The_buster Posted June 9, 2015 Report Share Posted June 9, 2015 We got approved for a loan. Were going to use it to pay off my Matco bill, pay for the wifes nursing boards, and fix her car up a bit. The loan is for $1900 paid back over 2 years, going to pay it off completely in 1, at $94/month with an interest rate of 10%. The monthly payment is less than half of what I was paying matco to begin with and this will help boost our credit, the tool bill is just a truck account and isn't reported to credit. For us to get the low interest rate we had to put the CRV up for collateral, lincoln was too old, no big deal we will be able to pay the loan with no problem. My question is next april when she needs to get new tags how does she go about this when they have the title? Quote Link to comment Share on other sites More sharing options...
Bogie89 Posted June 9, 2015 Report Share Posted June 9, 2015 The same way if you buy a car with a loan. They send you a temporary title (theres a name for it slipping my mind) that you use to register or license the car. Quote Link to comment Share on other sites More sharing options...
Mitch Posted June 9, 2015 Report Share Posted June 9, 2015 It's a memorandum title, or just called a memo title. It should come in the mail from the lender. Quote Link to comment Share on other sites More sharing options...
The_buster Posted June 9, 2015 Author Report Share Posted June 9, 2015 Ok. Awesome thanks! Here's to building better and moving up! Quote Link to comment Share on other sites More sharing options...
jeffro Posted June 9, 2015 Report Share Posted June 9, 2015 the tool bill is just a truck account and isn't reported to credit. I dont believe that. Quote Link to comment Share on other sites More sharing options...
Mensan Posted June 9, 2015 Report Share Posted June 9, 2015 I dont believe that. It's reported if negative, but does nothing for you otherwise. Buster, what is your current interest rate on the items you are paying off? Quote Link to comment Share on other sites More sharing options...
The_buster Posted June 9, 2015 Author Report Share Posted June 9, 2015 We got 9.99%. Or are you talking about the 0% if I just pay for things? Quote Link to comment Share on other sites More sharing options...
350pandaz Posted June 9, 2015 Report Share Posted June 9, 2015 why not just get a credit card with a 0% intro rate for 12-15 months. Since you are planning on paying it off within 12 months anyway. might have to pay 3-4% balance transfer fee but heck of a lot better than 10%. some cards even offer no balance transfer fee. something to consider. Quote Link to comment Share on other sites More sharing options...
90G60 Posted June 9, 2015 Report Share Posted June 9, 2015 why not just get a credit card with a 0% intro rate for 12-15 months. Since you are planning on paying it off within 12 months anyway. might have to pay 3-4% balance transfer fee but heck of a lot better than 10%. some cards even offer no balance transfer fee. something to consider. This ^^ Title loans are scary. Quote Link to comment Share on other sites More sharing options...
Radio Flyer1647545514 Posted June 9, 2015 Report Share Posted June 9, 2015 why not just get a credit card with a 0% intro rate for 12-15 months. Since you are planning on paying it off within 12 months anyway. might have to pay 3-4% balance transfer fee but heck of a lot better than 10%. some cards even offer no balance transfer fee. something to consider. This. While you're at it, apply for two more cards that same day that have a cash back deal. US Bank normally has a 100 dollar cash back after you spend 500 in 3 months. Chase Sapphire Preferred has a 40k point bonus equal to 400 dollar cash back offer after you spend 4k in 3 months and 5k extra points for an authorized user card that has one purchase on it. After it's all done you have nearly 500 worth of cash. I might be able to send you an invite for this card. These are examples of low and high spending/ reward limits you can obtain if you know you'll meet the spending limits on day to day items. Quote Link to comment Share on other sites More sharing options...
Mensan Posted June 9, 2015 Report Share Posted June 9, 2015 We got 9.99%. Or are you talking about the 0% if I just pay for things? What is the interest rate on the Matco Bill and the Nursing boards? Are you making payments now? Quote Link to comment Share on other sites More sharing options...
Littleguy Posted June 9, 2015 Report Share Posted June 9, 2015 why not just get a credit card with a 0% intro rate for 12-15 months. Since you are planning on paying it off within 12 months anyway. might have to pay 3-4% balance transfer fee but heck of a lot better than 10%. some cards even offer no balance transfer fee. something to consider. Something tells me dat buster won't be offered 0% credit cards. And FYI for the buster, you will be paying around $167 per month to finish it in 1 year. Quote Link to comment Share on other sites More sharing options...
The_buster Posted June 9, 2015 Author Report Share Posted June 9, 2015 My original payment to matco was 200 a month. This way I'm still paying less and building credit. I have a capital one card now. Quote Link to comment Share on other sites More sharing options...
Mojoe Posted June 9, 2015 Report Share Posted June 9, 2015 What's in your wallet? Quote Link to comment Share on other sites More sharing options...
acklac7 Posted June 10, 2015 Report Share Posted June 10, 2015 My original payment to matco was 200 a month. This way I'm still paying less and building credit. I have a capital one card now. pay your capital one on time for the first 6 months and youll get at least a $600 credit line increase, as well as a boost on your credit score Quote Link to comment Share on other sites More sharing options...
mrhobbz Posted June 10, 2015 Report Share Posted June 10, 2015 If you're having that much trouble paying off $1900 you shouldn't really be using credit at all Quote Link to comment Share on other sites More sharing options...
kirks5oh Posted June 10, 2015 Report Share Posted June 10, 2015 If you're having that much trouble paying off $1900 you shouldn't really be using credit at all This. I hate posting in this thread but I will anyways. You should not be buying Matco anything. I know that you're a mechanic of sorts by trade, but Matco/snap on tools should not even be on the radar for you at this point. Buy only what you absolutely need, and buy cheap or used. Craftsman, harbor freight, etc. do NOT start any type of tool buying account until you're more financially stable and have a more professional job--like as a full time tech at a dealership type job. You can change oil, and do just about any simple car work with craftsman tools, and on the off chance that a $1 socket breaks---fuck it, they are lifetime guaranteed. I'm not a professional mechanic, but neither are you. Sorry to come off harsh, but you need all the advice that is given in this thread, even if it tastes like shit. Do what you need to do, to get your wife to pass her nursing boards, and pass on the first try. That will be your health insurance, and your steadiest source of income/employment. Don't waste the money she earns either Quote Link to comment Share on other sites More sharing options...
mrhobbz Posted June 10, 2015 Report Share Posted June 10, 2015 I may have come across as harsh, if so I apologize but this post really made me think back to my financial struggles between the period of being a teenager (18) and now. So let me give you my back story and some advice... I got two credit cards quite literally the day I turned 18, big mistake.. I wasn't mature enough to handle any line of credit. Not too sure how old you are but it sounds like you're in the starting stages and off to a bad start. Long story short, I maxed out the credit cards, had to resort to 300% (or whatever they were at the time) apr payday advances and almost lost everything. I was living beyond my means, I was close to 40k in debt making 34k/yr. I never defaulted on a loan, never had a late payment and never filed bankruptcy but believe me I fucked up and royally and I paid for it for the next decade, I was single with no kids so that made it easier. I'm worried you're going to find yourself in a similiar position. Fast forward to today, I'm virtually debt free, credit scores in the 800s and I don't have to worry about where my next meal is coming from. It sounds like doing a title loan is a bad idea, if you can't pay off the $1900 you owe now can you afford to buy a new car if it gets repossessed? If you can afford the bills without doing the title loan I would avoid that at ALL costs. The title loan may lower the payment and be affordable now but what would you do if (heaven forbid) you lost your job? It can and does happen, it's happened to me, I'm sure it has also happened to others on this board. You need to navigate around this entire situation very carefully because If you make the wrong choice here it may snowball and become an uncontrollable mess where you are living paycheck to paycheck and could affect you for years or even longer. I think putting anything up that you own outright for collateral is a bad idea unless you have funds on hand to replace it, especially your primary means of transportation. Quote Link to comment Share on other sites More sharing options...
Snowflake Posted June 10, 2015 Report Share Posted June 10, 2015 The buster struggle is real Quote Link to comment Share on other sites More sharing options...
The_buster Posted June 11, 2015 Author Report Share Posted June 11, 2015 I am currently living paycheck to paycheck. Paying off matco frees up some money each month. We're still waiting on the college to get their paperwork in order so she can take her test. COTC apparently waits around 3 or 4 weeks after graduation to file and then it takes another 6 weeks to get a spot, and another 6 weeks to get results.... where as other colleges file within a few days of graduation. Some of the other students in her class lost job positions the had waiting because of this issue. I only owe 1209.xx to Matco, and the only reason I have Matco tools is because shortly after I started sears split the main store and auto centers. Then we got a visit from the managers of the main store and they had a letter stating that since we use our tools in a "professional" setting that voids any warranties and they will not honor them. Which has since been taken care of by craftsman themselves. So with them pulling that I bought tools from Matco and then went to Harbor Freight. Quote Link to comment Share on other sites More sharing options...
iwashmycar Posted June 11, 2015 Report Share Posted June 11, 2015 Either way a 0% card for 15-18 months...hell, 12 if you must...is better than any title loan. Pay it off as quickly as you can and pay no interest at all. We have a little debt currently on a 18 month ride with AMEX. The 3% or whatever it is fee is very worth no interest on most balances Quote Link to comment Share on other sites More sharing options...
Mensan Posted June 11, 2015 Report Share Posted June 11, 2015 I am currently living paycheck to paycheck. Paying off matco frees up some money each month. We're still waiting on the college to get their paperwork in order so she can take her test. COTC apparently waits around 3 or 4 weeks after graduation to file and then it takes another 6 weeks to get a spot, and another 6 weeks to get results.... where as other colleges file within a few days of graduation. Some of the other students in her class lost job positions the had waiting because of this issue. I only owe 1209.xx to Matco, and the only reason I have Matco tools is because shortly after I started sears split the main store and auto centers. Then we got a visit from the managers of the main store and they had a letter stating that since we use our tools in a "professional" setting that voids any warranties and they will not honor them. Which has since been taken care of by craftsman themselves. So with them pulling that I bought tools from Matco and then went to Harbor Freight. You received an $8000 tax return which you spent on things you didn't need at the time. Your wife took out loans that were unnecessary so that you could buy more things you didn't need. Now you are having trouble paying for the things you DO need to live, and to work to make extra money. If you can't live within your means THERE IS NO REASON FOR YOU TO BUILD CREDIT, AS YOU SHOULDN'T BE BORROWING MONEY. If you would like real, actual help with your finances, I am willing to help you straighten your shit the fuck out. This comes with the stipulation that if you do not listen to me, I would walk away and shake my head as I watch the plane crash into the mountain. http://www.columbusracing.com/forums/showpost.php?p=1760940&postcount=13 Quote Link to comment Share on other sites More sharing options...
RedRocket1647545505 Posted June 11, 2015 Report Share Posted June 11, 2015 I am currently living paycheck to paycheck. Paying off matco frees up some money each month. We're still waiting on the college to get their paperwork in order so she can take her test. COTC apparently waits around 3 or 4 weeks after graduation to file and then it takes another 6 weeks to get a spot, and another 6 weeks to get results.... where as other colleges file within a few days of graduation. Some of the other students in her class lost job positions the had waiting because of this issue. I only owe 1209.xx to Matco, and the only reason I have Matco tools is because shortly after I started sears split the main store and auto centers. Then we got a visit from the managers of the main store and they had a letter stating that since we use our tools in a "professional" setting that voids any warranties and they will not honor them. Which has since been taken care of by craftsman themselves. So with them pulling that I bought tools from Matco and then went to Harbor Freight. No they don't. No it doesn't. That's wrong too. Your wife is being lazy and lying to you. 1 Quote Link to comment Share on other sites More sharing options...
Snowflake Posted June 11, 2015 Report Share Posted June 11, 2015 (edited) I hope the best for you and your family Edited June 11, 2015 by Snowflake We all had to learn 1 Quote Link to comment Share on other sites More sharing options...
Snowflake Posted June 11, 2015 Report Share Posted June 11, 2015 No they don't. No it doesn't. That's wrong too. Your wife is being lazy and lying to you. O Snap! Quote Link to comment Share on other sites More sharing options...
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