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Posted in Auto Loans
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AdamJ546

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To get a car or not. Would love opinons and input into this matter.
Just curious to get opinions on this option I have. When I was younger about 6 years ago I co-signed on a car for my father that ended up getting repo'd about 5 1/2 years ago. Also have a credit card that I couldn't pay when I was without a job for over a year sitting on my credit. Credit Karma says my score is 610 now and I have 2 years of having 5 separate credit cards never missed a payment.

I am in a position where I can get a car financed I don't need another car but it gets better mileage and would be my daily driver and save the mileage on my truck. Would it be worth it to take the loan and build 2 years of positive payments on my credit so when the repo falls off to boost my credit score even more or is it really going to make much of a difference at this point.

Side note its not just for credit as I drive 4-500 miles a week my truck gets 11mpg and new car gets about 40 mpg. The fuel savings would be enough to pay for the car, pay for insurance, and add $15 to my pocket each month.

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Sounds like a plan

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Since the the savings on fuel alone would pay for the vechicle, It sounds like a no brainer to me. And a Auto loan would help fill out your credit report.  it appears that the old auto loan should fall off your report soon, That will put you in a great position in a few short months. 

Good luck

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