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Posted in Auto Loans
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Question By
razingkane93

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Putting 20k down then fiance 24 month loan to rebuild credit
I am in the market for a new car as my current car is 15 years old and has 200k miles. The car I’m looking at is approximately 27k which I can pay cash for as I have more than that already in my credit union. Then I thought why not use this as an opportunity to work on my credit which is at 660. I was thinking I would put 20k in cash down and finance the remaining amount on a 24 month loan. Do you think the 24 month car loan with a higher interest is a good idea to do or should I just pay cash for the full amount and go a different route to re-establish credit?

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Your credit isn't that bad, it is almost average....... Look up Dave Ramsey. He will change your mind about your finances...... God Bless... ps. Personally I would pay cash for what I want (I had that type of money saved) and try something less risky to build credit...... (like getting a credit card)

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