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Auto loan question
I have never bought a car in my life, and now it’s happening. This website is where I discovered the FICO Auto Industry Option scores. Since I do not have an auto credit history, I would be assuming that it is pretty much as bad as bad auto history and will probably score low. Am I correct in assuming this?
I have enough cash at hand today for me to buy a decent used car without having to take out an auto loan. My FICO score is about 620. My question is, “Should I pay for the used car, in full with the cash that I have on hand or look for a new car (in the approximate $14,000 range) pay more than half of the cost of the new car as a down payment with the cash I was going to use for the used car and then take out an auto loan for the rest? Would it help with first of all my Auto FICO score, and do auto loans look good/help your regular FICO score? -
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