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Posted in Auto Loans
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Question By
Michigan1000

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I have $1295 left on my car loan, good idea to pick up another vehicle, with a 575 score?
just want to know if this would be smart investment or not! Or should I just keep the car once its paid off?

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Top Contributor
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With a 575 score you would be hardpressed to get a loan and if you do the interest will be sky high. So how could that be a good investment? Paying high interest for something that you don't need is a bad investment. Keep the car you have. Spend time reading on how to improve your credit and get started with that right away. That would be an excellent investment for your future.

Top Contributor
8928 Contributions
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Properly maintained, a car will last you at least ten years.  That should be more than enough time to build your score up to where you can get a low interest loan on a car

Top Contributor
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29 People Helped

Cars are not good investments, they are depreciating assets.  Generally it is smarter to hold on to what you have unless it is costing more in repairs than what a newer (more reliable) vehicle would.

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