Being a short time lurker I have picked up a few tricks to help me learn to budget in my newness to this sub, but now I am kinda in a pickle.
So to start off I was rear ended and my car was totaled out last week, they will pick it up this week. Luckly me and my Fiance have another vehicle to share for a month or so. I am honestly looking at this as a blessing since I got this car when my credit was horrid and my interest rate is out of this world.
So the insurance company isn't gonna pay off my loan due to the worth being less than whats owed. Thankfully I have GAP insurance which will take the rest. I am wanting a newer car and my price range is 10-15k for me to have the monthly payments I want. I will have $500 to put as a down payment.
Now comes the problem. My credit was decent until I couldn't pay my student loans. (I just moved states and it really has me behind) so just today have I resolved that by requesting a forbearance. Which if I understood correctly it brings me to current like I never missed a payment due to retroactivating it on my missed month (april). So going off credit karma my score now is 530 (was 670). My fiance is also co signing with a credit score of 640.
Now my questions:
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Should I wait until my current car is picked up and my current loan is paid before applying for a new auto loan?
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Should I wait until the forbearance is accepted and to affect my credit score before applying?
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Should I apply where I currently have an auto loan, because I have banked with them previously and they might accept my credit score?
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Not a question, but any advice dealing with auto loans or this situation at all is warmly welcomed.
Thank you so very much in advance and I am sorry I tend to ramble when my nerves are shot, that translates to text aswell.
Extra stats you may or may not need:
My yearly income: 27k
Fiance yearly income: 25k
Submitted September 16, 2018 at 04:27AM by djamesb199 https://ift.tt/2D1YOcd
