Big down payment may lower loan rate
Tuesday, August 26th, 2008Dear Terry,
I was thinking about buying a new car next year. I have a job and some money saved up, but I have no credit. As a result of having no credit, will I get a low interest rate or high interest rate?
— First car buyer
Dear First,
It’s an unfortunate Catch-22 of the credit business that the two types of people who suffer low credit scores are those who have abused their credit and those who have never had credit. (more…)