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Posted in Auto Loans
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Question By
ShadowPoundr

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Possible to get a loan with 2000$ down?
So I'm a 19 year old trying to get a loan for a car that I am looking at that is 4500$. And I'm looking at getting a loan for 6000$ ( a tad higher for insurance, and other things ). And I'm just wondering on what is the chance of getting the loan if at all. My credit history is just starting with renting an apartment and never missing payments on other things. ( One site saying 640, and karma saying 560) I'm also a full time student, but with monthly income just shy of 1000$ per month.
Any Information is helpful to me here.

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Please don't do this. You are setting yourself up for financial hardship. First, it would be very difficult to get a personal loan with your credit, so you would be looking at an auto loan and of course that means "full coverage insurance" that could be as much or more than the auto payment. If you find a lender willing to finance you, the interest rate would most likely be very high, this will greatly add to your debt. At an income of shy of a grand, you would be setting yourself up for hardship. Wait until you are making decent money and in the meantime work to build your credit. Rent payments are usually not factored into credit, so check to make sure that they are in your case. Read all that you can on building credit.

Reply by
ShadowPoundr

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I have already realized the amount I would be getting into, the main reason I need the car at all is for getting to school, and to work. I knew already that the rate would be very high from the start with just having just starting my credit histroy. I have looked at the "full coverage" and have seen the very high payments. And getting this car is sort of a need. I have been causing people trouble for quite some time now, and I'm required to be at school for all five days of the week. I see why you are concering about someone trying so early with so little trying to get a "fair" sized loan. Other people I know have fallen into that state, and I don't plan too. 

Thanks for the help. 

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Possible to get a loan with 2000$ down?

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It would depend on why your score is in the state that it is in. If your score is low because you don't have a long credit history, I would find it very hard to believe a car dealership passing on $2000 cash. Before agreeing to anything, ask the dealership what they use to determine loan viability. (Which credit score do they pull)- Check that score before they pull it- if it's in the 650 range, then I don't see why you couldn't finance a car. 50% downpayment is kind of rare. I do worry about buying a car for so little money. But that's another conversation for another forum. 

Reply by
ShadowPoundr

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My history is in that state because I haven't had many things with credit. So yes it is just starting. 

Also thanks for the tip on the question to ask them. 

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