1st time poster. Just feeling the waters on how to go about an Auto Loan. Have 662-672 score depending on sites. (have good credit lines, just well utilized if you know what I mean) Have just sold one of 3 cars (takes me to 2 cars) so that auto loan will show a zero balance the next time they post. Hoping that will raise my score a little. The question is (finally), do I have the dealer finance dept. try to finance me or would I be better of going on-line (people's first)? I will be waiting until the end of summer, hoping for a bump in my score and to have paid a bit more on my trade. Thanks
You will always do better at a dealer, or Credit union. Peoplefirst pretty much sucks. With that score, given that you qualify everywhere else, you should be able to demand a GOOD rate with a reasonable down payment..
KCPaul, Look at matt_r's thread. He couldn't get a loan, but got one thru Ford at 8%. Good luck!! Charlie
kcpaul, Based on what you're saying and what I have learned about auto loan underwriting, I can't imagine someone not approving you. Your scores are great, you ahve installment loan history and as long as your income qualifies you, I don't see why there would be a problem.. Beware--you may have to bat them off with a stick.
Advice please? I'll be needing a car soon, my lease is up this summer. I've been working only part-time for over a year becasue of the recession. I have leased 2 cars from Toyota over the past 5 years. My ficos are currently in the 500's and I'm negotiating a settlement on a collection. I had 3 - 30 days late with Toyota (TMCC). Do you think TMCC would lease me another car?
