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I’d be the only signer. I’m 21 and have poor credit score b/c no credit history. I want to get a car to build my credit and b/c I need one. Does it matter if I get a used or new car? Will my credit score rise either way?
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Purchasing a used car and making payments on time will be a great step in establishing credit. The idea isn’t that the car is new or used, it’s the amount of money borrowed, and how you handle paying it back. If you start small, say, 2500 dollars and pay it off quickly, with reasonable payments, you’ll be able to qualify for more credit the next time around, in the meantime, keep your job and don’t change jobs frequently. Pay the loan on time, even early, but make monthly payments, don’t pay it off in two or three chunks, stretch it out over a year or two to establish yourself. I would also suggest financing through a credit union, they usually have lower interest rates, like to work with people establishing themselves, have workable loans, and are willing to give the first timers a chance. Good luck.
Comment by fisherwoman — April 5, 2010 @ 11:27 pm
its the fact that u pay your loan on whatever u buy
Comment by Pedro S — April 5, 2010 @ 11:27 pm
The age of the car has nothing to do with your credit score. How you build up your credit is to buy the car on time, that is, you take out a loan, and make regular, on time payments until the car is paid off. That will give you a good credit rating. I hope you have good enough credit now to take out a loan? It would be best to start out with a good used car. New cars are not worth their price !
Comment by mairzydoatz — April 5, 2010 @ 11:27 pm
As long as the lender reports the loan, you will build credit. However, if you buy from a "Buy here – Pay here" dealer, most will not report unless you are delinquent on the loan. I hope this helps.
Comment by The Auto Evaluator — April 5, 2010 @ 11:27 pm
yes if you find a place that uses the system. all big dealers do whether you buy new or used. some of the mom and pop car lots do not. ask them first
Comment by frankm1412@yahoo.com — April 5, 2010 @ 11:27 pm
AS LONG AS YOU MAKE YOUR PAYMENT ON TIME.
Comment by UCANTCME — April 5, 2010 @ 11:27 pm