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Should I pay cash for a Honda Odyssey or put 90% down?
"I want a new Honda Odyssey that costs $34,000 and have $30,000 for a down payment.
However, I can easily dip into savings to pay off the car at closing. My credit is in the 800s.
Is it better to get a small loan or pay for the car outright?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“It just depends on if you need to build a little bit of credit.
With a loan of just $4,000, you’ll get a great interest rate, especially with your credit score.
The question then becomes whether you need to get an installment loan on your credit report. If you’ve never had one before, doing so can help you out if you want to buy a car or home in the future.
You really can’t go wrong either way other than paying a few hundred bucks in interest if you choose to take out a small loan. But, if you need the installment loan on your report, go for 90% down.”
View full answer
- Gregory R.
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