If it comes down to it, can't you use your credit card now to get the car back and then use the payment schedule that you would have used for the loan to pay off the balance?
I don't have a credit card. I only have a debit card, which is attached to my checking account. I don't want to have a credit card because I know I'll just run up debt with it.
Sadly, as I found out when buying my house, having little or no history is seen as (much) worse then an imperfect history.
I'd highly recommend getting a credit card or two. Even if they have low limits, even if you just leave the cards in your desk at home. Just having the history of the account existing helps. -Although hazelstitch is right, if you can use it and pay it off it helps a lot more. Do note this doesn't have to be an every month thing; If you just use it once for something every two or four months and pay that off, it helps.
Personally I have two cards in my wallet both with only $1k limits. I almost never use them, using my debt card for most everything. They have however, saved my ass:
1) Car rentals: Most don't take debt at all. If you want a car from them w/o a credit card to hold it you have to give them a $500-1000 cash deposit. They don't care what you actually pay with, but I think their risk assessment is partly based on the customer's ability to obtain a credit card
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I'd highly recommend getting a credit card or two. Even if they have low limits, even if you just leave the cards in your desk at home. Just having the history of the account existing helps. -Although hazelstitch is right, if you can use it and pay it off it helps a lot more. Do note this doesn't have to be an every month thing; If you just use it once for something every two or four months and pay that off, it helps.
Personally I have two cards in my wallet both with only $1k limits. I almost never use them, using my debt card for most everything. They have however, saved my ass:
1) Car rentals: Most don't take debt at all. If you want a car from them w/o a credit card to hold it you have to give them a $500-1000 cash deposit. They don't care what you actually pay with, but I think their risk assessment is partly based on the customer's ability to obtain a credit card ( ... )
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I'm now looking into ways to improve my credit and pay off my debts over the next couple of years.
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