633 credit score and auto loan

Discussion in 'Credit Talk' started by bgolden, Mar 27, 2002.

  1. bgolden

    bgolden New Member

    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.

  2. sam

    sam New Member

    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.
  3. wolverine

    wolverine New Member

    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 New Member

    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.
  5. bgolden

    bgolden New Member

    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.
  6. shopnspend

    shopnspend New Member

    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.
  7. Killer

    Killer New Member

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

    bgolden New Member

    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.

  9. marci

    marci New Member

    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.
  10. Killer

    Killer New Member

    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
  11. wolverine

    wolverine New Member

    Generations pulls TU and according to their website you need a 650 to qualify. That might just be for unsecured. They might have lower standards for auto loans.
  12. Killer

    Killer New Member

  13. marci

    marci New Member

    If that's true, that's a great rate for a refinance. I didn't know that they would go below the 7.99%.
  14. Christi

    Christi New Member

    I got my paperwork in the mail today and it's NOT 5.75% :( It's actually 6.49%. I talked and talked to them over this and they told me they could and would do 5.75%...My TU according to them was 802 at the time they pulled (TU showed 752). I had to talk to a loan officer when I tried to negotiate.

    I called today after receiving the paperwork to sign and he told me that was really the best he could do. I still went down on payments and saved a whole year though.
  15. marci

    marci New Member

    That's excellent, even at 6.49%! Wow. I never thought to try to talk him down from 7.99%. I suppose I was so grateful for coming down from 17.25%, that 7.99% was like living in heaven for me.

    Who did you talk to, Stacy Atherton?

    I bet your 802 must have blown them away.
  16. Killer

    Killer New Member

    That's still great Christi. Marci I'm currently at 14%. I can't wait until TU is clean and apply. I'll be grateful to get 7.99.

    Christi did they ask for mileage on the car? Any indication that mileage could stop approval? Any indication that owing more than worth could block re-fi?
  17. Christi

    Christi New Member

    It's Michael (loan officer) and Chris McMillin (personal banker). The customer service is UNBEATABLE with Generations Bank I must say. They seem to know who you are....for real. I like the hidden debt as well.

    They only had me put down milage today when I had to sign the actual loan application and the title form. You have to mail in a check for like $13 for that. They also sent an automatic debit form, so it will come out of my checking acct monthly and I never have to worry about being late etc.

    They only asked when I originally called for the VIN number, payoff, loan acct number and address to the other lender. That's it. They called back in about an hour and said you are approved, paperwork in the mail tomorrow. My insurance company had to fax over a change of lienholder information and that was about all to it.
  18. marci

    marci New Member


    Negative equity is not an issue with Generations - as long as they can *sale* the car for what you owe on it.

    I was upside down by $1400 (per Kelly Blue Book) and they took it all and refinanced, because "the resale value" of the car was higher than what I owed. I never in a million years thought that I would get a real bank to refinance negative equity.

    I agree with Christi. The loan officers know you by name and are always so professional.
  19. Killer

    Killer New Member

    Ok you all have my mouth watering! Hopefully my TU will be clean real soon. I will be so happy! I'll post it a million times! My car is new but I was upside down on the trade in. They rolled it into the new loan. I got a good price and rebates so that helped. I think I will be ok to apply w/generations.
  20. iamsamiam

    iamsamiam New Member

    3 years ago my credit sucked big time, below 500 on all three bureaus. I put major cash down and got Ford to finance me at 14%, 2 years ago I traded and got 7%, got a new pickup last month and got 2.9%. Credit scores in the 550-600 area. If you can stick it out with Ford and suck up the higher interest rate and make all of your payments on time you have it made. I cannot get credit anywhere else, but Ford will bend over backward to help me. Just something to think about.

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