Spinoff: Do you finance tools?

[flashpuppy]

I was reading the thread about dealers annoying people and I just could not believe how many people seem to finance tools! I spend $200-300 a week, on average. I have never financed a thing tool related. I do not need a box (mobile tech, all my tools go in the truck), which probably would be the only thing I would finance.

I'm just curious. I didn't realize how common this was.

 

[mrshaun]

I would have to say yes. Snap on finances the tools I buy to have on the truck, and we pay weekly.

 

[seth_man]

i do have a truck account where i pay weekly but not really financed since there is no interest. i just get what i need and the tool guy just hits my debit card every week for an amount i set. i think its a good deal, i dont have to front tons of money if i need a big ticket item.

 

[Moose-LandTran]

I've bought tools on my revoving account, but never financed.

 

[wreckercologist]

I pay every week. I don't mind paying extra for the conveinence either.

When I was in my late teens and early twenties, I still lived with mom & dad. Outside of beer, fuel, tobacco, and other stuff, I basically had no bills and with a good job, I had plenty of money for tools. For quite some time, I wrote a $200.00 check every week to the Snap-on man. The bad thing is I usually bought $300 or $400.

You pay fees to finance a house, car, ect. At least tools earn you a living.

 

[flashpuppy]

You pay fees to finance a house, car, ect. At least tools earn you a living.

I don't have a problem spending big $$$$ on tools. I'm probably about $12K a year in them for the next two years still. I just didn't realize it was so commonplace to make payments on the stuff.

 

[nate379]

I have for more expensive stuff like my welder, but otherwise no. If I can't afford to pay cash for $100 of tools I probably need to rethink my spending habbits!

 

[wreckercologist]

I don't have a problem spending big $$$$ on tools. I'm probably about $12K a year in them for the next two years still. I just didn't realize it was so commonplace to make payments on the stuff.

I should make myself more clear. Years ago, I financed several thousand through Snap-on credit and also had a revolving account with the dealer. The dealer would float me a couple thousand in tools because he knew he would always get paid. I really miss not living at home!

The most recent credit deal with Snappy was "buy $1000.00 and get 1% financing unless you defalt". I thought, well, that's almost free, what the heck. It was a 28 week loan, and I was paid off in 24. I caught hell for ending it early too. Whatever.

As far as buying without financing through coorperate credit, most of my dealers have a $200.00 to $300.00 policy and require you to pay off that balance in 4 to 5 weeks. I appreciate them taking the risk, and i thank them for it. They are the ones sticking their neck out for me.

 

[WVU Tuba Dale]

Nowadays I have most of what I need, 90% of it was bought on truck credit. All of my tools are paid off, and I just financed my new box. I've moved up enough to where if I want some tools off the truck, I can pay cash for them if it's no more than a couple hundred dollars.

 

[bushhawg73]

I owe Snap on 2400.00. When I get that paid off I'll never do that again. No longet working in the repair field professionally. Dave Ramsey has been bending my ear a lot these days. I am working in the direction of no credit cards with a balance, pay them all off, cutting up two and keeping two with no balance. The two I keep will be filed away as an emergency option in the event somthing like my water prump fails. My master plan is to owe nothing but my house and land by this April. IRS refund should take care of most of it. I have been using straight cash a lot the last few months and I like it a lot. No cash, no spend, no bills. Just my plan - to each their own.

I do plan to keep my truck account - I never go over 100.00 owed so it is not a big deal to pay off.

 

[wolpi]

cash! would never ever finance tools.

 

[bry@n]

I don't finance many things. Things I finance are my home and my cars. I did finance a box last year but that was on a truck account and I paid no interest on it. I didn't finance it long either. I think it was like 7-8 months.

 

[wrenchr]

I have an account with Mac. I will pay it off and mover over to snap on or cornwell.

 

[Deafautotech]

I pay every week. I don't mind paying extra for the conveinence either.

When I was in my late teens and early twenties, I still lived with mom & dad. Outside of beer, fuel, tobacco, and other stuff, I basically had no bills and with a good job, I had plenty of money for tools. For quite some time, I wrote a $200.00 check every week to the Snap-on man. The bad thing is I usually bought $300 or $400.

You pay fees to finance a house, car, ect. At least tools earn you a living.

that what i am still doing that way... live with my brother's house, no bills except gas, food, and pager.... most of money go straight to my bank account....


i never sign up for credit system from neither of tool trucks! i did bought a used KRL1003 from my former snap on guy, i made a 5 big payments for 5 week then it is paid off... it was 1,500 dollars while i was on hourly(paid every week). being hourly employee helped me a lot to buy a lot of tools!! Now i am flat rate tech- it was reduced my tool spending like 3/4 percent down to only buy 1/4 percent.... FLat Rate are ****!!

 

[TBD]

no way in hell would I ever finance tools

 

[Deafautotech]

I owe Snap on 2400.00. When I get that paid off I'll never do that again. No longet working in the repair field professionally. Dave Ramsey has been bending my ear a lot these days. I am working in the direction of no credit cards with a balance, pay them all off, cutting up two and keeping two with no balance. The two I keep will be filed away as an emergency option in the event somthing like my water prump fails. My master plan is to owe nothing but my house and land by this April. IRS refund should take care of most of it. I have been using straight cash a lot the last few months and I like it a lot. No cash, no spend, no bills. Just my plan - to each their own.

I do plan to keep my truck account - I never go over 100.00 owed so it is not a big deal to pay off.

i like that way! if can't pay cash then dont buy it... But most of time i has cash in my pocket while my brother dont carry a cash as only credit card.... he said credit card is easy to tracking the payment and where it went from. i rather to pay cash because it is already paid for.... But my brother hate to carry a lot of coins after buy something.... oh well...

 

[Vicegrip]

My money works for me rather than me working for money I already made. I would never rent money for something i could save up and buy. Yes I have a mortgage. 4.75% and 1/10th the value of the house. I could pay it off on Monday but the money I would use is making a good bit more than 4.75% right now.
Take your time and be vigilant of deals being ready to strike when opportunity knocks.

 

[sasquach]

I used to have a revolving account but I would never let it go above3 or 4 hundred dollars . That way if anything ever happened I know I could afford to pay it off in no time at all . Plus I never owed more than 1 toolman at a time

 

[kaffine]

Well due to a lack of planning I had to use my parents Sears card to buy my tool box and starter set of tools when I became a full tech. I worked as an apprentice for a year using my mentors tools I should have been saving up for tools but what was supposed to be a 2 year apprentice ship became a 1 year so I didn't have enough saved. Went and spent about $5k at Sears buying tools. Took for ever to get that paid off and I don't even want to think about how much I spent in intrest on it.

I did have an account on the tool truck normally they wanted 20% of the balance per week. If I had a large purchase they would allow 10% per week. They didn't charge intrest but I could probably have gotten the tools for less had I paid cash.

Now I have all my CCs paid off and just use them every few months to keep the CC company from closing my account on me. I will be getting a CC that gives cash back then will use it for everything but pay in full every month so I don't pay intrest.

 

[flashpuppy]

Well due to a lack of planning I had to use my parents Sears card to buy my tool box and starter set of tools when I became a full tech. I worked as an apprentice for a year using my mentors tools I should have been saving up for tools but what was supposed to be a 2 year apprentice ship became a 1 year so I didn't have enough saved. Went and spent about $5k at Sears buying tools. Took for ever to get that paid off and I don't even want to think about how much I spent in intrest on it.

I did have an account on the tool truck normally they wanted 20% of the balance per week. If I had a large purchase they would allow 10% per week. They didn't charge intrest but I could probably have gotten the tools for less had I paid cash.

Now I have all my CCs paid off and just use them every few months to keep the CC company from closing my account on me. I will be getting a CC that gives cash back then will use it for everything but pay in full every month so I don't pay intrest.

I am assuming you are fairly young? (22 or under?) It generally is a good idea to carry a small balance on your CC, around 10% or so. Paying it off every month actually affects your credit negatively.

 

[tw33k2514]

I do not let myself finance tools. I save for what I want and buy it.

 

[kaffine]

I'm 27 now. Time sure goes by fast. I doesn't seem to have been that long since I was an apprentice. I do let one CC report a balance but pay it off before they charge intrest. They report when the statement is printed.

I am assuming you are fairly young? (22 or under?) It generally is a good idea to carry a small balance on your CC, around 10% or so. Paying it off every month actually affects your credit negatively.

 

[RbrtAWhyt]

I am assuming you are fairly young? (22 or under?) It generally is a good idea to carry a small balance on your CC, around 10% or so. Paying it off every month actually affects your credit negatively.

Yeah, but it does wonders to avoid finance charges.

 

[Hiball]

I am assuming you are fairly young? (22 or under?) It generally is a good idea to carry a small balance on your CC, around 10% or so. Paying it off every month actually affects your credit negatively.

I wouldnt say it affects it negatively, Sure you can build a higher credit score FASTER by leaving a percentage of debt on your account monthly, But Over time you can build a very solid Credit score and also keep from paying unneccesary interest. I would personally rather see someone use big purchases such as Cars/Houses/Atv's etc build there Credit score.

 

[Packard V8]

"Never pay interest on a depreciating asset." and nothing depreciates faster than truck tools. A local guy was just advertising a Snap-on box, "Still new, paid $1400 off the truck last month, never used, $1000." He's getting a hard lesson in depreciation. I'd love to know what percentage hit he finally takes.

thnx, jack vines

 

[nissan_crawler]

yes/no

I "finance" them with the snap-on dealer on rare occasion, but that's no interest. I don't do anything through Snap-On.

The worst I had was a little over $1,000, but I paid it off in 3 or 4 weeks.

 

[Dust]

I voted "On a credit card."

I buy tools with my credit card. I buy virtually everything with my credit card. However, I pay it off entirely (Or very nearly so) every paycheck. So in reality, I'm just delaying paying with actual cash by two weeks.

It builds my credit, and if I have a dispute, I'm not up **** creek where I have to eat the cost because I used my cash-linked debit card. I can actually go through my bank and have a fighting chance.

That said, I would never finance in any way for tools, except maybe a toolbox or some high-dollar tool that I absolutely needed. If I needed to do so, I'd get a personal loan or line of credit through my credit union, and pay that way, because I can get quite a low interest rate and pay it off easier.

 

[Crasen]

Sometimes I will buy something on a credit card, but I don't buying anything I can pay off right then that I don't need. I just try to use the crediit card enough to keep it around and keep a good credit history.

 

[paramudduck]

Credit card on the truck then transfer the money to pay it off when I get home. They still try to pressure me to start a truck account.

 

[sberry]

I actually financed a hoist thru Greenstone, I wanted it right then and when all is said and done it will cost almost nothing with low interest rates, rebates and incentives. When I was 22 I bought the largest set Sears had as a starter set on my credit line from the bank, after that never. Now days I buy as needed, some from the auto parts store, some from box stores or order. I ain't scared to buy a few things used if the time and place permits it.
I have been on a tool truck about twice, last time about 20 yrs ago. I am a power shopper, can get it faster and cheaper from places I do routine business.

 

[Big Bad Jon]

Nope, that is why I have three crappy boxes full of nice tools. A new box is my next purchase, I have been saving for almost a year.

 

[epmills]

I'm young and dont have much cash to spend, however with that said, the last thing I need is more debt and weekly/monthly payments. So, either I dont get the tool or save until I have the cash in hand to buy it.

 

[forceyoda]

When I was young and stupid I would finance anything I could now I wont touch the credit cards unless someone is dying.

 

[boostedgt]

i used to make small weekly payments to the truck and he would cash my paycheck at the same time. my account was only a couple hundred bucks at any one time, i'd buy a couple things and pay for them before getting something else.

 

[Vinko]

I buy stuff off the truck -- sometimes I'll pay, and sometimes I'll let it ride. I've never been accessed a finance charge (unless you count the cost of the tool and the charge built in). When the balance gets up there, like $1000 or so, I'll pay it off.

I bought a used box for about $2000. I paid $500 or so every month. But not weekly. Usually monthly.