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Should I Buy a Car with my Credit Card or Auto Loan?

Moderator Emerita

Re: Should I Buy a Car with my Credit Card or Auto Loan?


rmjse wrote:

Thank you for all your helpful replies.

 

The car is a 2005, so it's not too old. I asked BOA about a loan for it and they quickly said they don't finance cars over 100K miles. Really they are the only ones I asked. I did not know that my score would drop by having high credit card debt, thanks for the heads up. I guess I will try to find a lender who is willing to look over the miles on the car.

 

Anyone recommend a good lender that may be able to finance such a car?

 

Thank you again.



You'll do better to start a new thread over on the auto loans board.

In the meantime, be sure to read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you a start on understanding how your credit works.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Super Contributor

Re: Should I Buy a Car with my Credit Card or Auto Loan?

Local Credit Union?
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Highlighted
Regular Contributor

Re: Should I Buy a Car with my Credit Card or Auto Loan?

I just bought a 99 suburban as a third car with 150k miles and my credit union didn't have any probs with the miles... but it was only 4k.

 

 

11/30/2009 TU 676 EQ 665 EX 654 (CU pulled)
5/14/08 TU 660 EQ 676 EX 623
9/5/07 TU 579 EQ 612 EX 546