re: Bad credit auto loan, big down payment

quote:

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Buy a 15k truck, get your credit score in the high 700's, reward yourself then. Somebody spending 50k on a truck with a credit score in the 500's is not wise. Even if you do pay it off in two years and get 7% still paying 3k in interest

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So you want him to spend $15k on a truck that will depreciate while he builds his score up, and then buy a $50k with what will now be less than $15k down payment?

Even if he somehow got all his money back on the $15k truck, getting 2% apr and paying it off in 2 years will still cost $750 in interest. So he's looking at a max potential savings of $2250, and that's if he somehow gets what he paid for the old truck.