633 credit score and auto loan - Credit Repair Forum from Creditnet
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  1. #1
    bgolden is offline Member
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    Jan 2002
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    score 633, paid off about 8 accounts last 30 days. I want to re-finance my car and purchase a new one.

    How much do you think my scores will increase because of my debt reduction? My bank quoted 8.5% for new car and 10.5% for re-fi. Besides E-Loan and PeopleFirst, who else could help me.

    Do you think I could get lower rates anywhere? I want to do this is may.

    thanks

  2.  
  3. #2
    sam
    sam is offline Senior Member
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    Re: 633 credit score and auto loan

    8.5% new is pretty bad unless you have never financed an auto before. I'd shoot for closer to 7%.

    Try an auto dealer, with a good down payment, you should be able to get ~7% or less on a 60 month convential loan.

  4. #3
    wolverine is offline Senior Member
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    Re: 633 credit score and auto loan

    You'll get a lot better rates at the dealership. The online services just aren't competitive with what a dealer can do.

  5. #4
    QUEEN_BEE is offline Registered User
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    Re: 633 credit score and auto loan

    Originally posted by sam
    Try an auto dealer, with a good down payment, you should be able to get ~7% or less on a 60 month convential loan.
    I have always been told your down payment went straight into the dealer's (better yet, salesperson's) pocket. I am missing something or has definitely been misinformed.

  6. #5
    bgolden is offline Member
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    Re: 633 credit score and auto loan

    Here's my other problem, had bad credit in 97 and had to have a car. So I got screwed in the deal and I'm upside down about 5-6000 dollars. Should I try and get a big loan through a bank for the trade and new car or should I just let the dealership handle the financing.

  7. #6
    shopnspend is offline Junior Member
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    Feb 2002
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    Re: 633 credit score and auto loan

    I refinanced my loan with Chevron Credit Union at 6.99% with a 621 credit score.. You might want to look at some credit unions.

  8. #7
    Killer is offline Senior Member
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    Aug 2001
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    Re: 633 credit score and auto loan

    I'm targeting Generations for a re-fi deal. Christi posted that they did her re-fi at 5.75%.

  9. #8
    bgolden is offline Member
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    Re: 633 credit score and auto loan

    How hard is Generations and where do you go to apply? Christi has pretty good scores from what I remember. Thanks everyone for posting, please keep letting me know the details. I want to get as much knowledge as possible.

    thanks

  10. #9
    marci is offline Senior Member
    Join Date
    Oct 2000
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    2,370

    Re: 633 credit score and auto loan

    I thought the lowest Generations offered was 7.9% on a refinance of a car. That is posted on their website, and that is what I got.


    I had a 687 Trans Union score (per Generations bank) at the time of my refinance.
    marci
    __________

    AmEx Blue 8.49%
    BofA Platinum 10.99%
    Capital One Platinum 8.99%
    Chase Platinum 6.99%
    Citibank Platinum 7.99%
    MBNA Quantum 9.49%

  11. #10
    Killer is offline Senior Member
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    Aug 2001
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    590

    Re: 633 credit score and auto loan

    Generations require 650 score and they pull TU only. Now if your TU online score is 633, I'd be willing to bet the actual score is at least 650. Oh I think Generations wants no recent negs. I can't remember. I think it's http://www.generationsbank.com

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