Let's talk about cars
#7292
BE Enthusiast
Joined: Nov 2013
Posts: 473
Re: Let's talk about cars
Interesting, on new AND used or just new? I always thought credit scores had to be above 750 at least to be considered very good. I think my FIL has a score of 804.
It's partially irrelevant anyway, the specialist Mustang I want is not being offered at 0% finance like the base GT is. Hell they don't even offer X Plan on it!
It's partially irrelevant anyway, the specialist Mustang I want is not being offered at 0% finance like the base GT is. Hell they don't even offer X Plan on it!
#7295
Re: Let's talk about cars
I just looked at my FICO and it's 824. Is that good enough for 0% ? Since I'm semi-retired there seems little point financing anything these days! I feel pretty certain that if you finance at zero down, you are severely limiting your ability to negotiate on the purchase price...
#7296
BE Forum Addict
Joined: Jul 2015
Location: Panama City, FL
Posts: 2,062
Re: Let's talk about cars
I just looked at my FICO and it's 824. Is that good enough for 0% ? Since I'm semi-retired there seems little point financing anything these days! I feel pretty certain that if you finance at zero down, you are severely limiting your ability to negotiate on the purchase price...
Even if they won't do 0%, you'll usually get money off for financing with them. So, sign up for the financing to get the discount and pay it off before the first payment is due.
#7297
Re: Let's talk about cars
Trouble is I tend to buy used. I can only justify 'new' when there are new features that are only available on new vehicles. I'm so disgusted with built-in navigation, and so enamored with google assistant ("OK, Google") that I can't see myself wanting a new car anytime soon. I drove a 2019 Lexus RX450h today, with a beautiful 12" display, but the actual user interface SUCKED and was nowhere near as good as my Samsung phone. And, it didn't have Android Auto or Apple Carplay - on a $50k+ car! Apple CarPlay and Android Auto are perhaps the only two things I'd spring for. My current 2013 Lexus has the wonderful "BSM" (blind-spot-monitoring) and that's pretty much the best 'new' safety feature of late ... although I have to admit, 'lane keep' might not be bad on long, boring freeway rides where there's a risk of nodding off.
#7298
Re: Let's talk about cars
100% do this. You may also find they will then knock money off if you take the low APR finance, that you can pay off in full after 3 months. The money knocked off far outweights the interest from 3 months of finance - I've had that happen before too.
#7299
Re: Let's talk about cars
I just looked at my FICO and it's 824. Is that good enough for 0% ? Since I'm semi-retired there seems little point financing anything these days! I feel pretty certain that if you finance at zero down, you are severely limiting your ability to negotiate on the purchase price...
#7300
BE Enthusiast
Joined: Nov 2013
Posts: 473
Re: Let's talk about cars
ah, so you are saying they WANT you to finance. OK, I guess that makes sense. Since I would pay it off right away anyway, it wouldn't matter what the interest rate was!
Trouble is I tend to buy used. I can only justify 'new' when there are new features that are only available on new vehicles. I'm so disgusted with built-in navigation, and so enamored with google assistant ("OK, Google") that I can't see myself wanting a new car anytime soon. I drove a 2019 Lexus RX450h today, with a beautiful 12" display, but the actual user interface SUCKED and was nowhere near as good as my Samsung phone. And, it didn't have Android Auto or Apple Carplay - on a $50k+ car! Apple CarPlay and Android Auto are perhaps the only two things I'd spring for. My current 2013 Lexus has the wonderful "BSM" (blind-spot-monitoring) and that's pretty much the best 'new' safety feature of late ... although I have to admit, 'lane keep' might not be bad on long, boring freeway rides where there's a risk of nodding off.
Trouble is I tend to buy used. I can only justify 'new' when there are new features that are only available on new vehicles. I'm so disgusted with built-in navigation, and so enamored with google assistant ("OK, Google") that I can't see myself wanting a new car anytime soon. I drove a 2019 Lexus RX450h today, with a beautiful 12" display, but the actual user interface SUCKED and was nowhere near as good as my Samsung phone. And, it didn't have Android Auto or Apple Carplay - on a $50k+ car! Apple CarPlay and Android Auto are perhaps the only two things I'd spring for. My current 2013 Lexus has the wonderful "BSM" (blind-spot-monitoring) and that's pretty much the best 'new' safety feature of late ... although I have to admit, 'lane keep' might not be bad on long, boring freeway rides where there's a risk of nodding off.
So is it worth it? Or am I worrying about credit score too much?
Last edited by Harveyspecter; Mar 1st 2019 at 1:41 pm. Reason: Grammar
#7301
Re: Let's talk about cars
ah, so you are saying they WANT you to finance. OK, I guess that makes sense. Since I would pay it off right away anyway, it wouldn't matter what the interest rate was!
Trouble is I tend to buy used. I can only justify 'new' when there are new features that are only available on new vehicles. I'm so disgusted with built-in navigation, and so enamored with google assistant ("OK, Google") that I can't see myself wanting a new car anytime soon. I drove a 2019 Lexus RX450h today, with a beautiful 12" display, but the actual user interface SUCKED and was nowhere near as good as my Samsung phone. And, it didn't have Android Auto or Apple Carplay - on a $50k+ car! Apple CarPlay and Android Auto are perhaps the only two things I'd spring for. My current 2013 Lexus has the wonderful "BSM" (blind-spot-monitoring) and that's pretty much the best 'new' safety feature of late ... although I have to admit, 'lane keep' might not be bad on long, boring freeway rides where there's a risk of nodding off.
Trouble is I tend to buy used. I can only justify 'new' when there are new features that are only available on new vehicles. I'm so disgusted with built-in navigation, and so enamored with google assistant ("OK, Google") that I can't see myself wanting a new car anytime soon. I drove a 2019 Lexus RX450h today, with a beautiful 12" display, but the actual user interface SUCKED and was nowhere near as good as my Samsung phone. And, it didn't have Android Auto or Apple Carplay - on a $50k+ car! Apple CarPlay and Android Auto are perhaps the only two things I'd spring for. My current 2013 Lexus has the wonderful "BSM" (blind-spot-monitoring) and that's pretty much the best 'new' safety feature of late ... although I have to admit, 'lane keep' might not be bad on long, boring freeway rides where there's a risk of nodding off.
#7302
Re: Let's talk about cars
So is it worth it? Or am I worrying about credit score too much?
#7303
Re: Let's talk about cars
Ok, so the message I'm getting here is it is better to get the car on finance because you can negotiate a better price/deal, then just pay it off in full at the first installment. I get that. However my question which I have asked before is, is it worth the resultant affect on your credit score? Say a credit check pulls at least 5 points from your score. My experience thus far is that paying a debt back in full the following month does NOT even recover those lost 5 points, let alone boost them.
So is it worth it? Or am I worrying about credit score too much?
So is it worth it? Or am I worrying about credit score too much?
Be aware that many loans have pre-payment penalties so you'd need to look into what the penalty is, and how long you need to keep the loan before the penalty period runs out.
I'm not sure how transparent credit score evaluation is; I've heard many stories about what's good and what's bad for your score. I paid off my mortgage last year and I dropped from, say, 840 to 820 ... not that I cared much, but I was told I should run up a few credit card bills (don't pay them off for a few months) to get my score back. One thing I haven't done is tell anyone officially that I'm no longer earning big bucks. When I was working full-time I was making 'good money'. I've since gone over to part-time/semi-retirement but I haven't publicized that to the credit card companies. I remember being asked to 'confirm' some numbers and I just clicked through leaving the 'big numbers' in place. I'm assuming this isn't 'fraud' ... I presume the rating agencies don't have access to tax returns, so they have no way of knowing what my income is?
#7304
Re: Let's talk about cars
I have always looked to agree a price before talking about modifiers - trading my car in, finance etc. Have a common point of reference to start from. Something like truecar can help guide to what a “good” price is. Know your negotiating position and stick to it. Remember, you are the one with the power here - you choose whether the deal is acceptable, or you walk. I have used that tactic before, and got as far as the door before they caved. There is always another dealer.
The most pleasurable car buying experience I have had before was when doing it all by e-mail. I have told them exactly what I want, what was important to me, and that I am asking multiple dealers (living in Houston means lots of choice). In order to have a bid I would consider they had 1 go at giving me a price. Telling me they would beat someone else’s price would disqualify them (some still chose to do this). I was looking at a straight cash purchase here, so I didn’t need to consider financing etc.
The most pleasurable car buying experience I have had before was when doing it all by e-mail. I have told them exactly what I want, what was important to me, and that I am asking multiple dealers (living in Houston means lots of choice). In order to have a bid I would consider they had 1 go at giving me a price. Telling me they would beat someone else’s price would disqualify them (some still chose to do this). I was looking at a straight cash purchase here, so I didn’t need to consider financing etc.
#7305
Re: Let's talk about cars
Toyota and Lexus seem to be way behind when it comes to the software they use in their entertainment systems, Entune is a load of old garbage. It does look as though they're finally catching on and giving Android Auto and Carplay a chance this year though so you would have to buy new if you wanted it.
Having said that though, I did read that Nuance / Dragon (of 'naturally speaking' fame) are now pushing their product to car makers, and they are providing the brains behind some high-end BMW and Mercedes models. Nuance do a great job at natural language support, so that may be worth considering, but at least for now I don't think they are showing up in any models on my friend's radar. She's asking me to go look at an Audi SUV today ... Looks like the Audi Q7 has a great ride and great technology but ... gets dinged big-time on reliability.
Last edited by Steerpike; Mar 1st 2019 at 5:27 pm.