Will buying a used car(financed) make my credit score drop?

I plan on purchasing a condo this summer. july/aug. %26#039;08. My car broke down and needs very expensive repairs. Id rather use that money on a good down payment towards a new car. I want to keep my payments down to about 199 a month to make it easy to pay. should I repair the old car to keep my credit high? or is it safe to get a small car loan for about 7 grand?any advise would help.

Will buying a used car(financed) make my credit score drop?

Auto finance is what I do for a living and if you buy this month your first payment will not be due for 30-45 days so by August you should have at least 6-payments made as agreed.

Your score will drop a little at first from the inquire and the additional debt but by August it will be higher then it is now.

Will buying a used car(financed) make my credit score drop?

it%26#039;s probably ok to get a small car loan. if you get alot of inquiries into your credit while you%26#039;re trying to get the loan, your credit score will drop. but if you get it and make regular payments and are never late on it for the next 5 or 6 months, it shouldn%26#039;t hurt your credit.

Will buying a used car(financed) make my credit score drop?

It would be better for you to buy a car outright now with cash, otherwise you might not qualify for your home loan this summer.

After you know you can handle the house payment, then go buy your better used car.

Will buying a used car(financed) make my credit score drop?

The initial inquiry will impact your score, but if you buy now and have a few months of on-time payments, that will have a positive effect on your credit

Will buying a used car(financed) make my credit score drop?

Keep the old car and fix it. Or save up for a cash car. You will never get ahead financially with payments.

No payments = cash in the bank.

obsessing with the fico score will bring you nothing but debt.

You have to borrow money and make payments on time to get a high score. You have to keep borrowing money and keep making payments on time to keep a high score. You never get ahead making payments and paying interest.

The only time you might have to borrow money is for a home. You can do that without a fico score. It%26#039;s called manual underwriting. It%26#039;s not a sub prime loan. It%26#039;s the way loans where givin%26#039; before all the fico score worship. You can get the lowest rates available.