Five years ago we bought a car. I personally don’t like buying anything with loan payments. So, we were planning to buy the car with cash.
The car dealer, however, insisted that we should use their auto loan program. They had a campaign at that time. It was an auto loan for 63-months with zero percent APR. He mentioned it was a great way to build our credit score.
Until then, I didn’t know anything about the credit score system in America. Here in this country, they have a very strange system in the credit score. You will need a high credit score for a huge amount of purchase such as a house. Your credit score affects your mortgage rate.
Now the tricky part is how to build your credit score. If you always buy something with cash, you will never built a high credit score. In order to build a high credit score, you need to buy something with using the loan payments.
Here are some examples. I never bought anything with loan payments by then, so that my credit score was extremely low. On the other hand, one family of my friends have very high credit score. It was because the husband and the wife constantly buy something with loan payments, even for a low price.
Taking these facts into our consideration, we agreed to buy the car with the loan payments.
***
Today I received a letter from the loan company. It was a notification that my car loan payment was matured.
I was surprised at how quickly our days went by. It has been 63 months passed since we bought our car.
I felt great to reach at the finish line for this long run payments.
♬ Any feedback? (^^♪
three wisdom 