All I want to do is maximize My credit using my truck. Whats the best way to maximize my credit using my truck what opions do I have? 2006 Chevy Silverado $24,600 I put 1,000 down and had to have my mom sighn for me I co sighned because i did not have no credit.
2006-06-27 15:55:58 · 7 answers · asked by 55 1 in Business & Finance ➔ Credit
If you want to maximize your credit, make sure to have the payments for at least twelve months.
The last time I went and bought a car, none of the banks would count my past auto loans because I had paid them off before a year was over.
2006-06-27 15:58:37 · answer #1 · answered by double_nubbins 5 · 0⤊ 0⤋
You stated you wanted to "maximize" your credit and I'm not sure exactly what you mean.
If you mean how to get the best credit rating score, then make your scheduled payments on time and don't pay it off early. Many credit ratings downgrade you for paying off early.
If you mean how to make the best financial move, then by all means pay it off as soon as possible. Credit companies don't like this since a credit rating is really a "likely to make money off you" rating.
If you are interested in a combination then:
1. Sell the Silverado yourself for the best price you can find.
2. Pay off the Silverado loan
3. Buy a smaller car that is 2-3 years old in cash
Or come as close as you can. Other than a house mortgage, there is no NEED for a good credit rating in the first place.
2006-06-27 23:01:14 · answer #2 · answered by dm_dragons 5 · 0⤊ 0⤋
If you can afford it, you might want to pay through the period of 1-2 years then pay it off. The fact that it's co-signed won't hurt you in the end. You can also get a very small credit limit credit card that you pay off each month. This will all build your credit in a positive way.
2006-06-27 22:59:33 · answer #3 · answered by ringladydee 2 · 0⤊ 0⤋
well your mom is getting all the credit for now. If you can pay it off and start out small with a loan with the truck as collaterial that would give you some credit after paying off that loan
2006-06-27 22:59:22 · answer #4 · answered by G L 4 · 0⤊ 0⤋
If you're trying to build your credit, it will be easier by using a credit card that you pay off every month. That way, it will not cost you any interest.
If you have the money to pay off the truck loan, I would do it to save money on the interest unless you have an investment alternative that would yield higher than 5.9%.
2006-06-27 22:58:38 · answer #5 · answered by thenameisthesame 4 · 0⤊ 0⤋
ya if you can pay it off in one yr go for it but you should keep the loan open one yr. to establish credit then you can all ways sell it get you lump sum of cash back and put it down on something else and keep doing that and you will get good credit fast
2006-06-27 22:59:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
The quicker you pay it off the lower you interest will be and the highter your potential credit rating.
2006-06-27 23:01:07 · answer #7 · answered by endorphinrider 1 · 0⤊ 0⤋