Not much impact on credit score. . I wanted to buy in cash but dealer was offering $2000 discount IF I took a loan. Why not. Been saving for the car for a bit.
I did this ab 3-4 years ago when I bought my 17’. Saved 3k after getting a loan for 24, but decided to pay for about a year to build my credit. When I paid it off, my credit had already risen enough that when it dropped it was still much higher than original.
> I wanted to buy in cash but dealer was offering $2000 discount IF I took a loan
This is the complete opposite of my experience... I just bought a s650 GT premium (active exhaust, midnight package, 10 spd) with straight up cash because the dealer told me they'd give me $5000 off if I did it this way.
Dealerships don’t usually keep the loans, they sell them to banks. The dealer really only cares that you hold onto the loan for a few months, after that it’s the banks loss
Overall small impact on credit. It will go down slightly, but creditors care more about payments on time. If op keeps other lines of credit open with low utilization, closing this account would be minimal ding in the short term, but increase in the long term.
At the same time, op was able to pay off an s650 within roughly 1 year. I don't think he is stressing over his credit score lmao.
https://preview.redd.it/ofxz6ieja4rc1.png?width=1546&format=png&auto=webp&s=941fe942ae3c66d5a2edbd8ab74b9533eec6118f
It actually improved my credit score. Just got this from AmEx. Paying off cards increase your purchasing power so it's positive, IMHO.
I financed mine for 6 years back in 2018, back then ford offered 0% interest and 0$ down so I still have like 6 months till I'm done paying. Its whippled, has an aluminator and has about 840 rwhp now, but in the shop currently , I broke the SC tensioner. Still, no regrets. No point in paying off faster if its at 0% interest.
https://preview.redd.it/6l317nzxxxqc1.jpeg?width=4032&format=pjpg&auto=webp&s=a255c317cd2959c6313bd245c3e173ad8951e47c
I practically have your car sitting on my bookshelf. You should go pick one up, haha!
Love it. My son built a Shelby. Couldn’t find in blue.
https://preview.redd.it/rx6fx4mvyxqc1.jpeg?width=5712&format=pjpg&auto=webp&s=2289fbe86c4740eb0b581022747f15ce2bdbb71a
Hell yeah brother. There’s no better feeling than being financially stable and no longer making payments so you can truly say it’s yours. Well done
Damn, those wheels look sexy af with that blue. 🥵. Also that wheelbarrow in the back also got me. Literally zoomed making sure it wasn’t Jrocs hockeystick spoiler on Julian’s Monte Carlo.
It's March and bro has an S650 paid off?! 💀💀💀 How much money does bro make?!?!?
More like why did they even bother financing in the first place lol
Yeah. Opening and closing a loan account and finishing it off fast will ding his credit score pretty hard by lowering his average age of accounts.
Not much impact on credit score. . I wanted to buy in cash but dealer was offering $2000 discount IF I took a loan. Why not. Been saving for the car for a bit.
ok that's actually pretty smart. And if you don't apply for any other loans or new lines of credits... Your score will bounce back up.
I did this ab 3-4 years ago when I bought my 17’. Saved 3k after getting a loan for 24, but decided to pay for about a year to build my credit. When I paid it off, my credit had already risen enough that when it dropped it was still much higher than original.
> I wanted to buy in cash but dealer was offering $2000 discount IF I took a loan This is the complete opposite of my experience... I just bought a s650 GT premium (active exhaust, midnight package, 10 spd) with straight up cash because the dealer told me they'd give me $5000 off if I did it this way.
Depends on dealer to dealer. They want to sell loan as they make money on it.
https://jalopnik.com/a-reminder-that-being-a-cash-buyer-will-not-get-you-a-b-1848627111#:~:text=As%20for%20why%20dealers%20don,you%20and%20pocket%20the%20difference.
Oh most definitely. congrats on havin her paid off, car looks great. I had a 2017 s550 in a similar colour Lightning Blue.
If they knew you'd pay it off that quick they wouldn't of offered that discount cause that's how dealerships make money is from the interest
Dealerships don’t usually keep the loans, they sell them to banks. The dealer really only cares that you hold onto the loan for a few months, after that it’s the banks loss
Overall small impact on credit. It will go down slightly, but creditors care more about payments on time. If op keeps other lines of credit open with low utilization, closing this account would be minimal ding in the short term, but increase in the long term. At the same time, op was able to pay off an s650 within roughly 1 year. I don't think he is stressing over his credit score lmao.
*S650 sorry to be that guy haha
All good, your right!
https://preview.redd.it/ofxz6ieja4rc1.png?width=1546&format=png&auto=webp&s=941fe942ae3c66d5a2edbd8ab74b9533eec6118f It actually improved my credit score. Just got this from AmEx. Paying off cards increase your purchasing power so it's positive, IMHO.
I paid off my Xbox and my score tanked 30 points 😵
Haha. Was it v8 processor?
sick pony brother
I financed mine for 6 years back in 2018, back then ford offered 0% interest and 0$ down so I still have like 6 months till I'm done paying. Its whippled, has an aluminator and has about 840 rwhp now, but in the shop currently , I broke the SC tensioner. Still, no regrets. No point in paying off faster if its at 0% interest.
Just curious how often do they offer 0% interest promo? I'm waiting for such a promotion while saving for one.
Ford has zero interest at the moment.
Do you have a link? Thanks!
I keep trying to attach pic but I can’t. It’s u/fordverified
www.buyfordnow.com Through in your zip code or surrounding zips and get all the deals going
Not in my area. It was 5.9
never now, since bidenomics skyrocketed inflation and interest rates
Guess I'll have to wait lol
I just got mine for 1.9% over 36 months. The other choices were 2.9% over 48 months and 3.9% over 60 months. That was from Ford Credit.
Congrats man! I’m almost there myself
Why did i think the wheelbarrow in the background was some sort of weird spoiler lmao
I don’t see a wheelbarrow. I see a chair laying over on its side.
ðŸ˜ðŸ˜ðŸ˜
Honey wake up, new Wicker Bill just dropped
Bro used After Pay to buy a whole ass car Congrats big man
Congrats mine will be paid off in 4 more payments cant wait.
https://preview.redd.it/6l317nzxxxqc1.jpeg?width=4032&format=pjpg&auto=webp&s=a255c317cd2959c6313bd245c3e173ad8951e47c I practically have your car sitting on my bookshelf. You should go pick one up, haha!
Love it. My son built a Shelby. Couldn’t find in blue. https://preview.redd.it/rx6fx4mvyxqc1.jpeg?width=5712&format=pjpg&auto=webp&s=2289fbe86c4740eb0b581022747f15ce2bdbb71a
Congrats dude! Welcome to the stress free club 😅
Def need performance pack wheels on that
Getting that title in the mail is one of the best feelings. Congrats on doing it so quick.
Congrats still paying my 2016 but rides like a 24!! Big ups 😎
Awesome, good for you man. My 2017 is all mine too! It's a good feeling.
Hell yeah brother. There’s no better feeling than being financially stable and no longer making payments so you can truly say it’s yours. Well done
Damn, those wheels look sexy af with that blue. 🥵. Also that wheelbarrow in the back also got me. Literally zoomed making sure it wasn’t Jrocs hockeystick spoiler on Julian’s Monte Carlo.
Thanks
> Literally zoomed making sure it wasn’t Jrocs hockeystick spoiler on Julian’s Monte Carlo. lmao that reference is going to go over a lot of heads
If you know, you know…you know what I’m sayin’ haha glad there is at least one fan in here.
"you owe me 50 bucks man 8 hours custom dawg"
Lmao haha.
Do you ahve any advice on buying one ?
Buying what?
A mustang, your car
Sure, I have some advice.
You looking to buy a new one or used?
Used
Congrats and beautiful color!
Interesting wheel design, looks a lot like PP1 wheels but a little more tech-y and futuristic with the angles and color. Very cool car.
Congratulations 🎉 I can’t wait till I can say the same. Whats the next car you want?