Question for people who understand credit scores (new car)

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[MENTION=107195]Slow[/MENTION] I think those "life nazis" just have a different understanding of money. It something they were probably told while growing up so its what they preach. Its by no means wrong or poor advice. I would never suggest someone get into a loan if they didnt have guaranteed job security. On another note, lets say you did buy a car cash... typically theres no warranty on used cars thay the average american can "pay cash" for. So, esentially there is always going to be a bill to foot. Maintenance. Part replacement. Upgrades. Theres always going to be something. Paying a car cash isnt all its cracked up to be.

I get i paying cash is ideal but it's is tiring seeing people post that as a response i see it allot on other forums and it is not bad advice but it is just unrealistic for most of the population and an auto loan is not a bad thing if you are on secure financial footing otherwise...Unlike like credit card debt. At least you have a somewhat secured debt in an auto loan unless you buy a car that tanks in value.
I have it both ways i own my 4R and financed my FJ best of both worlds lol

 

[VoodooTitan]

I get i paying cash is ideal but it's is tiring seeing people post that as a response i see it allot on other forums and it is not bad advice but it is just unrealistic for most of the population and an auto loan is not a bad thing if you are on secure financial footing otherwise...Unlike like credit card debt. At least you have a somewhat secured debt in an auto loan unless you buy a car that tanks in value.
I have it both ways i own my 4R and financed my FJ best of both worlds lol

Yea I hear ya. It just depends on the individual, hence the best advice to give someone is to speak with a loan officer, preferably with a credit union.

 

[c2one]

Just wanted to chime in and say make sure that there are no pre-payment penalties. According to this document (dated 2014) it says there are not any but it is always safe to check your paperwork before you pay it off. I would recommend to pay it off based on what I have read and you would probably save on finance charges (based on document linked).


14 year credit union employee, good to hear all the love.

 

[iBison]

IMO, and you didn't ask, but invest that inheritance and live off your income. You will come out far ahead down the road when you really need it or want to retire a little earlier.

 

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Thanks for the additional input everyone, and the document link c2

IMO, and you didn't ask, but invest that inheritance and live off your income. You will come out far ahead down the road when you really need it or want to retire a little earlier.

Eh, don't believe in it :\

 

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As an update (and to all those that may have skipped the thread and my giant wall of text, yes I am keeping my 4runner so I didn't defect completely!)