alohabear wrote:
nelson wrote:
Of course, that was after saving up enough to pay cash, but in the OPs situation a small loan that is paid off as fast as possible probably won't hurt too much.
Given the OP mentioned he's graduating debt free (I'm assuming that means no student loans vs. loans that are now paid), financing a car that he can afford (by that I mean total cost, not monthly payment) would be a good way to build credit history.
I'd like to see someone who works in credit underwriting comment on the value, today, of building credit history for someone this young.
The idea of paying interest to "buy" credit history seems a very poor decision unless the borrower is trying to repair a bad credit history (and even then I think that paying monthly balances in full, with a secured line of credit, is a much better way to go).
I recall that recent college graduates with no credit history or little positive credit history and a good job can get car loans and even home loans (I did both).