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Posted in Auto Loans
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lonewolf82

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Buying a car with a score of 580
Hi guys I have been looking online at cars.com and some others places because my car is totaled and I need to get one this week. I have been looking in the 12k range and I can put down up to 9k. I don't know if its smart to just buy a car cash or put down half of the money and try to get financed with my bad credit to help bring it up. I'm not looking to have a payments over $230 a month I can put up to $9500 down...

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Installment loans really do not do a lot for credit building by themselves. It is good to have an installment loan in your credit profile for credit mix, but relying on an installment loan to build credit by itself is not a good idea. You would be best to buy an $8k dollar car in cash (if you can find one, prices are crazy) and take the remaining thousand and use it to get 3 secured credit cards and 1 small secured installment loan and use those as tools for credit building. Make sure the card issuers and loan issuer report to all of the credit bureaus before you apply for them.

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To add to what I was saying, REVOLVING LINES such as credit cards are the best credit building tools.

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