Few years ago I remember being advised by a banker to finance a vehicle in order for it to reflect on my credit history that i have experience/I'm responsible paying auto loans. I currently only have a personal loan and 2 low limit credit cards (both total $1000). My score is close to 670.
I do not need to finance a vehicle but since I'm looking for a used car I was thinking to put $2500 down and finance the other 3k or so just so it will show on my report.
My question is will I even be approved even with almost 50% down (I didn't make any money last year due to covid and my taxes reflect that), and if so is this a good idea for the sake of having an auto loan under my belt (which i plan to pay off within a year) or just pay cash for the vehicle?
Submitted October 19, 2021 at 12:40AM by rasparentes https://ift.tt/3FXsVOv
