So here's the deal. When I was a young man I got totally annihilated by identity theft. My credit and my history with the IRS were absolutely wrecked. Once I got that mess cleared up, I slowly started rebuilding with a credit card here and there and have managed to grind my score up into the mid 700s.
I'm currently in the market to get my first brand new car from a dealership. Truth is, it's totally within my ability to just buy a new car cash and be done with it then and there. However, I believe it would be in my best interest to finance just so that I can build on my credit history for the eventual date where I might want to someday buy my own home.
So here's my question; if I were to go with the finance option, how long would I have to go with the standard month-to-month payments in order to get some benefit out of it? Can I pay it off in a few months and have my credit history benefit? Should I drag it out for a year?
Like I said, I could pay it all off in a single check if I wanted to. But if I could drag it out for a bit to help my credit history, I would much rather do that.
Any advice and tips would be greatly appreciated.
Thanks,
~just a manchild trying to survive in this adult world