Should I get a second car loan?

So recently some idiot made a left turn in front of me and totaled my 2010 Honda civic which I'm financing. I do not have gap insurance, so I got royally screwed. After insurance sends a check to the bank I will still owe 5300 on a car i no longer have. I do not have money to pay this off right away, but still need another car right away as i have just started a new job. Should i go get a new car and a new loan? I have a 717 credit score and have my father to cosign, who also has good credit. I also know dealerships do deals in february… Any opinions on this?

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This is entirely dependent upon your income, and your co-signer's credit and income. You will not be able to get a second auto loan in your name only, as lenders won't approve one person for two auto loans. They will, however, allow you to be on two auto loans (as long as there are two people with two vehicles). Your cosigner is your only hope.

I guess you'll think gap insurance is worth paying for now. Don't let it happen to you again.

Another loan while owing $5300 is unlikely. Your score itself doesn't mean much. Your income must be good enough to support 2 car loans.
And for most young people, its not.

I would save up for a clunker & pay cash. And your credit will be trashed if you don't keep making payments on the old car. And it might be trashed even if you do, I'm not sure how that works.

It seems the party who hit you should be buying you a car.

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