacturer finance arms are buying down or bundling loans to promotional levels to bring in buyers.
Not sure why we have gone this far on a simple topic, but it was more of a clarification on thunderbird's flex of only getting his car's at 0%-1.5% financing. That ability is not a product of his credit score, but rather him only seeking those opportunities. While a higher credit score will open more options, it is still subjective to a market needing it.
The OP is probably regretting this thread now as we tangent into pointless banter.
My wife drives a CPO now and I was trying to find a CPO on my current vehicle in 2024, but found a non-CPO that was too good of a deal.
CPO does not change the variables of what has been discussed before, it is merely an tool to make a vehicle more marketable and thus more profitable. The CPO process can be done many ways, to manufacturer specs (these are the ones you want) which would come with factory extended warranties and other goodies, dealer specific certification and some through a 3rd party. Trust me I know the in and outs of these.
The CPO process is not free, it cost the dealer (seller) money to have the certification done. They do this to make more profit, a CPO car will have a higher selling ceiling compared to a similar non-CPO.
Back to moving metal, this is the entire operation of a dealer. Whether new, used or used CPO, they have to move these vehicles off their lots as quick as possible. Dealers are not paying straight cash for these vehicles and every one of them is being financed through their banks. The longer these vehicles sit on their lots, the more they are paying in interest and reducing their overall profit margins.
Banks and financing entities have set rates, and when you are going under that rate there is some financial incentive for them to do for that. There is not a single bank or credit union in the USA that is going to give a person 1% on a new, used or CPO right now. Dealerships or in-house manufacturer finance arms are buying down or bundling loans to promotional levels to bring in buyers.
Not sure why we have gone this far on a simple topic, but it was more of a clarification on thunderbird's flex of only getting his car's at 0%-1.5% financing. That ability is not a product of his credit score, but rather him only seeking those opportunities. While a higher credit score will open more options, it is still subjective to a market needing it.
The OP is probably regretting this thread now as we tangent into pointless banter.
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