I'm looking at a 2000 Ford Ranger XLT w/36K miles. No down payment. MOST lenders in my area pull either TU (most) or EQU(some). What type of interest rate should I be willing to accept with my scores? I know i can get approved thru Ford and I can NOT get approved thru a CU.
As long as you have no repos on your reports or any recent lates I wouldn't accept any interest rate higher than 9 or 10%. Good luck. Dani
Dani- Thanks! I forgot to mention that hubby will be consigner, just so we can get an installment loan on his report. His TU is 515-530, his EXP is 605 and I have NO CLUE what his EQU is. Plus I think he HAS to be on the loan cause I still owe $17K on our other car (my name only), so that way hey will consider both of our incomes. Will his make a HUGE difference or will mine offset it, if i am primary buyer? BTW the price on the truck is $7975.
KHM, To be perfectly honest I don't how his scores will influence the loan decision, but I believe if you're the primary owner they probably would not make much difference. As long as the income is there and your personal car payments have been made on time I don't foresee a problem. Good luck and keep us posted. Dani
KHM, With your scores you might want to check with your bank first to see what rates they offer. With your score you should get around 9%, they will try for a higher rate - don't let them. And as long as you're the primary (First person on the loan), you should be ok. Again, the lender will try to kick your hubby off - tell him "No" If you really want to get him going, after he makes his first offer, get up and walk out. When they chase you down they'll know you mean business. GT
The price of the truck sounds good--we had a Ford Ranger (pre-having-2nd child....jump seats are great, but too tiny for carseat and smallish for adults) and even at 70K+ miles it ran great. The price you were quoted sounds good, too, for a 2000. Ford, I know, does use tiers, so they may be difficult to negotiate with--meaning FMC tells the dealers what rates to use (or at least this is what they used to do...we haven't used them in about 6 years, honestly). GMAC, on the other hand, lets the dealers neogotiate and do basically whatever needed--meaning you don't like the interest rate they offer, you can say you want the 5.9 they're offering or whatever's out there and you'll probably get it. My husband has a bk from 1993 and probably mid-600 scores and got 7.99 through the CU...they originally turned him down, then offered 14% which we turned down. He called and spoke with a real loan officer (basically by overstepping the CU loan CSRs) and she offered 7.99 on a reconsideration. I know you said the CU wouldn't do the loan, but heck--try it again....we did and were pleasantly and absolutely shocked. I really think that speaking with someone directly did the trick, especially since we got to explain we had lots of equity, had IRA's and so on with the CU. Also try some banks, maybe--if you go direct, I've heard they do better rates than if you use the same bank though the dealer. I really think you could get something around 9 or 10%, if not better. Good luck and hope that helps.
