I need to buy a car this May and can’t put more than $500 down. How does a recent college graduate with a credit score under 700 go about getting a car loan? What kind of interest rates am I going to be looking at? Are there better ways to buy a car?

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Posted by Madison (MONEY FORUMS: 4, Answers: 0)
Asked on February 15, 2016 9:25 pm
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Madison, is there any way you can live without owning a car for awhile? Is a combo of public transit, bicycle, and zip cars an option? In addition to paying for the car, you will also have to budget in car insurance, maintenance, and perhaps parking. If you must have a car, I would consider buying a used car. Go to your bank and find out what you would qualify for in terms of a car loan (amount and rate) and use that information to drive your search.

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Posted by Beth Tallman (MONEY FORUMS: 1, Answers: 61)
Answered: February 16, 2016 8:54 am
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Depends on what kind of car you’re looking for and how much you’re really using this car. Financing a car doesn’t only mean you have to look into loan options, but also you should do a lot of research on what brand, model, etc you’re looking for. Cutting down the base price of the car you’re looking for is a good way to make sure you’re not shelling out lots of money for something you might not need yet. In addition to this, maybe do some research into the Uber/lyft services. Depending on how much you’re estimating you’ll need to use a car this May, it might be smarter to use these services first and save up/give yourself some more lag time before actually going into financing and buying a car. Remember, buying the car itself isn’t the only thing you’d need to pay for. Theres insurance, car payments, maintenance, gas. All of these can add up every month! Hope this helps!

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Posted by Emma He (MONEY FORUMS: 4, Answers: 5)
Answered: February 15, 2016 10:24 pm
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