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Posted in Auto Loans
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Question By
Freddy370

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My credit is only 5mo old. When will be a good time to try getting a new car loan?
I'm 21 credit score 730
Want to finance a new car I have about 6k down payment so my loan would be around 32k what do you guys recommend? Wait till 6mo?

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I would try now, your score is pretty darn good.  I had a 749 and qualified for a zero interest auto loan from the dealership.

Top Contributor
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Questions I have, 

Have you paid off all your other Credit card Debt?

Have you any other savings other then the 6K?  ( any other emergency fund )

Why is wrong with the car/truck you have now?   How long would it take you to save another 6K?

So the car is 38K-6K down 32K over 

7 year at 2% is going to be about 408 a month

6 years at 2% is about 472 a month

but lets see your 21,  not sure if you will need a co-signer or not

being young your intrest could be 4%

6 years at 4% is about 500 a month

7 years at 4% is about  437 a month.

and what will your insurance for that new car.

thinking you are making some good money,  start putting 1K each month away and wait a year before you purchase a car.

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