[quote=“sureshot!,post:34,topic:26944"”]
financing a motorcycle wont give him leverage with the credit bureaus. it won’t even help his credit score right away… it’ll take awhile. but if he is serious about fixing his credit, the sooner he establishes good long-term credit, the better. as i mentioned earlier, there are various types of credit accounts, and paid off installment accounts definitely reflect well in regards to a credit score ( assuming he does pay it off in a year. ) additionally he will have the history with that lender who would potentially give him a better loan down the road since they have already experienced his consistency and recognize him to have good character.
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OK that makes sense to me. 1 year loan for $4k @ 15% would only be $400 dollars. Not such a big price to get a finished loan with no bad marks on his record.
This is assuming that the debt that he has is considered installment debt and not sitting there hurting his score the way a credit card would?