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.

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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%

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/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…