car on a credit card?

[Anonymous]

You are really being offered some solid advice here. If you go over to the auto loan section of these boards, you will see that lots of people get cars daily with no/limited credit history. A lot of folks are really having luck with Capital One Auto. This is completely separate from their cards so even if nothing is coming up in the prequal for cards you may have luck with the auto navigator.

As someone mentioned earlier, many dealers have a first time buyers program. Just ask. I would not go to a dealer and let them shotgun your credit. You're gonna end up with tons of inquiries if you do that. I went to Honda and told them that I only wanted my credit run with Honda and Honda only. If they couldn't do that then I would give the loan to my CU. Guess what? My credit was ONLY run with Honda. Are you a member of a CU? If you are then I would definitely give them a shot. If you aren't, then I would join one.

Try other options before attempting to purchase a car with a 0% card. 

[Anonymous]

I typed this up earlier and didn't hit submit before peach posted, I'm gonna post it anyway.


Reverse. Swerve. -----> DO NOT GO TO A DEALER. I repeat. DO NOT. GO TO. A DEALER. <-----

^^^^^ That ^^^ IS HOW YOU WASTE INQUIRIES. They will shotgun your reports, and yes, they may code them correctly. They didn't for me and I don't ended up with 13 inquiries all coded wrong. My equifax was 30 pts lower than my other cba because of it. 13. 13. THIRTEEN. Credit unions, capital one. Secure your loan beforehand. That's all there is. Go to the auto loan section.

Again. DO NOT LET A DEALER RUN YOUR CREDIT FOR ANY REASON. Unless he says he's giving you, in writing 1000 cash. Right then, for signing over your social and signature.

DO NOT LET THEM RUN IT.

I'm a little mad about what happened to me, so I don't want it happening to anyone else....ever again....

Also to add, the dealer is not there to help you, they pick the highest interest rate and go down. The above situation for me , I neeeeeded the car badly. But I refused to pay above 15%. I knew less than I do now and thought that would be good for me, they said they could do that. Fast forward, me and the very large f and I lady are talking, she days I'm approved from chase and cap1 for 19% but those are the only two. I have an internal struggle and eventually tell them I can't, LITERALLY STAND UP, start to walk out the door and she says "welllllllll there was one other lender who approved you, at 8%" ...........what?......

What?!?!...
Deal. (I was furious fwiw)

Later I found out from the CU Itself I was approves for 6.4% and the finance lady marked it up to get a chunkier profit.

[Anonymous]

Also nothing against the person who was buying Cara with CC's(because if I could do it I would) your method had nothing to do with your score skyrocketing. Absolutely zero. Showing you can pay a card down does nothing to help your score beyond lowering your utilization. You've sandbagged your uti, so yes, it went up overtime because you paid it down and were no longer sandbagged, but running up a high limit then paying it down does absolutely nothing to actually help your score.

Kind of like, if I jump up and down every morning five times....and then only once that day I'll lose ten pounds.
The jumping didn't help you, the not eating did. You lowered your uti, that Is all. While also at the same time not having an installment loan open, so if anything, you double hurt yourself rather than helped

[Anonymous]

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@Anonymous wrote:
Also nothing against the person who was buying Cara with CC's(because if I could do it I would) your method had nothing to do with your score skyrocketing. Absolutely zero. Showing you can pay a card down does nothing to help your score beyond lowering your utilization. You've sandbagged your uti, so yes, it went up overtime because you paid it down and were no longer sandbagged, but running up a high limit then paying it down does absolutely nothing to actually help your score.

Kind of like, if I jump up and down every morning five times....and then only once that day I'll lose ten pounds.
The jumping didn't help you, the not eating did. You lowered your uti, that Is all. While also at the same time not having an installment loan open, so if anything, you double hurt yourself rather than helped

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+1

[Turbobuick]

Back about 2003, Chase sent me those "convenience checks". It was 1.99% for a year or 2.99% until paid off. I wrote a check for $11,000 and paid off my truck. About a year later, Chase renegged on the contract and doubled the minimum payments because they evidently weren't getting their monies back fast enough. I followed along until my debt was paid, but a class action followed and I got a couple hundred for being kicked around.

Had a grudge against the big bully for a while, but they are still sending me blank check offers(balance transfers), so I'm still cashing them.

[jsucool76]

---

@Anonymous wrote:
I typed this up earlier and didn't hit submit before peach posted, I'm gonna post it anyway.


Reverse. Swerve. -----> DO NOT GO TO A DEALER. I repeat. DO NOT. GO TO. A DEALER. <-----

^^^^^ That ^^^ IS HOW YOU WASTE INQUIRIES. They will shotgun your reports, and yes, they may code them correctly. They didn't for me and I don't ended up with 13 inquiries all coded wrong. My equifax was 30 pts lower than my other cba because of it. 13. 13. THIRTEEN. Credit unions, capital one. Secure your loan beforehand. That's all there is. Go to the auto loan section.

Again. DO NOT LET A DEALER RUN YOUR CREDIT FOR ANY REASON. Unless he says he's giving you, in writing 1000 cash. Right then, for signing over your social and signature.

DO NOT LET THEM RUN IT.

I'm a little mad about what happened to me, so I don't want it happening to anyone else....ever again....

Also to add, the dealer is not there to help you, they pick the highest interest rate and go down. The above situation for me , I neeeeeded the car badly. But I refused to pay above 15%. I knew less than I do now and thought that would be good for me, they said they could do that. Fast forward, me and the very large f and I lady are talking, she days I'm approved from chase and cap1 for 19% but those are the only two. I have an internal struggle and eventually tell them I can't, LITERALLY STAND UP, start to walk out the door and she says "welllllllll there was one other lender who approved you, at 8%" ...........what?......

What?!?!...
Deal. (I was furious fwiw)

Later I found out from the CU Itself I was approves for 6.4% and the finance lady marked it up to get a chunkier profit.

---

This is absolutely not true of EVERY dealer. 

I received 1 inquiry on each report from my dealer, who then sent my TU to volkswagen credit (as TU was my highest score). 

They told me I was approved for 4.9% for 72 months with 0 down. I told them cap1 gave me 1.9% for 72 months with 0 down, and they they knocked me down to 2.9% with 0 down for 72 months. Finance guy even told me they had marked it up 2% to 4.9

[bk510]

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@jsucool76 wrote:

You have a SINGLE 10k card. The rest of your limits are 200, 200, and 500.

getting 10k on a GE/Synch card is not the same as getting 10k on a chase, amex, barclays, or citi card.

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+1, lol

[Anonymous]

So I don't claim to know about credit completely...But I am giving my anecdotal evidence WHICH has given me a much higher credit score along with excellent credit terms than my peers. Your mileage may vary.

Or you can do what a friend did, slip a $500 check to the finance guy for the best finance rate auto loan lol

[bk510]

---

@Anonymous wrote:

You are really being offered some solid advice here. If you go over to the auto loan section of these boards, you will see that lots of people get cars daily with no/limited credit history. A lot of folks are really having luck with Capital One Auto. This is completely separate from their cards so even if nothing is coming up in the prequal for cards you may have luck with the auto navigator.

As someone mentioned earlier, many dealers have a first time buyers program. Just ask. I would not go to a dealer and let them shotgun your credit. You're gonna end up with tons of inquiries if you do that. I went to Honda and told them that I only wanted my credit run with Honda and Honda only. If they couldn't do that then I would give the loan to my CU. Guess what? My credit was ONLY run with Honda. Are you a member of a CU? If you are then I would definitely give them a shot. If you aren't, then I would join one.

Try other options before attempting to purchase a car with a 0% card. 

---

This sounds all too familiar.....I ran into this trap myself lil while ago,

[Anonymous]

Well yes of course it's not true of every dealer that every one will shotgun your report. However the vast majority do, especially if it's tougher to get the loan to begin with.

Your also reiterating my point of getting financed beforehand by stating they wanted 4.9 out of you, and admitted to marking it up. We aren't here to debate whether every single dealership in the world will shotgun your credit, but as a borderline applicant I'd bet upwards of 70% will, while also when you do get approved can and likely will mark it up a little bit higher to make more money off of you.

Tldr: let's not quibble over small things when we both/all agree one should get financing arranged beforehand. Period. He doesn't need alternate info making it seem the dealer is the good guy(not saying every dealer is a bad guy, but they are never "doing you a favor.....ever")