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No advice needed, but this is possibly a warning to others
We have an excellent credit rating, but buying a new vehicle was a hassle because in order to qualify for a cash rebate, we needed financing, and it was a hassle for the service manager to find us someone because we haven't had any carryover debt, except for our mortgage, for almost five years. Every car we have had in the past, we financed it for three months and then paid off the rest in cash, and we have no credit cards except for an Amex, which we pay off in full every month.
Cute. I bought several cars lately, last 2 yrs, with around 840 FICO and no balance outside of mortgage. Neither Nissan nor Toyota had any issues finding me a "loan" that I paid off in 2 months.
I have been using PENFED for my last few car loans. Great rates. Everything is done online. I never even talked to a human. I told them what I wanted and got a check with 10 days to go shopping with. The only issue I had is that dealers didn't want to take the draft. They ultimately do when they realize they can't beat the rate I get from PenFed.
No advice needed, but this is possibly a warning to others
We have an excellent credit rating, but buying a new vehicle was a hassle because in order to qualify for a cash rebate, we needed financing, and it was a hassle for the service manager to find us someone because we haven't had any carryover debt, except for our mortgage, for almost five years. Every car we have had in the past, we financed it for three months and then paid off the rest in cash, and we have no credit cards except for an Amex, which we pay off in full every month.
Again, just FYI.
Get a Visa or Mastercard.
Get a couple of gasoline charge cards.
Use them every once in awhile.
Nextt ime try a credit union in stead. They have great rates for top tier credit and have processes that make more sense in my experience
But the problem with that is in order for some rebates to be available, you have to use their in house financing, ie. buying a Toyota financed through Toyota Financial Services or a Chevy through GMAC.
The big banks are catching on to the free-riders, those of us who try to build credit without shelling out lots of interest!!!
I've notice my credit score has dropped since I've stopped carrying balances over the last 4 years as well. No other explanation as my salary has only increased, my mortgage has been over-paid and never late, and car payments are always on time.
Wow, several of you need to take Reading Comprehension 101....
Quote:
Originally Posted by katharsis
We have an excellent credit rating, but buying a new vehicle was a hassle because in order to qualify for a cash rebate, we needed financing, and it was a hassle for the service manager...
Bold is my emphasis, and the part everyone seemed to skip over (or possibly not understand). Cash rebate, offered only when a loan is obtained through a specific lender.
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