- May 26, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering purchasing a car from social media platform for $5000
I have the financial means to pay the full amount upfront. However, I have received advice suggesting that taking out a loan to make the purchase could potentially improve my credit score. I am unsure of the best approach in this situation. Is a regular loan the right choice? Should I pay off the loan immediately or make payments over an extended period of time? Is this strategy even beneficial in reality?
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> I’ve been told by a couple people that I should take out a loan and it will help increase my credit.
Those people are incorrect. You do not need to pay interest to build credit. Get a credit card and use it for regular monthly expenses (gas, groceries, etc.) and pay off the statement balance in full each month. You will build credit just fine that way.
Taking out a loan and then immediately paying it off won’t help your credit. Taking out a loan and making minimum payments on it will help your credit, but you’ll pay more for the car because of the interest. Not worth the extra cost if you have the cash on hand to afford the car in full. Only take out a loan if you don’t have the cash available but still want and can afford the car with a loan.
If you want to work on your credit score, open a credit card and make sure to always pay the balance in full.
Dont know a bank that will even do a loan that small anymore.
The only thing you need credit for is to get a loan. You don’t need a loan, you have cash. Pay cash.
I say never pay interest just to build credit. You can do it with a credit card for free.