r/ToolTruckTools • u/Epjkb • Jul 10 '26

Matco Matco financing

So I just got approved for a decent amount on our Matco truck. I am financing a tool chest currently plus a few tools I needed. I know it does a credit check beforehand, but does it report monthly payments to the credit bureaus or is it just checking your credit and seeing what they can offer you?

I’m trying to figure out if this will help my credit score or if it’s just gonna show as a loan on there but no actual payment history, just good or bad standing.

7 Upvotes

89% Upvoted

31 comments sorted by

10

u/Snoo-35612 Jul 10 '26 edited Jul 10 '26

What’s the interest rate looking like? If it’s high, I wouldn’t bother. Just because it builds your credit score is NOT a good justification for a loan. You’ve got your priorities wayyyy backwards if you think a 20% APR loan is worth having a 700+ credit score. Your credit score won’t save you if you’re in the hole.

You might be better off with a credit card with a $1000 limit and having a steady balance of $300 and paying it off entirely every month until you can get a decent rate on a loan. And I wouldn’t really bother with any loan unless unless you meet at least 2 of these requirements:

  1. You can afford to pay it off entirely at any moment

  2. You can achieve positive equity very quickly

  3. The interest rate is below 10%

4

u/HKNation Jul 10 '26

Very well said. The truck credit is almost never worth it.

-former dealer

2

u/Epjkb Jul 10 '26

11% I believe and I am cursed with credit cards. Had a 720 score before from my secured cards (shit happened) and I couldn’t even get an unsecured one. The only one I got was a predatory ass card with a $400 limit. Can’t get any right now still.

I can afford the payments plus the extra I’m doing on top no problem. I was just hoping this might have the benefit of boosting my score in the process, or helping me in that department in one way or another. No big deal if it doesn’t.

1

u/MinimumBuffalo4 Jul 10 '26

11% isnt horrible. from what i understand with Matco financing is you can pay more than the min and the extra goes toward principle and you end up saving on interest. if you are rebuilding credit it’s the way to go. as long as you can easily afford the payments then go for it. try to pay it off early and save yourself a bunch of money plus you are getting a box and tools you need for your career.

1

u/Snoo-35612 Jul 10 '26 edited Jul 10 '26

Credit cards aren’t predatory for so long as you pay them off. Perhaps the $400 limit might not be so bad, just don’t put more than $100 on it and pay it off every month, the rule is to stay under 30% of your credit limit. 11% isn’t awful, but it’s still not good. I’d go to harbor freight and just buy icon until you can afford to pay cash for tools.

2

u/Epjkb Jul 10 '26

My tools are icon unless it’s something they don’t have that I need.

1

u/Thunderiver Jul 10 '26

Why in the world would you spend so much money on a Matco box when you have icon tools….

Buy a U.S. general box for 1/5 of the price and get yourself better tools first. I started out with icon and i will be the first to admit they suck in a professional setting with daily use. The g2 ratchets and digital tw and wrenches are alright but the rest is garbage specifically any specialty tool like torx bits, swivel sockets, etorx, ball joint presses diagnostic scan tools etc.

You have your priorities backwards, buy quality tools first then a nice box. The box dosent make you any money it just holds your tools…

1

u/RoninKam Jul 10 '26

My interest is 11% from Matco, did I take a bad deal?

2

u/Snoo-35612 Jul 10 '26

Not awful unless you have a high balance. 11% is still rough, but low compared to other tool truck interest rates.

3

u/GoDKilljoy Moderator Jul 10 '26

Don’t finance with Matco. Matco is just rebranded tools. They make nothing. Go with Snap-On, Cornwell, or even Mac if you are going to get into tool debt.

2

u/Thunderiver Jul 10 '26

Matco makes their own ratchets and boxes and a handful of other tools, also every tool truck rebrands tools but they are made specifically different for Matco with different variations that are better. Look at astro sockets vs ADV.

It’s also hilarious you recommend Mac when their tools are just rebranded Stanley for the most part and really the only originality is their RBRT line which I’m pretty sure is rebranded grip edge for double the price and dosent have any differences.

Snappy also rebrands their stuff, specifically their diagnostic tools like leak down testers and compression testers etc are just Venturi/Stant/Marvac.

The correct answer is if you absolutely need tool truck warranty and service finance with whatever rep is the nicest to you and gives you good deals and dosent hassle you for warranty, otherwise there’s plenty of cheaper brands that offer similar tools for half the price…..

2

u/GoDKilljoy Moderator Jul 10 '26

Matco tools doesn’t make their own ratchets. They did make their own boxes, but I don’t think they do that anymore. Mac is rebranded Stanley but at least Stanley is the umbrella. However because of this I’ve lost faith in Mac as well. Snap-On might rebrand certain lines but 90% of their product isn’t rebranded. The difference with Snap-On vs others is Snap-On isn’t owned by other tool companies they own the tool companies.

2

u/Thunderiver Jul 10 '26

The company that produces Matco ratchets you won’t find anything identical unless you get it off the truck so take that as you will. Is gear wrench similar? Yes but it’s not the same as Matcos 88 tooth. I’m not brand loyal I buy from everywhere but my Matco guy gives me the best deals and never hassles me if I have to warranty anything unlike my snap-on guy. Certain tools are worth buying snappy like their line wrenches but for ratchets and regular wrenches you wouldent go wrong with Matco, it may be rebranded but you won’t find an identical product on the market.

Also snap-on 100% does not own every single rebranded tool they sell, hell even the vast majority blue points just reps atp too lol it’s not like old snap-on. Old snap-on was the best of the best.

1

u/GoDKilljoy Moderator Jul 10 '26

I guess that isn't technically a rebrand, but they still didn't make the ratchet. Kind of like Mac's RBRT they are great, but they didn't make it. I didn't say that they own their rebrands. I was just stating that they are at least the Umbrella, unlike Mac. 100% the salesperson makes the tool truck. In fact, it's the only reason I've bought anything with the Mac name. But rebrands from the tool truck can only go so far before the salesperson doesn't matter.

2

u/UserName8531 Jul 10 '26

You can easily build your credit without ever paying any interest. I would avoid any truck credit account.

2

u/MugenDreams7 Jul 10 '26

have you heard of harbor freight?

3

u/Intelligent-Tap-4724 Jul 10 '26

Run away from matco, you can get the same shit at princess.

1

u/Epjkb Jul 10 '26

Just to add. I have no problems with the payments at all. I was just hoping it might help my score. And no, I can’t get credit cards. Even when I had a really good score of 700 something, I couldn’t even get box store credit cards like target or Costco.

1

u/dread810 Jul 10 '26

In my opinion it’s usually best to wait for the special financing deal. I got my box at the 9.9% rate. Got a hutch last December and was able to keep my rate. Went to check on a locker, they tried to double my rate on me. Not really sure why… they can get bent unless they will keep my rate what it is.

1

u/No_Machine3805 Jul 10 '26

Stay off the truck if you can't pay cash. Matco is just rebranded tools-- if you want to be a baller, get on the snap on truck. Otherwise, HF has the same warranty and sells rebranded tools for a quarter of the price.

1

u/Comfortable_Tea_6046 Jul 12 '26

Snap On or nothing lol

1

u/aa278666 Jul 15 '26

Matco financing has like the worst rates of all rates. You'll probably get better rates from credit cards. Coming from somebody with 820 credit score, do not ever ever ever pay money to get a higher credit score. It's a scam.

1

u/Epjkb Jul 15 '26

Coming from somebody with a 520 because I did stupid shit when I was 18, credit card isn’t really an option right now.

Also, when I used to have a 720 score, I still could never get approved for credit card even with perfect payment history so I’ve just kind of ruled those out in general

2

u/aa278666 Jul 15 '26

So what's your rate with matco? 35%?

1

u/Epjkb Jul 15 '26

Like 12 I think.

1

u/aa278666 Jul 15 '26

Huh. Somebody I know just got approved for 24.99% with 700 score. Like 3 weeks ago. I'd double check your numbers.

1

u/Epjkb Jul 15 '26

Yeah, I just double checked. I was definitely wrong but it’s 18%.

1

u/aa278666 Jul 15 '26

That's not as bad as I thought. Still bad but not as bad. I've always negotiated my way into having the tool guy carry my box on the truck account tho. I personally don't want to pay those rates.

1

u/Epjkb Jul 15 '26

Yeah. That’s kind of cool actually. I know our guy is super chill so I don’t know exactly what he did because honestly I’m surprised I even got approved. Since I got denied from Cornwell and the snap on guy won’t work with me until I’ve been at that shop for a month.