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GA Tacoma Owners BS Thread

Discussion in 'Georgia' started by BYJOSHCOOK, Oct 29, 2008.

  1. Dec 2, 2019 at 4:53 PM
    MAG GRY TACO15

    MAG GRY TACO15 Well-Known Member

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    Same crap everyone else got
    Pay cash people are responsible people but when in trouble and need a loan are considered limited credit and will most likely need a qualified co signer. See it all the time. My primary job was lending for a while. It's hard to tell someone they don't qualify for a loan bc they have paid cash for everything their whole life. I always had older cars but when I bought my Tacoma, I financed it on a 36 month loan. Paid on it for 13 months then paid it off. I did this so I would have auto loan history on my on my credit report so in the future if I didn't have cash for my cars I could easily finance without getting a high rate bc I didn't have auto loan history on my credit or have to rely on using a cosigner. I put the money i was going to buy the truck with in a CD with a higher rate then I was paying on the loan so the interest was more than offset.
    It's just an easy way to establish better credit history without paying interest and hedging for the future when you need to use credit and don't want to get raped on rates.
     
  2. Dec 2, 2019 at 4:57 PM
    thewarriordinghy

    thewarriordinghy General Lee's Titan

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    I have a good score on credit karma. But does having the auto loan make it go up that much?
     
  3. Dec 2, 2019 at 5:03 PM
    MAG GRY TACO15

    MAG GRY TACO15 Well-Known Member

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    Same crap everyone else got
    Credit karma and sites like will not give the most accurate of scores. It also depends on what company they pull from when it's pulled. Experian may be different from TransUnion or Equifax. The auto loan will help your credit score over time as long as you make payments on time. Scores really only determine rates you will get from a lender. Approval is based on what's on your credit, debt to income ratio, job history. Dealer financing is a little different. They will often approve most anyone but will make they pay with the high rate if they have "colorful" credit.
     
  4. Dec 2, 2019 at 5:05 PM
    thewarriordinghy

    thewarriordinghy General Lee's Titan

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    Colorful? I have 9 loans (each semester student loan I took is seperate) and 1 card and it is all in good standing. Does that fare well?
     
  5. Dec 2, 2019 at 5:13 PM
    MAG GRY TACO15

    MAG GRY TACO15 Well-Known Member

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    Same crap everyone else got
    If those are the only things, id still consider that limited credit. "Colorful" is the term I use for bad when I'm talking to the person haha.

    Student loans, while yes they are loans, are a little different than a traditional loan with a set rate, payment, and maturity date. So they are treated differently in the eyes of an underwriter looking at credit. But like I said before, you will probably have no issue financing at the dealership but don't be surprised if your rate is high or a fair amount higher than your local credit Union or bank.
     
  6. Dec 2, 2019 at 5:15 PM
    Stig

    Stig Resident smartass

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    Also have to think about credit history, which is part of the score. Scores being mostly bullshit, but a bullshit that you have to deal with.

    Just my opinion and what I'd do...
    With interest rates likely near 2% or less at a credit union, although probably a little more for used car. If you have cash to pay for a car from a dealer I would put the cash in a high yield savings, which is going to earn you a little over 1% and take a credit union loan out for the vehicle.

    I'd much rather borrow the money and pay a little interest over the next years and have cash in the bank for emergencies or any opportunity to make money. You'll also help build credit.

    Same reason I have credit cards with good rewards, to help credit as well as free shit. Everything gets put on credit card and paid off monthly so you earn rewards as well as free extended warranties, rental car insurance, luggage coverage, price guarantees, etc all for free.
     
  7. Dec 2, 2019 at 5:27 PM
    thewarriordinghy

    thewarriordinghy General Lee's Titan

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    Do I even have enough history to get a decent payment? Paying cash is basically to avoid payments
    wouldn't you still lose money with only a 1% yield. Inflation itself would negate those gains surely?
     
  8. Dec 2, 2019 at 5:27 PM
    backcountryj

    backcountryj Pending Approval

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    Delta Credit Union and USAA. I use them for just about any loan I ever need (auto or investment [buy to sell]).

    Agreed on the don’t show the dealership the ‘you wanna pay cash’ card. Buying a vehicle for the best price, for you, is simply a poker game.

    I personally only negotiate pricing on an all-in OTD basis. It isn’t until we have a final agreed upon figure in writing before I let them know I don’t need their financing.
     
  9. Dec 2, 2019 at 5:28 PM
    thewarriordinghy

    thewarriordinghy General Lee's Titan

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    Yeah I am just trying to figure out the game. I agree on the OTD basis.
     
    backcountryj[QUOTED] likes this.
  10. Dec 2, 2019 at 5:42 PM
    Stig

    Stig Resident smartass

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    Yes, not saying you will make money, but getting 1% on your money is always better than nothing....in my opinion.

    Some numbers that popped up...

    $20k loan at 3.1% interest for 60 months. Total cost of loan is $21,600.
    So you're paying $1600 over 5 years to borrow that money. If you had that money making 1% in an account, that'll save you $500 off total cost and be at $1100, just over $200/yr.

    The benefits of having $20k in the bank and making a monthly payment vs having $20k less and having title in hand, well worth that little you'll pay.

    Your loan may come with gap coverage, so if you total it 2 years in and it's only worth 12k and you owe 15k, that'll be covered.

    That's all simplified and rounded numbers, but gaining credit is much more important than not having a payment.

    This all goes out the window when you start talking bigger numbers (mainly interest rates), but when they are so close to zero, it's hard to argue against using someone else's money.

    Edit: just talking about simple auto loans... On something that most likely will continue to depreciate.
     
  11. Dec 2, 2019 at 6:19 PM
    thewarriordinghy

    thewarriordinghy General Lee's Titan

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    Only thing is, being under 25 (at least until next month) my insurance is high so i am trying to keep costs down. I wouldn't buy new, as someone else can eat the biggest bit of depreciation
     
  12. Dec 2, 2019 at 6:28 PM
    CowboyTaco

    CowboyTaco $20 is $20

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    PM me. I can call you on my way home from work tomorrow.
     
  13. Dec 2, 2019 at 7:24 PM
    MDB Taco

    MDB Taco Well-Known Member

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    So I’m pretty close to your age. When I bought my Ford, I did what my old man taught me. I arranged primary and backup financing with my credit unions before even showing up, even though I could’ve paid cash. When the sales guy asked about financing, I answered “I’ve already got X%, but if you can beat it by all means please do”. As the others here have mentioned, the dealerships don’t care about the interest rate. Most times they just get a flat commission for every corporate finance account they open. So they WILL give you lower if they can. Plus they can usually offer an extra incentive off the drive out price for financing. There’s very seldom an early payoff penalty too. So theoretically you can take the “get $X off when you finance through Ford (or whoever)” and then pay the account off in full the next day.

    BUT, being very close in age to you, one hurdle I didn’t expect was that since I’d only had credit cards in my credit history, it didn’t have the “diversity” lenders want to see. So what I ended up doing is instead of paying cash, I took the crazy low interest and am making auto payments from what would’ve been the cash payment. Basically I’m paying a couple hundred to up my credit for when I get ready for a mortgage. I’m told that usually a year or so of a “long term loan” like a car payment is what lenders will look for.

    As far as insurance, my biggest advice is shop around. Talk to everyone you know, see who they have and get a quote from their provider. I ended up seeing an almost $700/year spread after all the quotes I’d called around for.
     
  14. Dec 2, 2019 at 7:47 PM
    thewarriordinghy

    thewarriordinghy General Lee's Titan

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    I shopped around lowest insurance on my tacoma is 208 a month (and I only drive it on weekends since I have a company truck). I guess theoretically I could open a bank account, pay the cash to it then take the payment from that account?
     
    cubie and MDB Taco[QUOTED] like this.
  15. Dec 3, 2019 at 1:54 AM
    MDB Taco

    MDB Taco Well-Known Member

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    Yes, that’s definitely an option. IMO it would boil down to three things: do you want/need the credit diversity, are there any financing incentives from the dealership, and is liquid/mobile/etc cash important to you.

    At the end of the day, I’m no financial expert, so take whatever I say with a grain of salt. Hahaha.
     
    Last edited: Dec 3, 2019
  16. Dec 3, 2019 at 4:01 AM
    thewarriordinghy

    thewarriordinghy General Lee's Titan

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    It's just debt scares the hell out of me man...
     
  17. Dec 3, 2019 at 4:26 AM
    Pizzasteve5717

    Pizzasteve5717 Well-Known Member

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    Nice! Let me know how much you gonna sale those billies on 886s though
     
    HappyGilmore[QUOTED] and cubie like this.
  18. Dec 3, 2019 at 4:47 AM
    cubie

    cubie Aznrednek

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    Mornin' GA!
     
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  19. Dec 3, 2019 at 5:13 AM
    HappyGilmore

    HappyGilmore LambTek Innovations

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    Yes
    they are OME nitrochargers on 885's
     
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  20. Dec 3, 2019 at 5:14 AM
    Stig

    Stig Resident smartass

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    Don't let it get to you. There's all the difference between being responsible and not. You have the cash in hand to cover said debt.

    People get in trouble when they can't afford things and just think the can barely make a monthly payment and they buy crap, and more crap. Then you miss one payment.. Then the next.

    Here's even more reasons to throw money into a bank account... They'll pay you a bonus to do it.

    https://www.moneycrashers.com/best-new-bank-account-promotions-offers/

    Do you have a checking or savings account at all? How about credit card?

    As far as credit card, there's no reason to fear using one, just like any other debt. Make sure you do have the money, and pay it off each month. It's just like a temporary account for stuff you buy. You can apply for a credit card that'll give you $500+ bonus if you spend $3k in the first 3 months. So if you're going to spend the money anyways do it. Biggest thing I avoid is annual fees, there are plenty out there that don't have them but offer great perks.

    For example, say you buy a new tv for $1500 with a credit card, you'll get reward points for what you spent. On some cards, if that tv goes on sale for $1350 within 90 days, you can request the difference of what you paid, then you get $150 back. If the TV had a 1 year warranty, the credit card might double that to two years for free.

    So just make sure you don't overspend what you can afford on credit whether it's a loan or credit/charge cards and you'll be ok. Don't think a $5k limit card means you go out and spend $5k (you should typically spend no more than 30-50% of a cards limit for best credit score impact).
     
    CowboyTaco and HappyGilmore like this.

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