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MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
Loan question
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[QUOTE="91KDX, post: 1272420, member: 38839"] I have been looking at accouple different banks inorder to find a decent interest rate for a loan. My problem is, I have no credit score. Each bank has told me that I dont have bad credit, I just dont have enough credit to give me a decent score. Thus each bank has given me an Interest rate of 16.5%. The best deal I have been able to find is 14.5% on a $10,000 auto loan for 3 years. I need to buy a truck because I will be in the states for about a year before I deploy again. I am looking to buy a newer used truck with low miles on it. The problem is the 14.5% interest rate. Would it be smart to take that loan, pay it regularly for 6 months or so and refinance after 6 months to get a better rate? Does refinancing go against my credit score? I realize I could get a credit card and pay that off for 6 months to get a better credit score, but that would leave me stranded for 6 months. Has anyone else ever run into this problem? Before this I had always worked overtime and saved up enough cash to buy whatever I needed. The way I figure it is, I have to pay more, inorder to get a credit score. I was just curious if anyone else has had to do the same thing. And is refinancing a good thing to do after 6 months of paying off the loan? Thanks for your help. [/QUOTE]
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Forums
MX, SX & Off-Road Discussions
General Moto | Off-Topic Posts
Loan question
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