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Credit Rating Question (1 Viewer)

coopersdad

Footballguy
Buying a new car at the end of the month and will be paying it off within 3 months (need car soon, but these funds will not be available until September), but still want to get the best finance rate available.

Credit rating was 818 but I charged wedding expenses (15K) for oldest son this past month that brought it down to 802. Have already paid that card off.

Would it be better to wait until those balances are shown paid off and my credit rating bounces back up, or is the difference between 818 and 802 not relevant....

And I'm assuming that getting prequalified at my bank or savings and loans before I head to the dealership is the shark move.
 
Buying a new car at the end of the month and will be paying it off within 3 months (need car soon, but these funds will not be available until September), but still want to get the best finance rate available.

Credit rating was 818 but I charged wedding expenses (15K) for oldest son this past month that brought it down to 802. Have already paid that card off.

Would it be better to wait until those balances are shown paid off and my credit rating bounces back up, or is the difference between 818 and 802 not relevant....

And I'm assuming that getting prequalified at my bank or savings and loans before I head to the dealership is the shark move.
If you are paying it off in 3 months - any difference in interest rates will be negligible.

In fact, I would be tempted to finance through the dealership - and try to knock a little off the price of the car, and let them think they will get it back on the financing, and then pay off the car.
 
Buying a new car at the end of the month and will be paying it off within 3 months (need car soon, but these funds will not be available until September), but still want to get the best finance rate available.

Credit rating was 818 but I charged wedding expenses (15K) for oldest son this past month that brought it down to 802. Have already paid that card off.

Would it be better to wait until those balances are shown paid off and my credit rating bounces back up, or is the difference between 818 and 802 not relevant....

And I'm assuming that getting prequalified at my bank or savings and loans before I head to the dealership is the shark move.

Anything above 800 is great and likely the same rate.
 
Buying a new car at the end of the month and will be paying it off within 3 months (need car soon, but these funds will not be available until September), but still want to get the best finance rate available.

Credit rating was 818 but I charged wedding expenses (15K) for oldest son this past month that brought it down to 802. Have already paid that card off.

Would it be better to wait until those balances are shown paid off and my credit rating bounces back up, or is the difference between 818 and 802 not relevant....

And I'm assuming that getting prequalified at my bank or savings and loans before I head to the dealership is the shark move.
720+ is likely the same rate with most OEMs and major banks.
 
While being above 800 is exceptional you probably won't notice a difference between 750.

But yes there is no difference between 802 and 814
 
Buying a new car at the end of the month and will be paying it off within 3 months (need car soon, but these funds will not be available until September), but still want to get the best finance rate available.

Credit rating was 818 but I charged wedding expenses (15K) for oldest son this past month that brought it down to 802. Have already paid that card off.

Would it be better to wait until those balances are shown paid off and my credit rating bounces back up, or is the difference between 818 and 802 not relevant....

And I'm assuming that getting prequalified at my bank or savings and loans before I head to the dealership is the shark move.
720+ is likely the same rate with most OEMs and major banks.
I thought it was 750 but this is how I understand it
 
Buying a new car at the end of the month and will be paying it off within 3 months (need car soon, but these funds will not be available until September), but still want to get the best finance rate available.

Credit rating was 818 but I charged wedding expenses (15K) for oldest son this past month that brought it down to 802. Have already paid that card off.

Would it be better to wait until those balances are shown paid off and my credit rating bounces back up, or is the difference between 818 and 802 not relevant....

And I'm assuming that getting prequalified at my bank or savings and loans before I head to the dealership is the shark move.
If you are paying it off in 3 months - any difference in interest rates will be negligible.

In fact, I would be tempted to finance through the dealership - and try to knock a little off the price of the car, and let them think they will get it back on the financing, and then pay off the car.
Agree with this - do not tell the dealership that you are paying it off right away.
 
Buying a new car at the end of the month and will be paying it off within 3 months (need car soon, but these funds will not be available until September), but still want to get the best finance rate available.

Credit rating was 818 but I charged wedding expenses (15K) for oldest son this past month that brought it down to 802. Have already paid that card off.

Would it be better to wait until those balances are shown paid off and my credit rating bounces back up, or is the difference between 818 and 802 not relevant....

And I'm assuming that getting prequalified at my bank or savings and loans before I head to the dealership is the shark move.
If you are paying it off in 3 months - any difference in interest rates will be negligible.

In fact, I would be tempted to finance through the dealership - and try to knock a little off the price of the car, and let them think they will get it back on the financing, and then pay off the car.
Never did this since the two cars I've bought were low interest that I just paid off on schedule but this sounds like a good strategy even if you were intending on paying cash.
 

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