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The Water Cooler
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My Credit Score Is Zero...
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<blockquote data-quote="SlugSlinger" data-source="post: 3124951" data-attributes="member: 7248"><p>I was going to pay cash for my new truck. But there were additional dealer incentives if I financed through the dealer and the dealer would use those incentives to lower the price. I told them I thought my credit was about 830 and they said they would check. They ran a hard check, which could impact your credit, and came back and told me they thought I was lying about my score.</p><p></p><p>They said my score was 849, which I didn’t realize it went that high. They found a rate of 1.9% through a local bank with no early payoff penalties (this is important).</p><p></p><p>I bought the truck financing about a third of the price. And the incentives I got lowered the price of the truck much more than the cost of the interest, especially when you discount the interest over time.</p><p></p><p>I left with a new truck at a good price on Saturday. Monday on spoke to both of my credit unions because they were running specials for transferring an auto loan. Both said they would beat my current rate by half a point. But TFCU also said they would pay me $100 to transfer the loan to them. I got a lower rate, and $100, that effectively lowers the rate more due to the time value of money.</p><p></p><p>Btw, TFCU also has the remaining amount of my mortgage. A little over a year ago, they were running a special to retire your mortgage. It was a 5 year mortgage at 1.99%. I have 35 months left now and the last payment I made, only ~$80 went to interest.</p><p></p><p>So, like Full Auto explained, you can leverage your money to your benefit if you have great credit. </p><p></p><p>I wouldn't recommend this if you are very conservative or risk adverse, but I am talking about my discretionary funds. The money I borrowed through the loan was invested in some stock paying almost 6% and there could also be a benefit of stock price appreciation. So I am gaining more than I am paying out.</p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3124951, member: 7248"] I was going to pay cash for my new truck. But there were additional dealer incentives if I financed through the dealer and the dealer would use those incentives to lower the price. I told them I thought my credit was about 830 and they said they would check. They ran a hard check, which could impact your credit, and came back and told me they thought I was lying about my score. They said my score was 849, which I didn’t realize it went that high. They found a rate of 1.9% through a local bank with no early payoff penalties (this is important). I bought the truck financing about a third of the price. And the incentives I got lowered the price of the truck much more than the cost of the interest, especially when you discount the interest over time. I left with a new truck at a good price on Saturday. Monday on spoke to both of my credit unions because they were running specials for transferring an auto loan. Both said they would beat my current rate by half a point. But TFCU also said they would pay me $100 to transfer the loan to them. I got a lower rate, and $100, that effectively lowers the rate more due to the time value of money. Btw, TFCU also has the remaining amount of my mortgage. A little over a year ago, they were running a special to retire your mortgage. It was a 5 year mortgage at 1.99%. I have 35 months left now and the last payment I made, only ~$80 went to interest. So, like Full Auto explained, you can leverage your money to your benefit if you have great credit. I wouldn't recommend this if you are very conservative or risk adverse, but I am talking about my discretionary funds. The money I borrowed through the loan was invested in some stock paying almost 6% and there could also be a benefit of stock price appreciation. So I am gaining more than I am paying out. [/QUOTE]
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