Would an auto loan help my FICO score/credit report?
The last time I tried to buy a car, the dealer said I did not have any major loan on my credit report eg auto loan, mortgage, student loans etc so I would have to put money down for the car. I have credit cards but the highest credit limit is $ 5000. I have an approval for an auto loan from a bank and was wondering if I should go ahead and get a car using that loan so I can have an auto loan on my credit report. So far I have been paying for stuff using cash. My thinking is if I have this auto loan on my credit report, perhaps that will assist with my future auto purchases. Hopefully the dealers won’t give me such a difficult time.