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Need a small auto loan (less than $10k) for an S2000 with a 700 score but only 1 year credit age....
I'm looking to get a roadster (2000-2009) and I already created a budget for myself. I plan on laying down anywhere between $2k-$5k as a down payment making my loan less than $10k based on the value of the vehicle and the area I live in, interest not included. I also already checked with my insurance company, my rate for this car will be cheaper than what I pay for my current vehicle with no loss of coverage.

I have a 700 score (and rising) but my age of credit is only a year and a half and I only have one account. I have 6 hard inquiries from a stupid idea and someone pushy almost exactly one year ago.

I currently have a credit card that I owe about $700 on and am putting $200 a month towards.

I would like to able to obtain this vehicle in about a year or so.

I understand that having more than one account can be a good thing when your age of credit is still young, but my question is:

Is it a good idea to open a new account and transfer the balance just so I can have multiple accounts before I apply for this loan a year from now? Or do I have too many inquiries as is and it would risk a loan denial if I were to open a second acount? By then my credit history would about 2 1/2 years, is even that still too young to get a small auto loan with a decent downpayment?

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