I was wondering if it was possible for me to get a newer truck?
I make around 60k a year the problem is I haven't had my credit for to long but it's around the 700+ area. Would I be possible for me to finance a 26k truck with 5k down? I'm 20 years old. And also how much would interest be?
Would it help if I apply for a smaller loan and pay that off first? Then would I be gaining trust from lenders to get a bigger loan?
- TheRealLv 68 months ago
Most likely, the answer is no. Any 20 year-old kid can have a 700+ score with a $500 credit limit on a single card. At your age, score means nothing. It's all about your credit history, and credit "highs". If you've never financed anything, and the first thing you apply for it $26,000, that's a big jump. Set your sights a little lower.Source(s): 20 years retail auto sales experience.
- Jay PLv 78 months ago
The only way to know for sure if you can and what the interest rate would be is if YOU speak with your local bank, credit union, and/or dealer.
The only thing you'll get from Yahoo users are speculative answers...
- PoppyLv 78 months ago
No one can answer this as to interest rates. Down payments are at least 10% down , the higher the better.
- Anonymous8 months ago
If you can't save up for a couple months and pay cash, I don't know what to say.....
How much does your truck make you a month? If it makes you $5,000 and a new one will make you $10,000 go for it.
How stable is your job? Do you have enough in the bank to pay for 6 months of payments and insurance if you are let go?
I wouldn't get a loan unless I had the $26K in savings as a buffer.
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- Anonymous8 months ago
Probably not because you don't have enough of a credit history.
Pay cash for a lower value truck. It never makes sense to borrow to gain the trust of lenders.
- CarsonLv 68 months ago
It depends how long you have had that job if you'll get approved.
Here is something to consider.
Your insurance for full coverage will depend on Year, Make, Model of truck. Your CREDIT SCORE is taken into account for your premium.
I have an 830 credit score. I bought a 2018 Sonata in Oct. I'm 60 y/o. No tickets. My insurance is $425 every 6 months.
I got a $10k loan /payments $250 for four years on a barely used 2018 for 4.5% which is excellent in my area. Depending on the life of the loan, a new vehicle your payments can be <$600/month on a sane loan life, 48 months. NOW it's not unusual for new car loans to have a 72-84 month loan life. People do it.
Advice? Buy a low mileage used vehicle. Let the last guy eat that 20% depreciation in a new car.
My Hyundai stickered at $27k. It had 6000 miles on it. I got it $20k out the door.
Does your current vehicle run?
Are you working on your credit? Get a gas card, Wal-Mart card use and pay off monthly. Start shopping for a used truck