Anonymous
Anonymous asked in Business & FinanceCredit · 1 decade ago

I just bought a $5000 car. Should I take a loan on the car to build my credit?

I bought the car on my credit card which I paid off already. But should I now take out a loan on the car?

Update:

All these answers were kinda pathetic. And I am not an idiot to take a loan with somebody who posts on here.

5 Answers

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  • Anonymous
    1 decade ago
    Favorite Answer

    I believe the answer you're looking for can be found on this site. They've got lots of info about the subject.

  • 4 years ago

    Honey: If you don't have the money and are too young for credit I highly suggest that you save up some money and buy a scooter or even a cheaper used car which you can surely find by driving around. It doesn't make sense to attempt to buy what you cannot afford since it will only bring you trouble not to mention the high insurance rate. Being debt free and living a practical life are virtues that everyone needs to learn early on. Cheers! Mr. M. on "car loan."

  • 1 decade ago

    No, if you have a credit card with a $5,000 credit limit, then you're credit is probably good enough.

  • 1 decade ago

    i don't think the bank will loan you money on a car you already own.

    nice try though.

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  • Barbra
    Lv 6
    1 decade ago

    What a mess?

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