J
Jeremy
Guest
house 2 years from now? I am considering taking a small loan to pay for a $10,000 car (for my mom's Christmas present). However, I am considering owning my own home 2-3 years from now.
I have roughly 7K in liquid funds right now, therefor I should not have any issue getting an automotive loan for 10k. My main goal is to increase my credit score with an automotive loan so when I am ready to take a much larger loan for the house, I can get the loan at a lower rate due to my improved credit score. Is this a good idea? Or will a short-term automotive loan hurt my credit score?
I have roughly 7K in liquid funds right now, therefor I should not have any issue getting an automotive loan for 10k. My main goal is to increase my credit score with an automotive loan so when I am ready to take a much larger loan for the house, I can get the loan at a lower rate due to my improved credit score. Is this a good idea? Or will a short-term automotive loan hurt my credit score?