I would keep things as is and build some more (good) credit history and a larger down payment so you can get a better interest rate and lower payments.

The Evo isn't going anywhere, they will still be around when you're ready to buy.

 

I was just thinking that if I pay my truck off over time, however not the entire loan term and pound the balance out that it would be paid off but I'd have more months of consistancy and the truck having value even when paid off it is a down payment portion in it self.

 

Wow the Evo is not a car you should be looking at

 

yeah i would pay off the loan... u would need 12+ month current credit history for a way better chance @ getting a loan.. I work for Countrywide so i know lil something about credit but its for homeloans.

Its a lot easier to make bad credit than good!

 

Oh of course but I don't think I am that deep, I have good ethic I just stumbled on a brief rough spot I'm sure it happens to alot of people... now if I had consistant missed and dragged on reposession problems it'd be another story but people have told me all I need to do is keep moving forward from it and don't let it happen again.

 

you are also taking into account insurance

 

Insurance on my Ford Explorer is $267 per month, I could lock in my quote from progressive at $271 per, not much of a change.

 

i am in the CG, and there is no way youll be able to afford a 500 car paymen plus insurence a cell phone and what other bills you might have to pay. off of an E2-4 pay. you'd be better off paying off your truck save up money at the same time do a trade in and put a nice chunk of change down!!!

Are you goin active or in the reserveiest??

 

3.9% coming March 1 from Mitsu on the IX's. First incentive. I was told this yesterday from a Mitsu dealership.

 

Alright well first of all I am not talking about a brand new EVO, I will be looking for a used RS, reservest with a job back home and $5,000 down on a $22-$23,000 car will not be a $500+ payment, I am fully aware of the variables when considering if or if not you I can afford it, I have taken into account all of them and would not be considering an EVO if it was going to be putting myself in a huge hole.

 

depends on how long u wanna pay it off, any payment can be over 500, are u trying to make minimal payments for 5 years?

i dont have any credit, never had any, im 22 and had to have a co signer, they wanted a down payment but i got away with 0 down and a 5 year *** rape on a TB SSL IX

 

Ok, lets put this into perspective. How much do you make per month?
I see that you already know what your credit is like.
With a score of 540-560, there is no way you're going to get decent fianance rates. I don't think there is going to be a lender that is going to take a risk in giving you low rates and, rates are increasing as we speak.

I have a credit score of 695 and having a hard time finding a better apr than 7%.
I make about $62,000 a year and I will have no problem making payments but the maintainance cost of the car is going to be a bit of a hassel but I am willing to do it after I buy a house this month. I am going to hold off buying the car until April, after I buy a house.

My point is, if you make a decent living and are sure you can make $400-460 a month on a car loan, do it.
But if you think you are going to have a hard time making ends meet due to a car, your life is going to be no so good.
I just wanted to give you some advice and in return make yourself happy with whatever decision you make.
Like others have said, I would payoff the truck you have and put some time away to save some cash and build your credit.
Good luck with whatever decision you make.

 

i so hope this is true!!!

 

Like these guys said. You would not be approved for a loan unless you got a co-singer, even if you did put a decent downpayment. Wait until you're out of school and have a steady job. And if you did approve you, your APR would be 18 % at the LEAST.