Eric's Credit Community

I am seeking this loan to buy a cheaper car.   I need to have overlap so as to not be without a car while selling my current car. ( I drive to work everyday.)   I had tried to get a loan through my bank but do not qualify, nor can I use my current car as collateral since it has over 80k miles.

I currently own a car which I hope to sell for approximately $10,000.  I hope to sell it and thus free up some money tied up in it.  I would use the money to buy a much cheaper car, and to pay off my current credit card debt- which is approximately $4000.  A cheaper car would also allow me to pay less for auto insurance.

I recently graduated pharmacy school and have become a licensed pharmacist.  I am currently in a residency program at a large teaching institution.  The position is "apprentice"-like in nature, therefore I make a reduced wage as compared to a normal pharmacist.  Its akin to a medical residency- more specialized training so I can eventually end up in a more clinical role.  As a result of the program being considered further training my student loans are in deferment except for one undergraduate loan.

My credit is somewhat poor because of foolish credit card use in college.  My school was being paid for by my parents and after my first year, they were suddenly not able to pay anymore.  I ended up putting a lot of things on my credit cards in the interim.  I had very little income and became unable to keep up with all the payments.  Eventually I was able to get ahead and get them under control, however, the damage was done.  I am still paying on these cards as I still don't have a substantial income.  On a positive note, my payment history has been great for the last few years.

I have a pretty straight foward budget.  My rent includes all utilities and is very low due to the not so desirable location and I have a roommate.  My current car was paid for by a family member loan and me paying for it over time.  It has since been paid off completely.  Unfortunately, it is not reflected in my credit score because it was an informal gentlemen's agreement with the family member.  This time around I'd much rather get a loan in an official manner so as to build some credit and be independent of my family.  My insurance is relatively low because I have been lucky to have a good driving record.  I am a single male with no children.

All values are per month

After tax income:  $1900

Rent: $285
Garage space: $75
Insurance: $100
Phone: $65
Student Loan:  $165
Credit card (1): $90
Credit Card (2): $60
Credit Card (3): $15
Gas: $150
Food: $400
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Total: $1405

I would be happy to answer any questions.  Thank you for your consideration!