Deacon328 Posted September 9 Share Posted September 9 I am moving to a state that will require me to purchase a 4wd vehicle. I currently have a vehicle financed, in good standing. Next month I will have the funds to either: 1) Payoff my current car and finance the 4wd vehicle or.... 2) Pay cash for the 4wd Vehicle I heard the longer I pay on time on an installment loan the better. Would starting a new loan be less beneficial than just continuing the original? Quote Link to post Share on other sites
Admin MarvBear Posted September 9 Admin Share Posted September 9 Does the "beneficial" aspect of your question have a relationship to score related questions? Quote Link to post Share on other sites
Deacon328 Posted September 9 Author Share Posted September 9 Yes. At about the same time I will be purchasing a home. I'm not familiar with credit scores and what affects them enough to determine if one or the other would hurt or help my credit score. Quote Link to post Share on other sites
Admin MarvBear Posted September 9 Admin Share Posted September 9 ok, so what is more important to you? What you drive or how you decide to domicile yourself? Quote Link to post Share on other sites
cv91915 Posted September 10 Share Posted September 10 An older installment loan with a low balance relative to the original loan amount is worth more to your score than a new installment loan, plus a new account will pull down your score. Which state requires AWD? We get our share of snow and ice in the winter, and my RWD sedan is fine 99% of the time. Some winters I'll have groceries delivered once or twice, but that's as much laziness and hatred for cold air as much as anything else. Just wondering if your AWD requirement is like the current wave of new parents who think the first child creates the necessity for a 3-row SUV. 😛 MarvBear 1 Quote Link to post Share on other sites
CTSoxFan Posted September 14 Share Posted September 14 On 9/9/2021 at 10:58 AM, Deacon328 said: Yes. At about the same time I will be purchasing a home. I'm not familiar with credit scores and what affects them enough to determine if one or the other would hurt or help my credit score. Where are your scores now? DW just paid off her lease and opened a new loan for a car. Minimal to no imapct on scores whatsoever (all 790+). You can obtain new credit when you are trying to get a mortgage, just be prepared to answer questions about it during the process and be cognizant of how the new loan obligation will impact your DTI ratio. With financing so cheap these days it makes little sense to use all that cash (which you will need for closing, BTW). MarvBear 1 Quote Link to post Share on other sites
ThomasRMorrison Posted September 21 Share Posted September 21 Wise shaman once told me "Never finance a depreciating asset. Pay cash" Quote Link to post Share on other sites
centex Posted September 22 Share Posted September 22 23 hours ago, ThomasRMorrison said: Wise shaman once told me "Never finance a depreciating asset. Pay cash" And yet, in the current climate, some vehicles remain an appreciating asset. My most recent acquisition is generating offers at a few grand over what I paid. If it were not the unicorn that I wanted new in 2018, I might be tempted... MarvBear 1 Quote Link to post Share on other sites
CTSoxFan Posted September 22 Share Posted September 22 On 9/21/2021 at 11:33 AM, ThomasRMorrison said: Wise shaman once told me "Never finance a depreciating asset. Pay cash" Unless of course you can leverage your funds and finance at a rate lower than what you would earn as a return on your capital... ThomasRMorrison, MarvBear and centex 2 1 Quote Link to post Share on other sites
ThomasRMorrison Posted October 8 Share Posted October 8 On 9/22/2021 at 7:28 AM, centex said: And yet, in the current climate, some vehicles remain an appreciating asset. My most recent acquisition is generating offers at a few grand over what I paid. If it were not the unicorn that I wanted new in 2018, I might be tempted... Long term, don't count on vehicular appreciation. Quote Link to post Share on other sites
IndyPoolPlayer Posted October 11 Share Posted October 11 On 9/22/2021 at 7:28 AM, centex said: And yet, in the current climate, some vehicles remain an appreciating asset. But as Confucius say we are living in interesting times. Quote Link to post Share on other sites
centex Posted October 12 Share Posted October 12 On 10/8/2021 at 2:44 PM, ThomasRMorrison said: Long term, don't count on vehicular appreciation. As consumer choice in vehicles with ICE continue to dwindle, some will be sought for many years to come...this EV nonsense being shoved own the public throat does not work for a lot of the population. MarvBear 1 Quote Link to post Share on other sites
A Credit Ed Posted October 12 Share Posted October 12 9 hours ago, centex said: this EV nonsense Oh how I love my EV. I will never ever never-ever buy an ICE car again. Yes, I have a garage where I can plug in and I realize that people living in apartments have extra challenges charging. Yes, it takes me about an hour longer to make a 600 mile road trip. StarkRaven$ and hegemony 2 Quote Link to post Share on other sites
centex Posted October 12 Share Posted October 12 6 hours ago, A Credit Ed said: Oh how I love my EV. I will never ever never-ever buy an ICE car again. Yes, I have a garage where I can plug in and I realize that people living in apartments have extra challenges charging. Yes, it takes me about an hour longer to make a 600 mile road trip. Good luck trying to do a Houston to Vegas drive at 85MPH and the A/C blowing or with the headlights on. I made the first 800 miles in about 11 hours, stopping twice and back on the road inside of ten minutes each time. And yeah, a big chunk of that drive DID have speed limits which have an 8 in front of them... For as much driving as I do, you couldn't pay me to take one of those EV's currently on the market or even proposed for the next few years. Quote Link to post Share on other sites
Admin MarvBear Posted October 12 Admin Share Posted October 12 Although I hope it never happens to you, I do hope you never brick an EV. And that does happen and also happens on ICE vehicles. You in a world of hurt if that happens in an EV. centex 1 Quote Link to post Share on other sites
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