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I have the money to buy a car for cash.

I have the money to buy a car for cash. My bf says no!

"Ihave the money to buy a car for cash. My boyfriend still thinks I should take out a loan. Thoughts?

His reasoning is that it will boost my credit and increase my likelihood of getting approved for a mortgage in the future.

I've only recently begun building credit (713 currently), from a small student loan ($1.5K) and monthly credit card payments. Is he correct by saying that I will experience future difficulty if I don't have a significant loan/repayment on my credit history?

Say that I can find 0% financing - should I keep my car payment in an HYSA and just make the monthly payments?

#caraccessories

2024/3/6 Edited to

When contemplating whether to buy a car for cash or take out a loan, it's essential to consider your financial goals and credit history. Buying a car outright means you won't have monthly payments, which can significantly ease your financial burden. However, a loan may help build your credit history, a crucial factor when applying for larger loans like a mortgage. If you drive a vehicle like a Toyota Supra, BMW, or Tesla, the loan terms can vary significantly based on the car's value. Choosing 0% financing could enable you to invest your cash in a high-yield savings account (HYSA) while making monthly payments, allowing your money to grow. Your current credit score of 713 is a good starting point; however, continuing to improve it may require periodic use of credit in the form of loans or credit cards. Regular, on-time payments boost your credit score, which is pivotal for securing favorable mortgage rates in the future. In conclusion, the decision to buy a car outright vs. financing comes down to your personal financial situation, goals, and credit strategy. Evaluate each option carefully to ensure you're making the best choice for your future financial well-being.

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If you take out a loan, you can put the rest in investments or a HYS account. All rich people lease or take loans because cash has more value now than it does later. If you invest with 8-10% growth annually, you are making money off the loan.

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I’ve bought all my cars with cash, I’ve had four now all hooked up and sold to repeat the same process. Personally I like not having a loan on a car it saves more money especially when you don’t have a good paying job and have rent and other bills to pay.

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