My husband and I bought a house a month ago (make first payment next week). Our mid scores were 606 (mine) and 633 (his). Problem is, my car is about to die, and I no longer feel safe driving it. It's paid off (and has been for a few years). I'm hoping to get $1K doing a trade-in, and looking for a used car, maybe 1-3 years old, hoping to find something for $15K or less out the door, with no cash out of pocket (used what we had for a new sofa and recliners, and blinds for the house). I'm thinking it may be possible to not put any cash since I have a trade in that has no negative equity. ANY clue what I may be looking at for interest rates? If I had any time whatsoever, I'd try to boost our scores, but seriously, I think I need to take care of this car issue this weekend, cuz I drive 45 minutes each way and can't have it die out on me while I'm on the expressway. Unfortunately I don't have info on the other two scores, and the scores I listed above was while we were applying for a mortgage. I don't know if immediately afterwards our scores would go up or down? Any suggestions??? Any ideas of the best way to get approved for a loan - a certain auto loan web site, or just a large auto dealer? I don't belong to a credit union...
First thing ya need to do Becky, is pull new reports to see where you are right now. PrivacyGuard.com has a 90 day trial for $1. .
My best advice would be to first pull your credit replrts at stated the post above me and also start shopping around for a credit union.
Okay, Equifax must be my low score... 549 - YIKES!!! Okay, I'm super bummed now! Can you do online disputes with Privacyguard???
Unfortunatly (or maybe fortunatly) privacyguard's score is not a true FICO score and is not what the auto finance places will see. To get a true FICO score you'll have to go to www.myfico.com. Unfortunatly, that costs about $13 for each score... and you have 6 to get... your three and your husbands three. But once you have all 6 scores take a look and see where they are. With a score over 620 you should be able to get an auto loan at a reasonable rate. Unlike mortgages, I believe that most auto lenders will only look at one score, so if you know who's score at which bureau is the highest you can shop around for an auto lender that will only pull that score. If you ask at the dealership or finance company they should be able to tell you which bureau they pull from. Finally, I'd suggest bringing copies of your credit reports with you when you're shopping. That way you can give them to the finance guy and ask him what sort of rate you would be looking at. That way you can shop around without having a lot of inquiries go on your credit report. Whoever you buy a car from will almost certainly have to pull a report themselves before everything is finalized, but you should still be able to avoid most of the inquiries. HTH, Brett
Becky, check out GMC's web site .. right now they have some great cash back rebates going on .. i am looking at getting a chevy cav and they have $3,500 and $4,000 rebates on their 2003s and 2004s in my region. also, FICO scores are tailored for each industry -- your auto FICO score will probably be higher as long as you haven't defaulted on any car loans. tboy
As of 2 days ago, the PVN814 code still worked on www.myfico.com and that will give you one bureau for $9.99 instead of $12.95.
Don't give up! My fiance and I just bought a Mitsubishi Montero last weekend. We were able to get approved with no money down and scores of 620 and 605. Income level is 105k per year. We were financed at 8% through GMAC. I asked the finance manager lots of questions regarding their credit approvals and he said "if you can afford it" you will get approved. We've both had car loans with perfect payment history in the past and he said that helped. He denied any knowledge of an auto FICO score and also said if you have scores in the 600's, you would get approved as 2nd tier (no 0%, but 6-10%). Good luck. gilmores
Re: Re: buy auto this weekend w/low scores George, how do you get the buy 3 get one free deal? I don't see it on there anywhere...
Re: Re: Re: buy auto this weekend w/low scores RIGHT IN THE CENTER OF THE PAGE https://www.econsumer.equifax.com/consumer/forward.ehtml?forward=sp_detail only...$12.95 OR GET 4 FOR THE PRICE OF 3- only $38.85 -
Re: Re: Re: buy auto this weekend w/low scores check your TU FICO score and if it is decent (like 620+) I would recommend eloan (www.eloan.com). I was approved in 5 minutes online by eloan at TU 622, 2 negatives and 4 inquiries, no other auto loans. Rate was 5.15% for 3 years, no money down, used auto 98 or newer, 6-14K. I got the car that night. All of your loan inquires SHOULD be grouped together so that you will not get too much of a hit on your credit score by checking different places... makes it worthwhile to shop around.
Re: Re: Re: buy auto this weekend w/low scores Great advice from the users, I must say. About the rebates, great idea. Those rebates can generally be applied directly as a down payment, thus alleviating the stress of out-of-pocket expenses. As a member of the dreaded auto industry, I would have to say that bringing your own financing is awesome leverage. However, many dealerships will not, or will say they do not take eloans, or peoplefirst.com loans. But for a mere 1 point higher, they will finance you. Do not settle, ever. If they want your business, they will take the loan, or match the rate. Bring your paperwork! Also, watch out for blatant, illegal practices: 1. Different price for cash or financing. 2. Bringing out a 'pencil' that shows your payment which includes items such as theft etch, or alarm. Your quoted monthly payment for the car, stripped of dealer hardware, must be presented along with any 'packed' payment. 3. You NEVER have to buy a service contract on a vehicle, regardless of credit. Also, look for advertised vehicles, such as specials in the paper. Get there when the dealer opens, and when they try to 'switch' you to a non-ad car, leave. Tell them you don't have a trade. Negotiate the deal, and when you are done, throw in the trade, right before you go into the Finance Department. Car dealers do not require money down, only banks. Insist forever that you have no money down. It is true that with your scores, the bank may require a down payment, so be prepared, but cautious. Also, your AUTO fico will be different. Even those who work for dealerships are told that an AUTO fico does not exist. It does. It weighs 4 items: previous auto history highest, along with length of established credit, available credit, and latest derogatory remarks. Last, if you are not going to buy an 'ad car' or 'loss leader', and are going to 'walk-in', ask for an Internet or Fleet Manager. Avoid the floor. This board has been of tremendous help to me, and if anyone, I mean anyone, has any questions or concerns regarding the purchase of vehicle, my email is always on.
Re: Re: Re: Re: buy auto this weekend w/low scores Thanks, GEORGE. I was looking for a buy-three-get-one-free of the 3-in-1 report...that's why I didn't see it....there isn't one of those. Oh well. I just used that code that someone else posted and got all three of them for $9 apiece rather than $12.
