A 630 will not get you prime rates, but you probably won't have to pay 22% either. It's an OK credit score, you may end up paying 11-15% interest on your new car. Do you have access to a credit union or small local bank? You may be able to apply in person and convince them to give you lower interest.
I'm glad someone asked this. I got my score...642. Reason codes...I can't remember, but it had to do with first, debt to limit balances too high (I'm working on that now), too many inquiries in the last year, too new credit (I don't understand that since my first credit card is like 12 years old) and balances too high. I was actually pleased because these reason codes aren't really anything I can't do anything about (except the inquiries). But I wanted to get a new car this summer and I'm not sure if I'll have money for a down payment. I'm with a credit union and I was wondering how likely it would be for me to get the loan. By then, I'll have my balances down to 25% of their limits. I have one car loan that I just paid off in November, perfect history and I have one now that's been perfect for almost 3 years. Any suggestions?
My husband and I have terrible credit. Our scores are between 520-560. We got an $18,000 loan for a 2000 Chevy Cavalier with Nuvell Financial (GMAC) with $600 down and have a 9.9% interest rate. With your score, I am sure you can do a lot better than that!
I was thinking more about Acura. I had been in CCCS, but I paid off my last acct (WAHOO!) and I just got my new CRA from Trans Union and it's NOT showing ANY more creditors with that little notation "using CCCS". I had a Best Buy but paid them off last Jan and it was still showing up. I sent a letter to them and fussed and not only did they remove the notation, they took off all the late pays. I thought, WOW...now that's service!!
Anyone have any experience with Acura financing? I probably won't use their financing. I'll probably use my credit union, but I was just wondering. I'll TRY to get 10% for a downpayment, but I don't know if that will be feasible AND pay down my credit card balances.