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Old 03-26-2014, 08:42 AM   #16
nathanjizzle
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Default Re: What interest rate do you have on your most recent auto loan?

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Originally Posted by ALBballer

But do as you wish OP it's your money. Just remember many millionaires (around 1/3 and those with a million dollar in assets) buy used cars and buy them for cash.



thats because they are already millionaires and dont need to build credit. Im sure they did when they were starting off. Most people do because they need to buy a house and possibly start their own business.

OP seems young and starting off, its best to build your credit up, you want to keep your options open in the future, maybe you want to buy a house or start a business.

Last edited by nathanjizzle : 03-26-2014 at 08:47 AM.
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Old 03-26-2014, 08:45 AM   #17
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Default Re: What interest rate do you have on your most recent auto loan?

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Originally Posted by DukeDelonte13
Having upwards of 20k in debt does more damage to your credit than making car payments on time helps it.

The old "it helps build your credit" line is kind of true but kind of misleading. It's a sales tactic / self justification for making the big leap to undertake the debt.

What bankers look at for mortgages is how much you make, how much you have, how much debt you have, and how much you are looking to borrow.

no it doesnt. only in the interim of obtaining the loan will your credit drop, while you make payments, it increases and when you pay it off it ends up reflecting your credit better than it was before the loan.

People with A+++ credit scores have 10+ credit and loan accounts on their report. because through their time of having credit they proved they can pay off credit cards, multiple cars, miscellaneous loans, and houses.
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Old 03-26-2014, 08:56 AM   #18
ALBballer
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Default Re: What interest rate do you have on your most recent auto loan?

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Originally Posted by nathanjizzle
[/b]

thats because they are already millionaires and dont need to build credit. Im sure they did when they were starting off. Most people do because they need to buy a house and possibly start their own business.

OP seems young and starting off, its best to build your credit up, you want to keep your options open in the future, maybe you want to buy a house or start a business.

Again with this credit. You can build credit with credit card and paying it on time.

Many of these millionaires build and maintain wealth by not investing a large portion of their wealth to depreciating asset.
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Old 03-26-2014, 09:21 AM   #19
DukeDelonte13
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Default Re: What interest rate do you have on your most recent auto loan?

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Originally Posted by nathanjizzle
no it doesnt. only in the interim of obtaining the loan will your credit drop, while you make payments, it increases and when you pay it off it ends up reflecting your credit better than it was before the loan.

People with A+++ credit scores have 10+ credit and loan accounts on their report. because through their time of having credit they proved they can pay off credit cards, multiple cars, miscellaneous loans, and houses.

It's dumbfounding that you think having 10 credit and loan accounts is good financial practice. And it absolutely is not good for your credit if you have a car loan out. Your credit score is only aspect of the entire picture, and it matters far less than what you actually have versus what you owe to creditors.
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