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Posted in Auto Loans
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Question By
laddermarie

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I Want To Buy A Car . But Don't Want To Mess Up My Credit . What Should I Do ?
How should i go by doing this ? Thanks

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Buying a car

Good question... I think it depends on what your credit score is. My current is just above 600 and I recently purchased a car from Carmax. I would suggest going to a place like that, because they have several different banks, and even if you have low credit, you're more likely to get approved for a loan at a place like that - with a decent rate. Also, it depends on what you're looking to pay for your car. Consider: are you looking for something new or something used? What can you afford to put up as a down payment, and how much can you afford to pay every month? Another option is to try with a credit union. I personally tried with my credit union, and they turned me down twice, but every case is different and you might get approval there. Overall, remember that no matter what, your credit score is always going to drop whenever you get hard inquiries on your credit, and also when you open a new loan. For example, I'm sure my credit score is going to take a pretty big hit now that I've financed a car - to them, all of a sudden, I owe the bank $17,000. But in the long run, as long as you keep current with your payments, it's pretty easy to recover from that drop. I hope this helped! :)

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