I have a question or two to ask this diverse community!
I have been looking at buying a new (used) car as my old truck is getting a little tired. I could buy a cheaper car outright or finance a newer more expensive one. My problem is my credit history/score. Having been brought up to the mantra of 'neither a borrower nor lender be' I've never liked owing money. Right now I don't owe a penny to anybody, and that seems to be a bad thing! My credit score is apparently nosediving towards zero and I can't get an auto loan below 14%apr.
Do I continue my philosophy and just buy a cheaper car outright?
Do I swallow a high interest rate just to boost my credit score?
Do I get a smaller loan to buy something else just to boost my credit score?
Do I get a credit card?
My instinct is option 1 but am I screwing myself by continuing down this path?
Thanks!
I have been looking at buying a new (used) car as my old truck is getting a little tired. I could buy a cheaper car outright or finance a newer more expensive one. My problem is my credit history/score. Having been brought up to the mantra of 'neither a borrower nor lender be' I've never liked owing money. Right now I don't owe a penny to anybody, and that seems to be a bad thing! My credit score is apparently nosediving towards zero and I can't get an auto loan below 14%apr.
Do I continue my philosophy and just buy a cheaper car outright?
Do I swallow a high interest rate just to boost my credit score?
Do I get a smaller loan to buy something else just to boost my credit score?
Do I get a credit card?
My instinct is option 1 but am I screwing myself by continuing down this path?
Thanks!
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