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Originally Posted by s1ngletracker
my vote is get something you don't have to get a loan on. The premise of doing it 'to build credit' is weak IMO
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That's a tricky one. It depends on your interest rate. If you can out earn your loans interest rate by investing somewhere else at a higher rate of return, than you're generally better of doing that. It does build credit, and earns you money that you would otherwise have not gotten.
For instance, if a mortgage rate is 4.5% and you know you can gain 6% from an investment account, hell yeah you should take that loan for as long as you can! Dump your paycheck in to the investment account, let it gather interest for 30 days, pull out the payment and let the principal of the investment grow by 1.5%