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Reply to "When people say they "pay cash" for a car..."
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Although we can pay cash, we take out the longest loan available, put both our names on the installment contract, put down a large down payment to make the monthly payment roughly $250. With our house paid off, it's nice to keep some type of credit ongoing in our name.[/quote] Don’t you have a credit card? That’s enough. Why pay extra on a car when you don’t need to. [/quote] You need to brush up on how credit scores are calculated. Credit cards are less valuable debt and fixed term loans are more valuable debt that raises your score.[/quote] Not having a mortgage isn't a smart way to raise acredit score. Mortgages are cheaper than car loans. But regardless, someone wo paid off a house is extremely unlikely to have credit costs impacted by a car loan. [/quote]
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