Hey everyone. So I (24M) am looking into getting a new car. I currently have a Honda Pilot with 230k miles on it and just need to upgrade to a more reliable vehicle as the transmission is on its way out. I’m estimating taking out about a 10K loan in order to purchase a new vehicle. Currently my wife and I are saving for a house in the NoVa area (so not exactly cheap), but are looking to buy a house in the next 5 years or so. She has about 8k left in her vehicle loan and would need to co-sign for me because I am still building my credit (669) and she has excellent credit (753). Currently our combined total salary is about 65k-70k before taxes. Is it a good financial idea to get this loan, which will eventually end up helping my credit but initially will bump my score down as well as my wife’s? Or should I buy a $5000 car outright off Craigslist and have that last a few years?
Submitted November 17, 2019 at 07:39PM by lilbopeep2017 https://ift.tt/33TP78Q
