We're looking for a car right now, before my jalopy dies completely. I love going into a dealership and saying no to financing...it must not happen very often, based on the reactions.
Interestingly enough, we did fill out the paperwork at one place just out of curiosity to see what terms would be offered. Despite our high credit score, the interest rate was not that great. When we asked why, the explanation was that we had never financed a car before. Because we've never gone into debt for a car before, we do not qualify for the super great interest rates. All the more reason to pay in cash, no? :-)
2 comments:
I love the feeling of paying cash for a car. It's unbelievably exciting walking out with no payments! Yay for you guys! Can't wait to hear what you find!
That's great that you are going to pay cash.
About the interest rate. Auto financing is a different kind of credit than normal credit. It's called auto credit, and it goes on your score differently. So, If you have no established auto credit it is almost as though you don't have established credit when you walk into a dealership.
Post a Comment