I was in an accident about 2 weeks ago and I totaled my car, insurance is going to be paying me most of the balance of my loan. I also canceled some extended warranty and service options that I had on my car to make up the rest of my loan.

All said and done my loan should end up paid off and I should be getting a check for about $1,200. However currently my loan still shows that I owe over $20,000 on the totaled vehicle. I have a FICO score 620 as of 10/17 according to my Ally account. I make about 3k a month & have some credit card debt as well.

I would like to purchase a brand new 2019 vehicle, and seeing as how it's the last day of the year this is probably the best day for me to do it.

So my question is should I apply for a loan and go try and purchase a car today, or wait for everything to hit my loan & to be paid off before I go car shopping?

I am afraid of a high interest rate because I currently have another car loan out for over 20k, even though it will be paid sometime in January.