Credit Score and Car Loan question...

 I'm getting ready to buy a car (Toyota Tacoma) and I can't decide if I
should wait till my credit score rises some, it's currently at 715-720.
Will this allow me to get a decent rate? Also, I just refinanced my
mortgage and closed a lot of revolving debt, most displays closed on my
report but a few things are still showing as open but it has only been
a month since consolidating...

Give me your thoughts...

Thanks!

 

Why buy new?

 hchickpea@hotmail.com wrote:


I happen to be looking at one too so I have some ideas.


The Tacoma was majorly redesigned in '05 and I'm not interested in
the earlier ones.  The used onces since then aren't depreciating much at
all.  Its almost impossible to get VSC or side airbags in any vehicles
off the lot in most areas and those that do have the options on the lot
are fully loaded vehicles with lots of other features I don't want.  The
only way to get these safety features on a less than loaded vehicle is
to special order the vehicle a month or two in advance.  Although I'm
not planning on financing, threre is a special financing deal going on
so if you are financing you can get half the interest rate on a new
vehicle as on a used one.  

I only get a new vehicle every 10-15 years, so I'd rather waste a little
money to get a NEW vehicle rather than save 10-15% by getting a 2 year
old vehicle.

YMMV

 hchickpea@hotmail.com wrote:


Buying new has its advantages if you are a high mileage driver (perhaps
 >15-20k / year), but buying used has many cost advantages if you are a
low mileage driver (<10k/yr).

 I do put a lot of miles on a vehicle so that's why I prefer to purchase
a new vehicle. Is there any advice on my credit rating and whether I
should go ahead with the purchase or wait until my score rises?


gamer wrote: