My score are finally decent...closed on the house and all that jazz...no derogs at all. I have never had a car loan though, the cars we have now were purchased though my wife. I have heard that even with good scores, they also like to see a previous good car loan. all i have is some ccards, student loans and now the mortgage. will i have to have a prev. car loan to get the lowest apr's and speacial offers?
you should not have any problem - expect to put down 10-20% to get a top rate, but, I just saw FORD, GM have renewed 0%. Yoou could probably get into that one also. IN SF, 650 FICO gets you 0%.... you should get an Audi....NEVER FOLLOW! aarrf - dogman
Scratch FMC dogman, went through this last month, perfect credit, mortgage history, even have a 6 (at the time 4-5 month) month old car loan, TURNED DOWN FLAT. They kept asking me, 'don't you have something other than this 5 month old car loan?' Well, there is my mortgage, 'nope, mortgage doesn't count, they want to see car loan' well there is that 3k loan that is about to hit the 1 year mark, 'nope 3k is too small that won't work.' This is a coversation with the financing guy at Ford, while he was on the phone with FMC. This was with a 685, no derogs. But my history as a whole was pretty short, so maybe if you have a longer history in general you will have better results.
geez - they would rather retake BK customers than take a chance on a new homeowner - good input - sorry to say. just FORD? aarf - dogman
I am a finace manager at a Ford dealer, and yes, some banks and FMCC want to see a decent length of time with car credit, but it is not necessary. For example, anyone with a 700+ beacon should qualify for the banks 'express" programs, regardless of car credit (Chase, Auto One, etc). Also, the prime rates from FMCC, such as 0-4.9%, aren't just for folks with spotless credit. FMCC grades everyone on a tiering system, 0-2 qualifies for the special rates, 3-5 for the less attractive rates, possibly 11.90%. Stability, capacity to pay and good payment history on your existing accounts are the keys. Let me know if I can help in any way.
Can't it also put you in a better tier if you put more $$ down. Also I had a FI guy at Ford turn me down in Oct because I wasn't currently up to date on my mortgage. So it obviously matters to some?!!?
this doesn't answer your question but.... I was just told by the girl at the bank today that it's sooooooooo much easier to get a mortgage than a loan for a vehicle.... I guess it makes sense, huh? vehicles depreciate immediately.... but the vehicle loan is for soooo much less!!
Regarding it being easier to get a mortgage than a car loan - absolutely correct. You can take your car to Mexico, but a little more difficult to do so with a house. I see people with horrible credit all day long, and most are homeowners.
of course, you may not have a car to drive out of Mexico. after you first drive your shiny ride across the border....especially TJ! arf - dogman
trout - You might want to try an online lender such as peoplefirst. My sister used them (after my suggestion) last year for a used car purchase and got approved for up to $32,000 @ 6.9% on a vehicle that was 1997 or newer and 30k miles or less through Capital One. She had scores in the mid-600's range and had never had a car loan before. Perhaps they're more score driven than the dealers/banks? Kirk
Question for the ford finance manager what is the lowest score you seen fmc approve and what cra do they pull mostly from?
