Hi fellow financial experts.
I am about to take a personal loan to purchase a car for personal use. This is expected to happen around June or July.
Planning to get a loan between $30k-$35k.
In preparation for that, few questions regarding what I can do to improve my credit rating / credit check / borrowing power.
- Will having any AfterPay / ZipPay etc impact the loan?
- No credit cards is always better / preferred if not mistaken?
- Spending on entertainment / leisure using cash to avoid it surfacing in my debit card records to the bank?
I prefer using cash when buying items, however I'm not sure whether this is a good idea.
I have heard that having a long term credit history helps.
Any comments are welcomed
Updated question; any significant benefits of buying cash vs loan besides the interest?