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Posted in Auto Loans
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Imdavebtw

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Buying a new car at 19 yrs old 580 credit score
Hi I am saving up about $2000 to put a down payment down on a 2016 subar WRX and was wondering if that score is really looked at and if it defines if I can get the car or not. I understand I'll be paying about 400 a month plus 350 for insurance. I also get that interest rates will be about 20% which I'm okay with this I make enough money to support it. Take into consideration I'm 19 and responsible but I just applied for a credit card. I have a credit score of 580 because I guess my debit card.

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19 and 580

Even with 2k down I would advise against it due to your age and low credit score. highly unlikely you would get approved from any lender for a 2016 vehicle.  You would just take another hit to your score. I would either use that 2k to buy from a private owner or go to a 2nd rate used car lot and get financed from them to improve your score. 

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Please be advised that, at your age, the insurance rates will be very high, especially on newer cars.  Start off with a decent used car and con[tinue working to build your credit so that you may shortly be able to buy a brand new car with little down and at a low interest rate.  Took me a long time to be able to do that but ijt's a thrill!

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