So, I need a new vehicle, as mine is dying very very quickly. It's a 17 y/o vehicle with (I assume) no trade in value. I've never gotten an auto loan before.
After taxes, I take home about $1700/mo. My scores are TU 641 EQ 672, unknown Experian. 2 old charge offs, newest being closed in 2006. 2 open accounts, 1 is student loans, and the other is my credit card (opened in Feb 2008). I have never had a late payment on either account. I pay no rent/mortgage (have deed for house), and have had credit reports since 1998.
I don't want to take out a huge loan, nor do I want a really expensive vehicle. $150/mo is my top monthly payment tier. I'd like to purchase a vehicle for $5000 or less, but don't have that much in cash. I can do a downpayment of about $500 or so (yes, I know how little that is, but I have a sick dog, and my own prescriptions to pay for, ugh.).
So, after researching and researching, it appears that most people are buying cars $10K or more, and that banks won't finance anything around my preferred range? I've applied w/my credit union (Target), but haven't heard back yet. Before I start applying all over, I'd like to know if it's even worth it, or am I kind of stuck?
