My car is breaking down and now am thinking if I should get a new car... I am currently rebuilding and I was wondering if I have a shot to get approved for a car loan with a couple of derogatories on my reports, 7 new accounts this yr and 10 inquiries on each report all from this yr too!!!! ... Am tired of gettin my car fixed every few months 
... @ the same time, I don't wanna get into something am not ready for... Util is @ 11% ... Will get to 20% in the next two weeks.. Income is $50k .. Am lookin @ a $25-$30k car.... Any thoughts?
Starting Score: TU: 598 03/23/2012 EQ:607 05/24/2012 EX:607 04/26/2012 (lender pull) EX FAKO:522 03/2012 
kobe2012 wrote:My car is breaking down and now am thinking if I should get a new car... I am currently rebuilding and I was wondering if I have a shot to get approved for a car loan with a couple of derogatories on my reports, 7 new accounts this yr and 10 inquiries on each report all from this yr too!!!! ... Am tired of gettin my car fixed every few months
My first thought is why buy a new car?
My next thought is how much are you willing to put down?
Just a basic idea, if you are financing 20k at a low interest rate of 3.99 since your credit is not perfect your payments would be around 400 a month. This is not an exact figure just a simple idea of an approximation.
Depending on what your UTIL is based on assuming all inclusive of rent and or mortgage payments included, electric, water, gas, phone, cell phone, gas, insurances ( which will increase with new car purchase) , fuel, and all other small miscellaneous things, you may find it difficult to have that additional car payment.
It can be done but at times it will feel like a major burden, especially when something comes up that will cost more money in an emergency type of situation.
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