Should I apply or just wait a while?

[Shuckman00]

 I am looking at either a 2013 Impala $22,000 or a 2013 Equinox for 24,500

My Situation.

My Fico scores: equalfax 634 from myfico.com / Transunion 630 from walmart/ and 654 experion from U.S bank all from today 4-5-2013

Income: $50,000 a year

Location: Indiana

years on job: 2

Thin credit history. I have a current loan on a 2005 Mustang gt balance is 12,500 and the interest rate is 12.9% I have a young daughter and the car just is not a family car.

I now have 3 credit cards all are a 0 balance right now they are a walmart card a U.S. Bank visa and a Buckle store card.

Car loan history: I have financed a ford truck when I was younger traded it in on a camaro. I owned the camaro for about 6 years both were paid off no lates. I then got a dodge truck and traded it in on the mustang a year ago. The truck was traded in when I got the mustang and the loan paid off. The mustang I have paid every month on time.

So do I have a shot a getting a loan for a new car? Or should I just keep what I got and deal with the fact I screwed up and got a sports car when I should of gotten a family car to start with.

And should I work with dealer financing like GMAC or ALLY?

[E150GT]

I think you should try. I dont think you would do any worse than the rate you got now.  

And a mustang is not a sports car!! 

[FocusedAndDetermined]

With your current stores, you won't qualify for the lowest rates, but you might very well get something less than what you are paying now.  It's worth exlporing.  if you son't like the rates you're offered, make do for a little while, then try again.  Good luck!!

[webhopper]

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@FocusedAndDetermined wrote:

With your current stores, you won't qualify for the lowest rates, but you might very well get something less than what you are paying now.  It's worth exlporing.  if you son't like the rates you're offered, make do for a little while, then try again.  Good luck!!

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+1  I agree with this approach.  If you can't get a deal you want at the rate you want, just walk away and try again in 6 months.  Decide what you'll accept as a deal before you walk in and be firm about getting that deal... .