Credit question

goophers · Nov 13, 2003

I am thinking about getting a car and am not sure exactly how I should pay for it. I have had credit cards, but that is the extent of my credit history. Is it worth paying the origination fees and interest in order to build my credit? Or should I just go ahead and pay for the car all at once? Or should I put down a big (say, 50%) down payment and take out the rest as a loan?

Do I still get the good credit rating if I take out a loan, and then pay off the whole thing within 6 months?

Thanks so much for any help!

swilkins · Nov 13, 2003

Originally posted by goophers
I am thinking about getting a car and am not sure exactly how I should pay for it. I have had credit cards, but that is the extent of my credit history. Is it worth paying the origination fees and interest in order to build my credit? Or should I just go ahead and pay for the car all at once? Or should I put down a big (say, 50%) down payment and take out the rest as a loan?

Do I still get the good credit rating if I take out a loan, and then pay off the whole thing within 6 months?

Thanks so much for any help!
Click to expand...

That's a good question.

Save your money in an interest bearing account. Put down as much as you can and choose the lowest interest rate possible.

You don't have to go more than a few years to establish a good credit rating. As long as you pay on time.

Good luck

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