So I was buying a used car this week and I have never financed anything before so I have no credit history of installment loans. My credit score is good from keeping good standings with credit cards, but since I have no history of installment loans (car loans, mortgages etc) I always get denied when trying to buy a $50k car etc even when putting half down. So I bought an older, used $13k car, put half down, and did a 12 month loan on it. At 10% APR, I'll be paying roughly $700 in interest, basically just so I can build credit. The loaning company is 'Westlake Financial Services'. Yes I know I could have gotten a better interest rate with a credit bureau etc but I was just in a hurry to buy the car and I'm not paying much in interest.
My question is: Do all of these loaning companies report to the credit bureau? My sole goal of financing was to build a credit history of installment loans, and after Googling 'Westlake Financial Services' and seeing that they're a "suprime lender", it dawned on me that maybe they don't even report to the credit bureaus.
Appreciate any replies, thanks
Submitted October 20, 2018 at 10:06PM by LeBron2018FA https://ift.tt/2AkWNVl
