The transmission went out in my old car and it makes more sense to purchase a new/used car than to pay to the high replacement fees. I really don’t have any other options. Anyway, I’m thinking about applying for a loan just to make a down payment. I’m wondering how strong my chances of getting one are. I am a 19 year old college student and I have a full-time job, but my credit rating is a 573. I have one auto repair store credit card (my car is in the shop frequently) and one credit card. I have been making all my payments on time. Will I have difficulties in obtaining this loan? Or do I have a good chance at getting the loan?
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good odds you would need a cosigner just on your age alone. and many times it can be cheaper to repair a vehicle you allready have than buy another vehicle you may end up with repairs on not long after buying.
So, is it correct that you need to get a loan for the down payment, then ANOTHER loan to purchase the car?
Thats a bit silly. I think you would be far better to either save the deposit, or take the deposit out of your credit card.
What happens if you get the loan for the down payment, but not the loan for the car?
And honestly, if you have to borrow money for a deposit, it would make more financial sense for you to repair the old car, rather than borrow to buy a new one.
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