My girlfriend just got approved for a new Honda Pass Port...But according to the dealership they had to go through a Finance Company...I hear that your Fico goes down when you use a Finance company for a car loan...Is Ford Credit or Chrsyler Financial a Finance company ???? What is the difference ? She is also in the process of rebuilding credit and I am wondering if this is going to hurt her as long as she has this vehicle...
I have a card with CompUSA (owned by Household Bank - a finance company). To my knowledge this hasn't affected my score at all. It may reduce your FICO by a couple points, but as you pay on time and the account ages I can't see how it would hurt you. The interest rate with a finance company is a little bit higher than your normal bank loan, but usually they ask for less personal information. The good thing is over time you build a relationship with the company - Mazda, Ford, GMAC, etc. and they will accept you quickly on your next car purchase. So don't fret and enjoy the new car. Dani PS Does anyone know if Lambourghini does financing? If they would drop the price about $200,000 I could afford it.
George, I don't know. What would insurance run on a Lambo? Probably $20,000 a year. As along I didn't have to make car payments I would find the money to make the insurance premium. By the way were you offering to buy the car for me? Dani
"YEA...YOU HAVE DISCOVERCARD UP MY LIMIT...SO I CAN CHARGE IT..." Well, that will never happen. So I guess I will have to wait until I make more money or until Lambo drops their price. Dani