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finance

Discussion in '2nd Gen. Tacomas (2005-2015)' started by brecking, Jan 16, 2012.

  1. Jan 16, 2012 at 7:52 AM
    #1
    brecking

    brecking [OP] Member

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    just curious my tacoma supposed to be in this week. plan on half note half cash down. just recieved a non-interest credit card for 12 months. which is offering double points( i.e. airline miles). so, thats a free plane tix. anyone have any experience doing this when they purchased.seems to me good way for another 500 bucks off the purchase of my new truck.
     
  2. Jan 16, 2012 at 8:03 AM
    #2
    jpmorrisvb

    jpmorrisvb Well-Known Member

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    Unless you have the ability to pay off the credit card ASAP ... don't do it ... if it appears to be too good, it isn't.

    I have the means to pay my CC off every month, so I use it as cash to rack up those points ... it has not always been this way.

    If you need to finance ... do so within your means ... if you have the ability to pay more than the regulart monthy payment, do so.

    Don't over extend yourself for the sake of a cool ride ... best of luck.
     
  3. Jan 16, 2012 at 8:15 AM
    #3
    beerye

    beerye Steel Curtain!!

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    If you have the cash available, and were already planning on putting down half, go ahead and use the card, because you will have the abiltiy to pay it off as soon as you receive the bill.
    Just so you know though, most dealers won't allow you to put more than $5k on a card, because it will cost them money. Of course everything is negotiable so go for it!!
     
  4. Jan 16, 2012 at 8:19 AM
    #4
    bababooey

    bababooey Member

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    Just bought my truck.. Dealer only allowed $3k on CC. I wasn't even thinking about CC points until the dealer mentioned it to me.
     
  5. Jan 16, 2012 at 8:31 AM
    #5
    brecking

    brecking [OP] Member

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    my thought. receiver needs to pay the % to the loaner. cash vs. credit. seems to me that my toy dealer doesn't like my cash so put it on credit.
    nice to know that dealerships put a cap. still free miles
     
  6. Jan 16, 2012 at 8:37 AM
    #6
    brecking

    brecking [OP] Member

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    i am an american who never lives outside his means. loan at 1.6 stupid. not to take out a note. need to full coverage a new vechile anyway for insurance.
     
  7. Jan 16, 2012 at 8:38 AM
    #7
    redezman

    redezman Well-Known Member

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    BE CAREFUL doing this, read very small fine print.

    i use my CC like cash as i pay it off monthly, and in return I get free gas cards.

    SOME CC's tho wont give you points for certain things or places.
     
  8. Jan 16, 2012 at 9:54 AM
    #8
    platinumb

    platinumb Well-Known Member

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    It depends on what you limit is on the cArd. Since a credit card is to loving credit using it has a very big impact on you're credit score. 0-33% balance is really good for your score, far better than payed off because it reports activity. 33-50 hurts your score a little. (by how much varies depending on so many factors. And above 50% of the available balance used is very very harmfully to your score. When I learned this I tested it to see we maxed out 1 of my wife's credit cards at 2800.00 and left about 100k open on other cards it dropped her score over 100 points just maxing out 1 card. No good. Now if you have the means to pay it off then hell ya go for it because your score will go right back up as soon as you pay it down and you'll get the free points. Personally I'd think twice about putting that much down though. I know many people will tell you never finance but it can be the more financially responsible way to go just NEVER outside your budget. I won't buy a car with cash because rates are so good these days. I took a loan for my truck at around 3% then took the amount of cash I would have spent on the truck and invest it, in the right place you get a return much higher that 3% which means it actually saves money to finance the car if you are responsible with the money.
     
  9. Jan 16, 2012 at 9:57 AM
    #9
    JasoTaco

    JasoTaco Well-Known Member

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    When I bought mine they I opened an Toyota Visa and they let me put I think 5K on it and then I paid it off after the free 6 month interest and got myself a free bed extender with the points. I would only use a CC if I can pay it off, CC interest is evil.
     
  10. Jan 16, 2012 at 11:42 AM
    #10
    brecking

    brecking [OP] Member

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    missed my point. i have the cash and the cc. drop it on the card collect points. piss on my dealer who is JUNK.been an ordeal. have to wait for my tacoma third week). hundreds of f-150 on the lots
     
  11. Jan 16, 2012 at 12:45 PM
    #11
    JasoTaco

    JasoTaco Well-Known Member

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    Not sure we missed your point. Now you want and F-150? There is a reason why you have to wait for the Tacoma you want and there are hundreds of F-150's for the taking. I waited for a couple months. When I got mine in June of 09 there was not a DC TRD OR on a dealer lot within a 100 miles.
     
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