how long to wait for churn after getting a new car
 

My last churn was October. Normally that would make me overdue for a churn. However I bought a car with a loan in mid February with one credit inquiry.

How long would you wait after the purchase before next churn?

Thanks!

Personally I wouldn't wait at all. One hit means nothing in the grand scheme of things.

I would have applied before getting into the car.

Haha thanks everyone. I wasn't sure how much new loans would weigh in. I'll start planning the next churn then! :)

Since this question is specifically about credit cards, I'll move it to the Credit Card Programs forum where the experts therein can provide further input.

Please note this thread originated in the flame-free Information Desk forum.

jackal
Moderator, Information Desk

Nah. I'd have driven home first. ;)

Usually the question is in reverse.

It matters, if he/she didn't have perfect credit and wanted a 0% loan it could make a difference.

I got 0% 5 years and never stopped churning before or after.

However my car insurance just went up ~$50 a year due to a slight drop i my credit score vs 3 years ago.

My Insurance agent said they rank people 1 -60 with 1 being the best.

I was a 7 and am now a 14.

Complete BS if you ask me and just a new way to raise rates for people who don't have claims.

I was assuming the OP was done shopping for loans. But you raise a good point. OP you can still shop around for car loans. I did the same as I saw Penfed offering a 2% rate for 5 years for new cars. Since I had just bought my Sienna a few weeks back, it was considered a new car.

I was also able to get the 2% that was advertised, but with major banks, I can never seem to get the advertised rate. I don't know if that is because I am not taking out a sufficient amount of loan or because of my credit score.


Drat, one more thing to worry about.

I consider this comment sacrilege. :)

Also qualifies you for the annual fee waiver on the 5% gas cashback Visa. Hard to find a better deal anywhere if you decide to finance a car and can't get 0% money. They even offer the car loans at 1.49% occasionally.

Correct. Wee bit off topic, but I got my car loan through PenFed.

1.49% on a used ten year old car (2003 Corvette). Good luck finding anything anywhere close to their used car rates elsewhere.

Interesting, shall look into this. Even though I generally don't put much effort into getting cards that have special deals for some categories, this might be interesting as I hear Penfed has the CHIP + PIN.

Yeah I have the chip cash rewards card and just did a refi on my home equity loan. Super easy process and I'd imagine car loans would be too. Best rates anywhere I could find. They pull EQ which is rare in AZ... and the initial pull is good for 60 (maybe 90) days so you can get a card and a loan with one pull.