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Posted in Auto Loans
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cbowlan

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Will I be able to buy a car in this price range?
I currently have a credit score that varies from 680-720 based off of my credit card. I have an open car loan with about 12,000 left to pay on the car. My dad and I are looking at buying a car which would require a loan around 58,000 dollars. I've never used a first time car buyer loan.

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A first-time car buyer loan is going to have extremely high interest. It sounds as if you want a "brand new" car in the more luxury range.  My strong suggestion (and I put this into practice, too, as does a friend with an over 800 credit score) is to buy a vehicle that is one to three years old.  This way someone else "ate" the depreciation and you would end up with a very servicable vehicle that will last you at least 10 years and will cost thousands less.  The "new car" smell isn't worth the high cost.  My Buick cost about half what a new one would, had only 24000 miles on it at one year and is about to become an 11 year old car but it's running like new and has only required very minor repairs.

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