Who has the easiest financing? I知 rebuilding my credit

[arrow]

Your looking for a best rate. I wouldn't. I'd go with whomever will finance you.
Here's the reason: We aren't talking a lot of money here in terms of financing. If you finance 50K for 6% for 5 yrs excluding taxes, delivery, etc. as opposed to a rate of 4.5%, you're only looking at about a $30-$40 per month difference. End of loan payment would be about a $2000 difference between these percentages.
Even at 8%, you're still under a $100 difference per month. If this the case and you're strapped to get machinery, you'd have to decide what's more important, accomplishing the task or the finance number.

As a result, If you're bent on getting a tractor, I'd simply get the easiest and most convenient method rather than search for a number.

 

[fried1765]

Your looking for a best rate. I wouldn't. I'd go with whomever will finance you.
Here's the reason: We aren't talking a lot of money here in terms of financing. If you finance 50K for 6% for 5 yrs excluding taxes, delivery, etc. as opposed to a rate of 4.5%, you're only looking at about a $30-$40 per month difference. End of loan payment would be about a $2000 difference between these percentages.
Even at 8%, you're still under a $100 difference per month. If this the case and you're strapped to get machinery, you'd have to decide what's more important, accomplishing the task or the finance number.

As a result, If you're bent on getting a tractor, I'd simply get the easiest and most convenient method rather than search for a number.

Hummm ......very different philosophy from mine!
You can't spend the credit rating difference, but you can spend the $30- $100 per month ($360 - $1200 per year) on other things.

 

[Diggin It]

My thinking is the kind of thinking that says $30-100/mo more than necessary is OK is how people get to the point of needing to rebuild credit.

OP's situation is somewhat different, but still, every single dollar needs to be considered for at least the next 5 years.

 

[hdmyers]

"Details" ?
Paranoia?

I doubt it takes much to find out your real name, your address...and now that you have 4 credit cards and your credit score. Identity theft is real.
Paranoia? ...you sound like you are my father's Age. I'll leave it at that.

 

[fried1765]

I think it would be quite difficult.
4 credit cards and credit score information, could be more readily found by observing a persons mail delivery.
I would submit that compromising your SSN is more dangerous by far, as it floats around out there everywhere, just for the taking.
Someone could probably find your credit information just as readily as mine.
If your father is 80, you are correct.

 

[arrow]

My thinking is the kind of thinking that says $30-100/mo more than necessary is OK is how people get to the point of needing to rebuild credit.

OP's situation is somewhat different, but still, every single dollar needs to be considered for at least the next 5 years.

Nope. Bad credit comes down to NOT paying and not how much you pay. You are considering that the guy has a plethora of choices when it comes to financing.. Value does not always equate to dollars. He may need the tractor more than he does saving a few bucks on financing.

 

[dodge man]

I tend to be pretty careful when it comes to finances. Maybe if the OP is trying to rebuild his credit and worried about getting approved he shouldn’t be borrowing any money at all.

 

[fried1765]

I tend to be pretty careful when it comes to finances. Maybe if the OP is trying to rebuild his credit and worried about getting approved he shouldn’t be borrowing any money at all.

BINGO !!!

 

[arrow]

BINGO !!!

Wrong. Dead wrong. WTH, are you people living in the middle ages?
The only way to build back credit is to BUY stuff on time and REGULARLY submit payments.

 

[fried1765]

Wrong. Dead wrong. WTH, are you people living in the middle ages?
The only way you build credit back up is to buy something on time and make sure you make regular payments.

Go for it!
SPEND! SPEND! SPEND!
It doesn't matter if you can actually afford it!
Spend MORE, so you can qualify to spend STILL MORE, and then qualify to borrow even MORE!
After that.......you can go to your approved method to "build back credit".
Why would anyone who is fiscally responsible need to "build back credit" though?
How silly of me.....it must be all about the new age American way!

Sure am glad none of my three adult children (56,54,49) don't think that way.
If they did, their inheritance would be destined for Goodwill instead.
They wouldn't need/deserve anything,....because they could always just borrow more!