Chewie4299

Hey guys, I'm starting this thread because I have a couple questions and concerns. My plan is to
Step 1: sell current car (done)
Step 2: drive beater for month while loan clears and shows paid off on my credit
Step 3:
Step 4: Collect new Evo IX (hopefully SE) in Tarmac Black.


My first concern is this. Tomorrow I will be giving the guy that is buying my current car the word that my loan account is at the pre-determined amount. $19,000. He will then contact his bank and they will work out the last of the paperwork between the 2 institutions. The guy gave me $3,000 cash cuz his loan was for $19,000 so I just had to pay it down to $19,000 for his bank to take over.

I know that that paperwork and everything will take approximately a week or so. What I want to know is how long it should take after my loan is completely paid off with my bank for it to show up on my credit...

I went over a month ago to trade in my car on something else and when i was discussing financing with the Finance Manager there we figured out that my best course of action would be to sell the car myself and pay the loan off. He said paying off a $25,000 loan in as short a time as I am will boost my credit score by 100 points or possibly more. This is only due to the fact that I am 20 and have very little credit built up. Though it all is good. This addition to my credit report will then have a very good effect. I was very pleased with that dealership, that guy was more concerned with what's best for me than making himself some money... Too bad I decided on a new Evo instead since then.


Second concern is less important but I'm still concerned. Ideally what I'd like to get is a Tarmac Black Evo IX SE... I really don't want to go through southcoast as it would cost almost $1000 to ship across the country. However they are the only dealer that knows anyting about the SE's so far. My local dealer, which is where I'd like to buy the car, didn't know anything when I last spoke with them. I'm counting on some good haggling and shipping to offset the price difference from getting the car from california. I'd be cool with paying a little more not to have to wait upwards of a month for the car AND getting it with dirt and scratches from road debris all over the country on it.

Is it only some dealers that are going to have the SE's? Is there any possibility that I'll be able to get a decent price on one around here? I'd probably go with a White IX GSR over the Black SE than shipping from California.....

Mainly I'm worried about waiting 2 months from now in order to get some money that is owed to me for down payment and the credit to update....and then finding that my options are extremely limited because there aren't many Evos left.

Any advice is much appreciated.

aklucsarits

iTrader: (2)

You can get a letter from your current auto lender that states that your loan was paid in full. This may be useful to show to your next lender for credit consideration. But that loan payoff will not appear on your actual credit report for another 30-60 days.

ChopShop

iTrader: (1)

I have done this before, it works

Chewie4299

Thank you, I'll try that. Anyone else have any good thoughts?

boostless

iTrader: (21)

paying off the loan will not increase your score by 100pts but it will help. Once the loan is considered paid off, you can pay for a rapid re-score and get your car sooner than 30-60days

Chewie4299

How do I go about doing that? How much does it cost? And is there really a way to get a credit report for free like the commercials?

boostless

iTrader: (21)

Ask whatever financial institution you're using to see if they do it. Itll prob be around $60

Credit Reports are free, i believe 2 times a yr from each bureau (equifax, transunion, experian) which shows what is ON your credit report, which you should check first...it doesn't give you your fico. Theyll prob charge $5-6 to get your fico

go here... https://www.annualcreditreport.com/cra/index.jsp ...its amazing what these people know about you

Chewie4299

thanks again....

bump for more opinions!

JDMevoBOOST

iTrader: (37)

Selling on the private market was too much hassle so I'm just trading it in for my IX

TonyMS

The main thing against you credit wise is lack of credit history. They way it worked for me and what I have been told and what I actually see in my own credit is that paying on a 25k loan for full term or atleast a couple of years shows lenders that you can handle payments over extended periods of time. Anyone can make a couple of payments and then sell or trade in and show the loan paid off. What they are looking for with these types of loans are long term stability. Me and my wife both have 750+ credit scores but she is 4 years younger than me and so is her credit so all things the same (income, debt to income ratio, etc.) I am the better risk.

When I bought my first new car I only had maybe a year of credit history paid off two loan really fast had 0 bal on one credit card and had steady job. They still wanted a consigner I drove a beater for another year and the rest is history.