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Old 02-03-2011, 06:21 PM   #1
cgraz1187
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Default How tough is snap on credit?

I will be honest, my credit from the past sucks, and I 100% agree it is my fault and I wont make excuses. I had credit cars 4 years ago when I was 19 and in college, and I was irresponsible.

I work at a family members garage, the local snap on dealer has been servicing this garage for years, comes by every week. I bought a few things on truck credit, mostly I pay cash as I dont want to have a large balance out there, I buy larger items such as the 1/2 in cordless impact, It was $500, so I paid $200 down and give him at least $100 every week, even though he asks for less, I figure, if I have it, Im going to pay it off as quick as possible. I pay the acct. off before I buy more items, even though he is more than willing to extend the truck credit, I have been at the same shop for around 4 years now, and the shop has beeen there for at least 15 years.

My question is, how hard is the snap on credit to get for a toolbox. There are some pretty good rebates on boxes now, and the one he has on the truck retails for aroun 8k and its down to 5k I have read snap on has a creditstart program but not sure how it works.
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Old 02-03-2011, 06:32 PM   #2
bobcatdan
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Default Re: How tough is snap on credit?

Snap on credit is evil. Most of the time it is 18-22%. Sometimes there are 9.9% promos, but that may take good credit to get. I would only use SO credit, if it is no intrest for 3 or so months and take a loan out at the bank. The other problem with SO credit, it shows up on your credit report with no published credit limit. This hurts your credit because a large percent of your score is based on available credit verus used and no limit throws this ratio off. I think they give credit to everybody except the biggest of the big risk. If you can't get a loan eles where, I would say look for a used box. Bigger and bigger boxes are starting to come cheap. KRL 1001 and KRL 1003 have been around at less 15 years now. Best luck.
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Old 02-03-2011, 06:39 PM   #3
cgraz1187
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Default Re: How tough is snap on credit?

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Snap on credit is evil. Most of the time it is 18-22%. Sometimes there are 9.9% promos, but that may take good credit to get. I would only use SO credit, if it is no intrest for 3 or so months and take a loan out at the bank. The other problem with SO credit, it shows up on your credit report with no published credit limit. This hurts your credit because a large percent of your score is based on available credit verus used and no limit throws this ratio off. I think they give credit to everybody except the biggest of the big risk. If you can't get a loan eles where, I would say look for a used box. Bigger and bigger boxes are starting to come cheap. KRL 1001 and KRL 1003 have been around at less 15 years now. Best luck.
Thanks or the reply, I know my credit is bad, i have no credit cars anymore, I use strictly cash for everything and I dont overextend myself on truck accounts. Man I wish I lived like this 4 years ago instead of being an irresponsible 19 year old with a credit card. I know the intereste rate would be high, if snap on approves me, I just was wondering what are the chances of approval, I heard about creditone which is supposed to be for people like me I guess. Just dont want to look like an idiot on the truck.
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Old 02-03-2011, 06:46 PM   #4
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Default Re: How tough is snap on credit?

If you have previous bad credit, you will not qualify for the creditstart program. There is still a chance you could get approved. Just have your dealer run an application on you. Tell your dealer that you are trying to rebuild your credit. There may be a way he can get you approved. It depends on your individual situation. The interest rate will be anywhere from 18-24% depending on what state you live in.
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Old 02-03-2011, 06:53 PM   #5
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Default Re: How tough is snap on credit?

Been on the job there 4 yrs and an excellent reputation with the current dealer? I would think he'd pull any strings to get you financed. I say no problem with S-O.
But!...listen to what these guys are telling you. Try and get a promo deal then head for the credit union. Buy used if at all possibel!
It's sooo easy to get sucked in on the S-O truck. Good product, but so damn expensive.
Plus, think about if your shiny new box was to be stolen. The shop good and insured?
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Old 02-03-2011, 06:55 PM   #6
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Default Re: How tough is snap on credit?

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If you have previous bad credit, you will not qualify for the creditstart program. There is still a chance you could get approved. Just have your dealer run an application on you. Tell your dealer that you are trying to rebuild your credit. There may be a way he can get you approved. It depends on your individual situation. The interest rate will be anywhere from 18-24% depending on what state you live in.
Thanks for the reply and the infor about creditstart, I doubt Id get approved otherwise, I may just go for the kra box for $2500 and put 1500 down and truck credit the other 100 over a month or so... may be better of that way.
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Old 02-03-2011, 07:05 PM   #7
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Default Re: How tough is snap on credit?

If you have $1,500 and are ok with a kra box, I'd look used. You'll probably find one for much less than $1,500.
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Old 02-03-2011, 07:10 PM   #8
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Default Re: How tough is snap on credit?

I hope no one takes offense to this: I mean it as an honest question.

If you are a younger guy, with credit problems from the past, is it wise or necessary to spend $500 on a single tool and $5k on a tool box? Is there no other option that would be suitable in a professional environment and leave you with far more money in your pocket?

Politely and respectfully tell me to suck an egg if I have my head in my arse about this. I am ignorant of professional wrencher thinking since I am just an amateur shmoe.
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Old 02-03-2011, 07:15 PM   #9
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Default Re: How tough is snap on credit?

it also depends on how well the dealers other customers take care of their stuff...
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Snap On ratchet repair tool SPP744
Holds the ball to the spring while installing new parts.

Old style track drawer removal tool 52638 ( remover)
thin little piece of metal used to release the latches on older snap on boxes.

Snap On Hard handles are back.
hard handle numbers thread:
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Old 02-03-2011, 07:17 PM   #10
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Default Re: How tough is snap on credit?

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Originally Posted by cgraz1187 View Post
Thanks for the reply and the infor about creditstart, I doubt Id get approved otherwise, I may just go for the kra box for $2500 and put 1500 down and truck credit the other 100 over a month or so... may be better of that way.
There are other programs available depending on your dealer. Have him run an app and then go from there.
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Old 02-03-2011, 07:32 PM   #11
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Default Re: How tough is snap on credit?

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Originally Posted by cgraz1187 View Post
Thanks for the reply and the infor about creditstart, I doubt Id get approved otherwise, I may just go for the kra box for $2500 and put 1500 down and truck credit the other 100 over a month or so... may be better of that way.
Not getting approved may be a blessing in disguise. In fact, you have the right answer right here above. Keep the time value of money working for you and not against you. Work on a cash basis. Buy low and sell high. You are young, and how you handle finances now, will determine in large part how well you live your life. I'm 60and deep in debt. It's over for me. But you can build for the future rather than be trapped by it. Avoid buying things to keep up with the next guy. Chart your own course. Tools are just tools. A box is just a place to keep them. Pay yourself first by putting money aside. Buy a used box or even a couple HF boxes. Be stingy with your money. The proper tool is not always the most expensive or drool worthy one. This forum is a good place to find out what tool is the most bang for the buck in each category. Each day think of the guy next to you who has a load of debt on his back along with his shiny box. You, on the other hand will have options and the freedom to exercise them. Money in the bank means you can pick and choose jobs. A debt load means you must work every day. Bosses love employees like that. They're stuck.
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Old 02-03-2011, 07:42 PM   #12
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Default Re: How tough is snap on credit?

I have run credit on guys and found they should not be loaned a nickel....week later a new Snap on Box with a crazy interest. I am sure they will approve from what I have seen but you need to look at your bottom line. See how much that box cost you in the end with interest. If you can pay cash down and finance on the truck your better off. Then your not locked into that payment over your head for years to come. And the dealer will not have to split payment between RA and Credit. Always specify your payment split. If they have that option your credit account will get the min payment and the interest will stack unless you specify. Cornwell is a hard one on credit score. Has to be good! And they want a work history. But on the positive note the last 3 apps I ran that were approved for 9.9%. I started with a Cart then stepped it up to a small box and as I grew the box grew. I am so happy that I did not jump into a huge box out of the gate. Tools made me money and paid for themselves. The box.....not so much.
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Old 02-03-2011, 07:50 PM   #13
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Default Re: How tough is snap on credit?

If they do a credit check..tell the dealer to do a soft check..a hard check will only lower your credit score even more...good luck
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Old 02-03-2011, 07:53 PM   #14
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Default Re: How tough is snap on credit?

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If they do a credit check..tell the dealer to do a soft check..a hard check will only lower your credit score even more...good luck
They do a credit check. There is only one way that they do check it. No options available.
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Old 02-03-2011, 07:55 PM   #15
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Default Re: How tough is snap on credit?

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Originally Posted by Bull View Post
I hope no one takes offense to this: I mean it as an honest question.

If you are a younger guy, with credit problems from the past, is it wise or necessary to spend $500 on a single tool and $5k on a tool box? Is there no other option that would be suitable in a professional environment and leave you with far more money in your pocket?
+100 You've been burned by credit in the past. Why go back? Instead, buy tools for cash. Yes, you may have to buy tools used, and you may not be able to get top of the line, but with the money you will save on interest, you will be able to upgrade with CASH over time, and have some great, paid for tools.

I just picked up a four year old SO rolling cabinet and top box off Craigs List. Paid about 30% of the price of a new one. Cash is king. When you have cash in hand, you will find great deals!

I am not an expert on tools, but I have done OK with money over the years. Due to living beneath my means, avoiding all debt (no car loans, no credit cards, home mortgage, but took it out for 15 years), I was able to retire at 50. Feels great! I have now been retired for four years. Debt free and loving it!

Of all the money decisions I have made over the years, paying cash for everything, and buying USED have been two of the keys (along with living beneath my means). As I sit here typing on this computer, everything I see (except my TV) was bought used. The chair I am sitting in, this computer, the rug on the floor, the light fixtures, the house, the clothes I am wearing, etc. Although I bought the light bulbs in the light fixtures new, I picked them up super cheap at Goodwill (NIB, but not new pricing). When I needed to replace my washer/dryer, I didn't even consider new. I went straight to Craigs List. Got a one year old set (Maytag), with minimal use, for $150. I do buy some stuff new, but it is more of the exception, than the norm.

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Old 02-03-2011, 08:33 PM   #16
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Default Re: How tough is snap on credit?

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Originally Posted by mrshaun View Post
it also depends on how well the dealers other customers take care of their stuff...
I was told this same thing by my dealer, he has a good low delinquency rate or something its been easy as hell to finance tool boxesfor me and i dont have exceptional credit due to me being irresponsible in my slightly younger years.
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Old 02-03-2011, 08:47 PM   #17
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Default Re: How tough is snap on credit?

I'm going to go against the grain here but for a reason. You are young and have screwed your credit up. Because of this, you will have a hard time getting credit in the future. Despite all of us saying "pay cash", the world still requires a good credit rating for a LOT of things. A good credit rating will come into play if you try to buy a house later in life and believe it or not, if you try to get a security clearance with the feds or a company, they will consider you a security risk with bad credit (you are susceptible to a bribe).

The last kept one of my guys off a job as he was going thru a bankruptcy and he could not get a "secret" clearance to work on the job we had. Because of those reasons, if you are comfortable with getting the box and it would not cause you a problem if you had to pay it off in a hurry, I would consider getting it on credit. There are several reasons for that answer.

You will have very few companies that will extend you credit with your history and if they do, it will be at a high interest rate (certainly no worse than Snap-on). By going with Snap-on credit, it won't be any higher than the others that will give you some credit and you will be helping your credit score and increasing your borrowing capacity. You will also learn to manage your finances better and appreciate how important having good credit is to your future.

As long as you feel comfortable with it, go for it but understand the why's and how to avoid what screwed you up in the first place.
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Old 02-03-2011, 09:01 PM   #18
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Default Re: How tough is snap on credit?

Why not get a ( gasp) HF box? Ya I know "it's not a shiny snap on", but you only need a box to keep stuff organized and safe, and a HF box locked up and chanied to the wall is as good as a Snap on.
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Old 02-03-2011, 09:02 PM   #19
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Default Re: How tough is snap on credit?

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Why not get a ( gasp) HF box? Ya I know "it's not a shiny snap on", but you only need a box to keep stuff organized and safe, and a HF box locked up and chanied to the wall is as good as a Snap on.
Uh-oh. That's going to raise some hackles.
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Old 02-03-2011, 09:03 PM   #20
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Default Re: How tough is snap on credit?

you get paid more with a snap on box - known fact
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