I am thinking about buying new car.. I just pulled my TU fico and it is 614. I have 3 old coll, all paid, and two tax liens paid. I used the "what can I do to raise my score tool" on the TU Fico site, and it said that if I paid all my debt (only bout 4K) it would raise my scores considerably, perhaps up to 700. I don't want to wait and pay off my cc bills to raise my scores, as all the incentives and rebates expire soon. My quesiton is this....Would I have lots of problems getting a car loan, what type of rate would I be looking at with such a low score, and what would be least hassle i.e. GMAC, Chrysler Credit, etc. I plan on putting 20-30% down. Thanks for all your help
if you are going the GMAC route.. are you sure theat they pull TU?? Also... make a few phone calls to the dealers you are planning on shopping with and ask what CRA they pull? Also I would examine possibilities of Gettinga credit union loan.. (might be asafer/cheaper option for you if you can get it).......
I'm going to assume all 3 reports are about same, bought a house last October, and all 3 reports were wtihin a few points of each other. Credit union is not an option for me, for unrelated reasons. I just figured that for the most part, financing from the Manufacturers finance partner would be easiest and quickest. I live in small town, and have to take a day off work to get to dealer. So I don't want to miss a lot of work for this. I just don't want a hard pull to find out I can get approved only at 20%. I was hoping someone has recently gone this route with a comparable score...Thanks
For what it's worth, I put down 30% on a vehicle almost exactly one year ago. Had a FICO of about 515 at the time, and got 15% interest. I am sure I could do better now, so I am doubting you would get stuck with 20% interest. And yup, I am looking to refinance
