633 credit score and auto loan

**bgolden** · 03.27.2002, 09:01

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

**sam** · 03.27.2002, 09:04

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.

**wolverine** · 03.27.2002, 09:41

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

**QUEEN_BEE** · 03.27.2002, 10:05

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.

**bgolden** · 03.27.2002, 10:14

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.

**shopnspend** · 03.27.2002, 10:50

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.

**Killer** · 03.27.2002, 10:55

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

**bgolden** · 03.27.2002, 11:26

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

**marci** · 03.27.2002, 11:29

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.

**Killer** · 03.27.2002, 11:29

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