Finance A Car Or Pay Mostly Cash To Rebuild Credit?
I went through bankruptcy about a year ago. I have some money now to buy a car in cash. Would it be better to finance a new car for a few months, then pay it off in order to build up my credit, or am I better off just paying the cash up front in order to avoid excessive interest rates due to the bankruptcy?
Answer:
Generally speaking, it would be better to get a short-term loan (say, 1 year) for a portion of the price. If you put down 50%, you should get a very low rate. Be careful the rate depends on the bank and pre and post BK history
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