04-08-2013 06:35 AM
04-08-2013 06:37 AM
Actually it does help your score in the same way that an auto loan would... and you get the history at a cheaper rate..
I did a secured loan back in 2007 and it helped my score tremendously
04-08-2013 06:41 AM
Actually, if you have a little bit of cash to spare, you should also consider opening a couple of secured credit cards if you haven't already
04-08-2013 06:45 AM
04-08-2013 06:53 AM
Very good choice to do the secured auto loan, very valuable towards building that auto history and credit all-together! My only concern with such a loan is that are they securing your loan with BOTH you money and the car or just the cash itself. I suppose that it would just be the cash but make sure you read the fine print on that!
Anyway congrats on the new car!
04-08-2013 06:58 AM
04-08-2013 07:05 AM
That's what I figured, so a secured loan that reports as a car loan, pretty boss if you ask me
04-08-2013 08:46 PM
Now that you have this positive history on the secured loan. Next time do a large down payment instead. The car/condo should be good collateral with a large down payment.
For example: $50k car put $25k down and still get a good rate.
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