Matco financing

[jpinca]

What sort interest rate do the truck brands charge?

If paying cash or a cheap (like HF) starter box isn't a good options, you might be better off using some sort of personal loan or even a credit card.

The cost and interest paid will be tax deductible, so this may lower your effect interest rate to near zero.

 

[lucky1]

This was your 8th post in as many years. That makes me think you feel strongly about what you typed.

I couldn't agree more. I wish more people would think about saving first instead of swiping a card or signing on the dotted line.

Dr Baker, I saw you posted the same advice almost at the same time I did. I agree with you completely. I'm assuming that the original poster is a younger gentleman. I'm hoping that he doesn't get stuck in the same trap so many get trapped in. I made stupid mistakes when I was younger. I was lucky and received some good advice along the way from wiser men. I strongly feel that the debtor is a slave to the lender. Money problems destroy marriages and families. I don't like to sound like an alarmist, but if someone is seriously considering borrowing money to buy a toolbox, there is no limit to what he might finance.

I'm not a mechanic, so I can't comment on the value of a Matco toolbox. Even if it's worth every penny of $4,000 (or whatever they cost), unless the OP has the cash at his disposal, he should pass. I hope he carefully considers his actions.

 

[bobbycos]

Yes any tools that are purchased are tax deductible if your a pro.

the question has been answered, thank you

 

[Skin]

What sort interest rate do the truck brands charge?

Depends entirely on your credit. From memory it was as low as 10% and as high as 25% out to 4 or 5 years. They will offer promo rates much the same as many credit cards as well so if that's really the route someone is going to choose its worth waiting. Likewise they run promos like 0% first 6 months and a $500 gift card which is a nice extra incentive especially if you pay it in full in the grace period. The most important thing is to work with your dealer and hope they attend conferences because that's where the deep discounts come from.

Truck credit could potentially be 0% but that means your dealer is essentially floating the bill for you.

 

[Anarius]

If it is the money then ask your bank how much they would loan you for a tool box and look at something from strictly toolboxes also.

This. Buy a 56" or so from them, or from someplace local that stocks them if possible. You will SAVE a ton of money. If you can't come up with the cash soon, try a loan from a credit union.

If you buy (for example) a 56" matco, and out grow it or switch careers thats gonna be painful. Especially if you out grow it before its paid off. If you buy one of the "other" 56" boxes then when you out grow it you will not have a huge amount of money tied in it and can take it home or sell it to someone just starting out.

I bought a 72" tool box from a local store (same box as an extreme on strictly toolboxes) and the Mac guy has offered me double what I paid as a trade.

Just FYI, a Matco 4s box (which I have a low opinion of) is $5,000 for a 2bay 56"x25"

A 72"x30" triple bay is $3000 of strictlytoolboxes.com

If you buy a box in full, you can deduct it on your taxes. If you finance it, I believe you can only claim the interest and depreciation. I am not a CPA though.

 

[XxToolAholicxX]

I have thought about the harbor freight boxes they seem like ok boxes but whom knows how well they will be holding up in 10-15 years that's the only thing that worries me

In 10 to 15 years you can afford to scrap them and get a new one. Where with Matco you will still be making payments.
--------------------------------------------------------------------------------------------------
I am a ToolAholic,Sometimes I regret it,Especially when the Toolman wont give me no credit

 

[fm2176]

When I started off as an auto tech apprentice, I had a beaten up 26" Mac triple stack. As I outgrew that I rednecked it up by adding a 26" Craftsman cab and chest next to it, a lockable screwdriver holder, and some other inexpensive storage solutions. The new guy that came in a year after me had a shiny new Craftsman Pro 40" combo with all new C-Man tools (probably thanks to rich parents) and most of the guys that had been there awhile had expensive Matco or Snap-On boxes. My stall was the eyesore of the Cadillac service bay, but at the time new techs made $10 an hour flat rate. They'd clear under $350 on a slow week, meaning that some spent 2 1/2 months or more in wages on storage.

A couple of years later I thought I found my calling as a road tech servicing material handling equipment. That old Mac top chest went in the truck and everything else went home--if I'd have spent thousands on a shiny box it would have gotten just as dusty as the other boxes.

After losing that job on 10 September 2001 I was finally able to realize my dream of joining the Army. Been doing that since and I'm now at a point where I can begin considering an upgrade from those boxes that secured my money making tools years ago.

My older brother spent decades as a mechanic. All he has to show for it is a ragged Blue Point chest he found in the dump that holds some of his thousands of dollars worth of tools. He was a firm believer in truck credit, so when his back got too bad for him to continue his dealer offered to erase his line of credit--in return for his nice SO boxes and some of his tools.

The OP sounds young, if not in life than at least in the industry. You never know where your career will take you early on, and it would be a shame to owe thousands for something that doesn't make you money in return. Hell, if you want only to protect your tools from theft, pick up a Ridgid jobsite box for a few hundred.

 

[BTMSUP]

If you buy a box in full, you can deduct it on your taxes. If you finance it, I believe you can only claim the interest and depreciation. I am not a CPA though.

This may be true. I have never run anything through tool credit. It has all been either cash or a little on a truck account.

 

[Garage Junky]

My 2 cents. If you can't afford to pay cash for a tool box, you can't afford it. Same goes with car financing...or anything that depreciates in value. People that finance everything are destined to remain poor. There are too many people driving around in $40k cars that should be driving a $3k, paid-for car. Buy the HF box and invest the extra money you would be using to finance the high-priced one.. Apply this method to all your purchasing decisions and you will retire a wealthy man.

Amen. Preach on, my brother. Too many people want and never think of the opportunity cost of what that money they're paying interest on could have been doing for them (growing tax deferred in a retirement account for example).

I like the HF boxes personally or some quality used boxes for a fraction of new cost. Find something that is a good value to you... patience will be your friend in this case. Best of luck and let us know how it plays out.

 

[Parrothead]

My 2 cents. If you can't afford to pay cash for a tool box, you can't afford it. Same goes with car financing...or anything that depreciates in value. People that finance everything are destined to remain poor. There are too many people driving around in $40k cars that should be driving a $3k, paid-for car. Buy the HF box and invest the extra money you would be using to finance the high-priced one.. Apply this method to all your purchasing decisions and you will retire a wealthy man.

This was your 8th post in as many years. That makes me think you feel strongly about what you typed.

I couldn't agree more. I wish more people would think about saving first instead of swiping a card or signing on the dotted line.

I am of the same line of thought. If you can't pay for a depreciating item with cash, then you shouldn't buy it. I agree financing a house can make sense, but I will have my 30 year loan paid off in 8 years. I drive a $3k car. Debit is bad.

 

[ironmutt]

matco and mac are both doing their tool shows real soon wait till he has three or four from the tool show or maybe some trades on them. my guy is gunna have ten new boxes after the show he told me then once starts taken in trades those will be on sale so ask him how much you can save if you have him get it from the expo . with lousy credit a 5k box on a three year note should only run you 8k or so after financing. so if you can get a 10 k box at say 6 after trade in and rebates you are still ahead after its all said and done

 

[SASORacing]

A name brand box is nicer sure, but its not worth the thousands of extra dollars. Steel is steel, and ball bearings are all round. There isnt going to be much of a diff. going with a Harbor Freight box. It may not be able to hold as much weight, but you can cheaply buy a 2nd or 3rd Harbor Freight box and have way more space in the end, while still saving $1000's.

 

[Skin]

A name brand box is nicer sure, but its not worth the thousands of extra dollars. Steel is steel, and ball bearings are all round. There isnt going to be much of a diff. going with a Harbor Freight box. It may not be able to hold as much weight, but you can cheaply buy a 2nd or 3rd Harbor Freight box and have way more space in the end, while still saving $1000's.

A lot of guys don't have the bay space for 2 or 3 boxes. This is where deep boxes come in, HF doesn't sell a deep box. The 56" is the deepest they sell which is standard depth for most "professional" boxes. 2 of those suckers will run you $1600 out the door + tax which isn't exactly chump change.

HF isn't the end all be all of cheap tool boxes. They're made to a price point and show it. Truth be told the Asian made Montezuma/Extreme are far nicer and numerous models actually do come with a good amount of depth but then we're talking about $2k+. If your truck dealer is willing to wheel and deal I personally cant fault anyone for spending a bit more. Saying its just a tool box is kind of a cop out. Do you stick your head out the window of your beater at everyone driving a vehicle that costs more than 20k and tell them it was just a car?

 

[ChrisLS8]

Look at a 72" General Pro which gets high praises even here is only 1100 or you could get 2 44's for around 700.
My HF box held up in heavy use for close to 7 years without a hitch.

At the least go check them out. I make good money and spent a ton on tools I ended up taking a loss on years later after I moved out of the field.

My most thankful moment was when I passed up on that 6K SO box

 

[ChrisLS8]

Double post, my bad.

 

[SASORacing]

So get 2 HF boxes that are 56" and the similar specs as a Matco box, save $3500 and have two instead of one? I think a lot of people might make space.

You are paying for the name Matco, and a ~%20 better box. In the end it depends if you want the cool box or save some money. You might have it the rest of your life so its not an easy call for most people. It comes down to money really. And the money saved ~$2500 - $3500 + could go towards if you need them. That there makes it worth the HF if you could use more tools. The tools make you money in the end, the box just holds them securely.

 

[Skin]

So get 2 HF boxes that are 56" and the similar specs as a Matco box, save $3500 and have two instead of one? I think a lot of people might make space.

You are paying for the name Matco, and a ~%20 better box. In the end it depends if you want the cool box or save some money. You might have it the rest of your life so its not an easy call for most people. It comes down to money really. And the money saved ~$2500 - $3500 + could go towards if you need them. That there makes it worth the HF if you could use more tools. The tools make you money in the end, the box just holds them securely.

Well actually you're paying for domestic manufacture, freight, raw materials, maybe a custom lay-out/color, and of course your tool mans income so he can feed his family as well. Im not advocating the OP, or anyone for that matter, pay list on a truck box. But some of the deals people get are pretty smoking and make the price for the prestige easier to swallow. Point is I wouldnt shun the tool man until I did some dealing to see what is what.

 

[xurusaibobx]

most times snap on offers promo deals on their credit, if you spend X amount you get X amount truck credit etc etc.

what i did was wait for a great deal on a box my dealer was sitting on for a while and offered him my trade in and ask what he wanted for it the box out of the blue. with the promo credit they had at the time i walked away with a really sweet deal on snap on credit.

 

[jwsia]

Stay out of debt. This talk of "is it tax deductible" kills me. the same people who think you shouldn't pay off your house because of the tax deduction....grr,,,nonsense


bank your money and look for a good used. Your gonna buy it off the guy who got himself in trouble with debt

 

[G1GRANDEUR]

it's nice to have high end boxes. but if you think it's going to be hard on payment don't do it, it's not worth it.

I don't know what field you are in, but it's not always about fancy box.

there are plenty of affordable good tool boxes are out there.

 

[texfan91]

Sorry guys haven't been on in a few days thanks for all the replies. I have been thinking about just going with the hf 72 but its only 20 inches deep I believe which kinda turns me off. I went and checked out the 56' at the store and wasn't super impressed but for the money doesn't seem like a bad deal. I have talked to my dealer and he has a guy with a macseimizer double bay guy wants 2000 its has a few scratches on it and doesn't come with keys do you think that's a good deal he was originally asking 3k I have never seen a mac box in person so idk what to expect. I will try to post a pic

 

[texfan91]

what do you think 2k to high or should I jump on it

 

[warmpancakes]

what do you think 2k to high or should I jump on it

Way to high , that's a 20 year old box , was probably 3500 new

 

[Jwych]

do you have a Snapon guy? When's the rock n roll truck comin by? 2 guys I work with got their Krl boxes for 2500$ brand new

 

[texfan91]

Way to high , that's a 20 year old box , was probably 3500 new

thanks new to boxes so this helps what would you willing to pay for a box like this?

do you have a Snapon guy? When's the rock n roll truck comin by? 2 guys I work with got their Krl boxes for 2500$ brand new

no don't have a snap on guy just matco. my matco dealer lives a couple of streets down from me I will occasionally go by and drink a few beers with him after work so im gonna try to keep my business with him he has been very good to me so far.

 

[texfan91]

Also does anyone have an idea what model that mac box is by looking at it trying to get an idea on dimensions and to see what there going for so I have a better idea

 

[SASORacing]

Yeah that MAC box is no way worth 2k. I bought a like new blue Snap-on double decker for $2200 a few years ago "used". Check craigslist etc. I think it sounds like your options are buying used, or buying 1 or 2 harbor freight boxes.

Paying MSRP and dealing with loans, interest, taxes probably isnt in you best interest (no pun int.)

 

[texfan91]

Yeah that MAC box is no way worth 2k. I bought a like new blue Snap-on double decker for $2200 a few years ago "used". Check craigslist etc. I think it sounds like your options are buying used, or buying 1 or 2 harbor freight boxes.

Paying MSRP and dealing with loans, interest, taxes probably isnt in you best interest (no pun int.)

yeah im thinking about just going with the hf 72 inch as long as it holds up and protects my tools im fine with it. Maybe try to build a hutch for it with the money I would be saving. Not to fond of the draw latches but can live with it.

 

[tank4114]

the rock n roll cab come last week and the young bloke on there was trying to sell me a new toolbox way to pushy for my liking and seamed alot more keen on me signing up for a trade card i told him id rather pay cash outright they realy want to sign you onto that 20% interest.

now why do you want a truck box? how many tools do you have anyway if you just starting out i doubt you have a huge collection already a hf 44 /54/ 72 should tie you over for now no point buying a massive toolbox on finance if your only going to fill 2 drawers then later on a good deal might come buy when you have the cash to flash

so to recap pretty much what every other person in the thread has told you but young guys dont seem to listen even after they ask for your advice and then you give it they still do the opposite

 

[XxToolAholicxX]

what do you think 2k to high or should I jump on it

Too high. Take your time and keep looking the good deal well come along. People sell toolboxes either if they want to upgrade or hard times and they will sell cheaper then what its worth. Harbor Freight is the way to go.
----------------------------------------------------------------------------------------------------
I am a ToolAholic,Sometimes I regret it,Especially when the Toolman wont give me no credit

 

[texfan91]

the rock n roll cab come last week and the young bloke on there was trying to sell me a new toolbox way to pushy for my liking and seamed alot more keen on me signing up for a trade card i told him id rather pay cash outright they realy want to sign you onto that 20% interest.

now why do you want a truck box? how many tools do you have anyway if you just starting out i doubt you have a huge collection already a hf 44 /54/ 72 should tie you over for now no point buying a massive toolbox on finance if your only going to fill 2 drawers then later on a good deal might come buy when you have the cash to flash

so to recap pretty much what every other person in the thread has told you but young guys dont seem to listen even after they ask for your advice and then you give it they still do the opposite

I don't care if its a truck box or a box no one has heard of I want it to hold up and keep my tools safe. I have enough tools that I need a bigger box cause I no longer have room to put tools. I have tools sitting on my kitchen table cause there is just no where to put them. Please go back and reread my responses you will see I have taken everyone response into consideration

Too high. Take your time and keep looking the good deal well come along. People sell toolboxes either if they want to upgrade or hard times and they will sell cheaper then what its worth. Harbor Freight is the way to go.

thank you I think im gonna give it a couple more weeks if nothing pops on craigslist im more than likely gonna go the harbor freight route.
----------------------------------------------------------------------------------------------------
I am a ToolAholic,Sometimes I regret it,Especially when the Toolman wont give me no credit