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car on a credit card?

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jsucool76
Super Contributor

Re: car on a credit card?


@Anonymous wrote:
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")

True dat. I went back to my dealer to pick up my plate, and they wouldn't even wash my car. 

 

 

Message 41 of 42
Anonymous
Not applicable

Re: car on a credit card?


@Anonymous wrote:
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")

I do agree that he should get financed before hand. At the time I went into purchase a car I had no plans on even financing it and was planning on just paying for the car out right. I never did prefinance myself. I however got extremely lucky with mine. I only ended up with 3 inq from the dealership, and a decent interest rate that I could live with. I would definatly do your research before plunging face first into the first loan you get though and I sure as heck would not finance an entire car on a credit card. There are other options out there, but you really need to put in a little more effort before throwing in the towel. Credit doesnt simply just fall into our laps. We have to put forth effort and do the leg work to make it happen.

Message 42 of 42
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