How tough is snap on credit?

[cgraz1187]

I will be honest, my credit from the past *****, 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.

 

[bobcatdan]

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.

 

[cgraz1187]

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.

 

[chadster1]

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.

 

[ToyMeKaNeK]

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?

 

[cgraz1187]

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.

 

[trout]

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.

 

[Bull]

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 **** an egg if I have my head in my **** about this. I am ignorant of professional wrencher thinking since I am just an amateur shmoe.

 

[mrshaun]

it also depends on how well the dealers other customers take care of their stuff...

 

[chadster1]

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.

 

[bczygan]

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.

 

[mepilotunot]

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.

 

[hydramatic]

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

 

[chadster1]

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.

 

[thrifty bill]

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.

 

[4x4gearhead]

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.

 

[GeorgiaHybrid]

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.

 

[TireTracks]

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.

 

[Bull]

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.

 

[poprockcrusher]

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

 

[TireTracks]

Uh-oh. That's going to raise some hackles.

We'll whats smarter, paying XXXXX with 22% interest, or buying a cheap box thats good enough.

A snap on can't make your tools any more organized than they would be in a Cheap one.
Then after you have some money saved up, buy a snap on if you want.

 

[scott37300]

I don't think I would ever want to get snap on credit. Not because I am bad with money, but because I am bad with a lot of tools in front of me that I could walk off the truck with at any time without paying right away!

 

[ngk22r]

I can say that if you know you are going to be able to handle what you sign for, Snap-on credit is a great one to have on your report. I have seen people where I used to work after paying faithfully for a year on the box (which they ended up paying it off as well) have their credit score go up pretty well. And put strength on the score itself.

I would say though to get the right box, dont go too big, but also dont go too small. Since you will be paying off the box in said amount of years try to get the right size that will honestly hold your tools and tools will have during the loan time. Last thing you want to do is to keep trying to add a top part, or a bigger box on top of your loan. But seeing how you described your credit you will go on a platinum account so you will be limited to a degree on what you can get anyway.

 

[leod]

i would agree with everyone on not taking the credit. if you cant pay in full then buy used. taking the loan on any form SO credit or bank is the same, it's still a loan with interest.

I bought a CM homeowner toolbox bottom drawer toolbox under 50 bucks, fits my needs and doesn't break the bank. im a home owner and don't have lots of tools so it fits my needs. my tools doesn't know where they get stored.

check your # of tools and get the right size for you. you'll also sleep better at night

 

[Skin]

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.

I agree 1000% percent will Bull. Please dont take this the wrong way but you are not someone that should be looking at truck tools, let alone financing them on ****** interest rates. Do you realise how much 20% interest is? Every month that $1000 you owe will ding you for an extra $200, so lets say you make $300 monthly payments, you'll have paid an extra ~$800 in interest ontop of the $1000 you owed.

Wait till you have the cash to buy it outright or dont buy truck tools at all. If you come back with a response like "i'll have paid it off within the month" then save for that month instead and just buy it.

 

[nato]

Don't do it!!! I'll tell you from my horrible, past experience. I was almost 19 yrs old when I opened my OLD credit line with them....I had two credit cards at the time, almost maxed each and was approved for $4000 on the spot via Snap-On. I started out with a little tool collection, mostly Craftsman and odds & ends, and a ****** Craftsman 6-drawer bottom box and a little 3-4 drawer top chest......
You can know what happened from there, I don't need to write about that
A new box and tools!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Not only was that the bad move, but the phrase ""Open-to-Buy" became an evil term. I did a few add-on's to my contract....very careless & immature of me.
Now, at 19.9% interest, I was in 'da hole!!!!!!
My own fault.
I was able to roll the PAYOFF balance of about $6500 onto my in-laws credit card for a MUCH lower interest rate on a balance transfer. I'm paying that off much more easily than the first mistake.
Also remember, if you do take the leap, stay current on your payments and keep tabs on your dealer!!!! My two dealer's were f*cking douch-a$$, scumbags sh*th0les that took my payments through check and were not correctly applying payments to the credit account and putting more on the lower truck account. ALSO, as convenient as it may be, try not to pay them via BANK debit card. They have to swipe the card and manually enter the amount to debited to your account for your tool bill. If you have an idiot, he WILL enter in the wrong amount and either give you too much credit or not enough and boy how fun is it when your Snap-On statement says he 'applied' $30 to your weekly tool bill, but actually 'charged' your debit card $35 according to your bank statement.....Needless to say, four years since I ended Snap-On credit b.s. and WILL NEVER put ANYTHING on a credit line with them ever again!

 

[canuckian]

I agree with most others that have responded.....resist the temptation of that shiny new box filled with truck tools if you have to take out a loan with interest to pay for them, even if only in part. Sure, like most people, I got in over my head with high interest credit (electronics stores mostly) when I was younger. It didn't hurt my credit rating but it came real close. I worked 3 jobs for almost a year to pay those off and ever since that episode, my rule is that I NEVER pay interest on anything that depreciates. Well, I pay interest on my car (1.9%) but I NEED my car to get to work. You don't need truck tools and a big new box to start off your career. Save and buy them when you can afford it. You'll appreciate them more that way.

 

[Techniker]

We'll whats smarter, paying XXXXX with 22% interest, or buying a cheap box thats good enough.

A snap on can't make your tools any more organized than they would be in a Cheap one.
Then after you have some money saved up, buy a snap on if you want.

Couldn't agree with you more. Snap-On "credit" borders more on usury than an actual loan. What's the phrase? "Boxes don't make money, tools do." Wouldn't you be better off spending that money more on tools?

I've seen enough career mechanics to think that many/most mechanics are destined to a lifetime of poverty. I would say most mechanics I know make $42,000-$56,000+ but they don't spend their money wisely. Instead of keeping a 3 month buffer of savings, they save up the money and wipe it out on an outrageously expensive truck tool box.

Yes, wealth is determined by your assets, but the truth is that reselling a box might bring you back a third of what you put into it. They depreciate as soon as they come into your shop. It's as foolish as putting your assets into cars. The vehicle instantly drops half its value as soon as it rolls across the sidewalk dividing the car lot and the road.

-Techniker

 

[nato]

........I would say most mechanics I know make $42,000-$56,000+ but they don't spend their money wisely......-Techniker

Say whaaaaaaaaaatttttt?
Can I please be in the demographic!!!! lol
<<<<indee garage tech. Hourly. $30k year. Northeast Ohio. 4 ASE's. 8 yrs. expereince.
So, does that mean I have something to look forward to???!!! lmao.

 

[ToyMeKaNeK]

Pass those ASE's. It's like money in the bank. (plus you'll be a little prouder of yourself)

 

[nato]

Pass those ASE's. It's like money in the bank. (plus you'll be a little prouder of yourself)

Oh, I will, BUT, it's my employer that has the defining right to increase my wage...and in our current economic state, yeah..i'm not gonna get my hopes high. I will do it for my own sake though. The two guys ahead of me tht have been there for 4-5 years longer, are working on their Master certification and we all three earn the SAME wage lol

 

[Skin]

the more you know the more valuable you become.

 

[Techniker]

Pass those ASE's. It's like money in the bank. (plus you'll be a little prouder of yourself)

Where I work, passing the ASE IS money in the bank. You pay the cost of the test yourself and, if you pass it, they reimburse you for the cost of the exam PLUS another $100 and I think something like an additional $1/hr. (We do a mixed pay system here- you have a secured base pay plus commission- by far the best way to go IMO for customer and technician alike).

-Techniker

 

[Techniker]

Say whaaaaaaaaaatttttt?
Can I please be in the demographic!!!! lol
<<<<indee garage tech. Hourly. $30k year. Northeast Ohio. 4 ASE's. 8 yrs. expereince.
So, does that mean I have something to look forward to???!!! lmao.

That's actually being conservative here. I'm at a semi-independent shop. The level C techs I know at the dealerships are easily pulling between $70,000 and $80,000 a year.

-Techniker

 

[poprockcrusher]

I want to work there

 

[diesel research]

Thanks or the reply, I know my credit is bad, i have no credit cars anymore, I use strictly cash for everything

That is not helping the situation any. That means that the only history you have is old-bad history, nothing current to dispute that.

Furthermore, as someone else mentioned, credit is based partially on how much others have already extended to you (vs amount actually used)

So, having a card even with a small limit, and no balance, is much more beneficial than going cash only. It's not the card, but the user. You can still go cash only, but having the line open builds credit via positive history.

 

[Bull]

Just a note to folks: we need to be respectful of our SO dealers and loyalists here. I am curious to hear from the OP whether he needs to spend this much money given his situation, and whether he has considered other avenues for outfitting himself for his line of work. But, I don't want to see people kicking the **** out of SO. After all, SO doesn't force anyone to sign up for 20% loans; people just get carried away by their own covetousness.

 

[Techniker]

Just a note to folks: we need to be respectful of our SO dealers and loyalists here. I am curious to hear from the OP whether he needs to spend this much money given his situation, and whether he has considered other avenues for outfitting himself for his line of work. But, I don't want to see people kicking the **** out of SO. After all, SO doesn't force anyone to sign up for 20% loans; people just get carried away by their own covetousness.

Yeah, but they make it easy for people to hang themselves with it. It's why they offer it. It's inherently a subprime lending practice, for the most part they offer credit to anyone. The money is made by SO (not necessarily by the dealers themselves) on the interest much more so than on the product itself (which is also at quite a hefty markup). This is why so many stores offer their line of credit cards and you hear the stories of the coal mine "company stores"- they offer the credit and you're stuck owing them money. At least regular credit cards have legal limits on how high the interest rates can be (maxing out at 13-14% IIRC) before it becomes usury. State law usually defines this.

If you don't have a problem with this, then you also cannot have a problem with our large commercial banks and their subprime lending practices that landed them in the public spotlight these past few years. The only difference is that SO can charge higher interest rates (and there won't be a taxpayer bailout if they overextend themselves).

-Techniker

 

[Bull]

I will never in 1 million years have SO credit, so I am ignorant of that about which you speak.

I'm just saying: we have two SO dealers in this thread, both of whom seem to be good guys with long histories here. And, we have lots of SO lovers on the board, so we don't want to take a dump on their preferred brand.

You know?

 

[Techniker]

I will never in 1 million years have SO credit, so I am ignorant of that about which you speak.

I'm just saying: we have two SO dealers in this thread, both of whom seem to be good guys with long histories here. And, we have lots of SO lovers on the board, so we don't want to take a dump on their preferred brand.

You know?

Definitely true and there's no question that they sell a good quality product. I think what we're saying is not bashing just SO, but holds true for every other tool truck in general: Mac/Matco/etc.