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by Steve 313 on August 12th, 2009

Steve 313

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Would it be better for me to buy a 5000$ car and never use credit or debt are to put 5000$ down on a car and make payments to build credit? if I never pay intrest and invested that saveings wouldent that be worth more then good credit?

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  • by Phillis - Zacks little sister on August 12th, 2009

    Phillis - Zacks little sister

    Great question! Nothing else will do, if you're trying to build credit. Common sense tends to fly out the window :(

    I suggest a compromise. Carry a debt on a $5,000 car of around $1,000. It will keep your interest payments down, and build your credit up.

    Take whatever you have left and throw it into a Roth IRA, and let it sit. +5

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