Financial advice for buying a 3rd gen

You weren’t kidding. Just looked at that. Unsub’d.

 

Do you have to have a new truck before June? If that is your truck in your avatar I don´t see a ¨need¨ to get a new one.

 

LOL i think someone called this one...thought you were taking delivery on the truck?

 

It would take a week for the truck to get there, I put a deposit on the truck.

why?

 

On the 2018? Then what's to discuss if the truck is already in transit...seems like you've already made your decision. Although, i would def take 0.9% over 4.2% APR for TSS anyday.

 

If you are having trouble deciding on a color, you should just start a thread and put a poll in it to get others opinions BAHAHAHAHAH!!!!!

 

I hate to feed the troll, but this is simple. If you truly have the cash, just finance which ever one you want and then pay it off in 6 months. The interest rate won’t matter.

 

And by the the way....in before the

 

I’m going to tribute this to the fact I saved since I started college for a Tacoma and now that I’m about to drop my life savings on it, I ask questions.


Eh?

 

I like gray. Geez man.

 

That is a horrible interest rate for a brand new car. A good credit score and some shopping around should get you an interest rate around 1-1.5%. Maybe at most 2% if they are going to blame you being a young customer.

How are you shopping for your financing? The dealer should be working with you to get you the best rate and compete for a rate among multiple borrowers.

The only time I would finance a vehicle I had the cash for is if I could invest that same money and earn a greater interest rate on that money than I would be losing on a loan. The interest rate you are talking about would mean no matter what, you are losing money.

It's great to be young and have a stellar credit score, especially when you buy a home. I'm dealing with that right now. I'm getting ready to purchase a home and have a good enough credit score to basically demand what interest rate I want (within reason, no one can demand a 1% fixed rate mortgage). Most of my friends would be getting loans around the 6% mark. Which basically means a much larger monthly payment.

I think you are smart to want to build your credit to the point where you are getting your life off to a solid start. I just think you need to maintain a holistic perspective on your credit.

Great ways to build credit that cost zero money:
- Credit Cards you pay off on time and in full
- Rental history
- Having history paying utilities
- Having a history paying for insurance/cell phones etc. and other recurring monthly bills.

These things are typically necessary anyways and making timely payments while never being late or missing payments is only going to build your credit.

Initially, taking out a loan of any kind HURTS your credit, it doesn't help it. If you have a credit score above 700 you'll probably see about 50-60 points drop off of it for taking out a loan on what I imagine a standard 3rd Gen would cost OTD (lets say $37K).

You will not see your credit score improve significantly as a result of paying off this debt until about a year after it's gone. This includes if you pay it off early. After this time period the history will help your credit score.

My advice would be to utilize another means to raise your credit score. A 4% auto loan is a bad way to do it because of that horrible interest rate. I'm also curious as to why the rate is that bad. Either the dealer isn't shopping for you, or because you have something bringing your credit down (which means you need to use the methods above to build your credit first).

Taking out a loan at high interest to boost your credit is to cut off your nose despite your face (in my opinion). Especially if you do not pay the loan off early. Your going to be paying out thousands in interest which could serve you better being part of a down payment on a home.

I would only take the loan if you get a better rate, and invest the cash in an investment that would earn more interest than the loan would cost. I would also pay the loan off early.

I think there are better ways to build your credit than by losing thousands to a shitty loan rate. Just me.

I financed my Tacoma 100% because my cash was currently in a CD that would take me a week to get out. My truck was used so my interest rate was over 3%. My CD obviously wasn't that high. I paid off my loan in about 8 months.

Outside of my auto-loan I've never had any debt. My FICO was 798 when I took the loan. It's 803 now. So I'm going to tell you that taking out a loan just to boost your credit isn't a good idea.

 

According the other websites you frequent, you have also been saving for
1. A Lexus
2. A Harley
3. A WRX
4. A Yamaha cruiser
5. BMW
6. A "sleeper"
And about 5,000 other cars/motos, etc.

Which is why your credibility is about....0 when just the other day you claimed to have already decided on what you were getting in the Epic "Third Gen Color Poll turned Banhammer" thread.

But I congratulate you for your trolling abilities. Top notch

 

Dude. It's just a truck. It's not a life altering event. Pleas don't tell me you got a job in engineering....

 

Then maybe buying a 40k brand new truck is out of your range?

 

Yes, I like to save money, and then weigh all my options before I buy.

Are you saying that you have that kind of time to look up all my post history? That’s insane man.

 

Call the dealer on this one. You could pay cash for it and it wouldn´t hurt too bad. Its even silver.
https://www.cars.com/vehicledetail/detail/722996761/overview/

 

Dude probably never even went to college---he's playing us all.