2007-02-26 03:32:41 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
the car will be under my name as "owner" like a new house, so it would still be on my credit report, right?
2007-02-26 03:45:19 · update #1
It doesnt. CREDIT only comes into play when you borrow money to buy the car. If you buy a coffee at starbucks it wont go on your credit either. But if you got a starbucks credit card then it would..
2007-02-26 03:40:41 · answer #1 · answered by TheAnswerGuy 2 · 3⤊ 0⤋
It won't. The purchase of a car will only affect your credit if there's credit to report upon. If you purchase a car with cash, rather than with a lon, there's nothing for the dealer or finance company to report upon...so it doesn't help you at all.
2007-02-26 20:55:35 · answer #2 · answered by Jason 3 · 0⤊ 0⤋
Your credit rating is only affected when you borrow money (e.g. car loan, mortgage, credit card). Things you pay for with cash will have no effect on your rating. The credit agencies won't even know about anything you pay for in cash.
2007-02-26 11:43:29 · answer #3 · answered by Dave W 6 · 3⤊ 0⤋
It will not effect your credit one way or another. It will not show up on your credit. The only time your credit is effected is when you borrow money from a lending institution that reports to the credit bureaus.
2007-02-26 12:12:01 · answer #4 · answered by ? 7 · 1⤊ 0⤋
It won't show up, so nothing positive or negative. Don't take out a loan just to "build your credit" as the slick salesman tells you. If you can afford it, you should pay cash for cars. Take out loans for homes or education - they appreciate in value.
2007-02-26 11:43:58 · answer #5 · answered by David S 2 · 1⤊ 0⤋
it doesn't
2007-02-26 11:57:38 · answer #6 · answered by laura468 5 · 0⤊ 0⤋