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Should my son get a credit card to help get car loan or will it hurt?
Comments
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If he has that much disposable income then he’d be better saving for a car and save on the interest.My first 4 new cars in 3.5yrs in the late 90’s were bought on finance. Well between 50%-66% of the cost of each was on finance.The last one was the last car I borrowed money for.Far better to earn interest on your savings and not pay interest when you do buy.0
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In my opinion, I think he would struggle to get car finance with no credit history for a £39k car unless there was a substantial deposit, regardless of whether he takes a credit card out now or not.Taking out a credit card would now would certainly help build a credit history for the future, but I don’t think having a card for only 3 months would make much of a difference0
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