How bad is a 630? Auto loan?

Discussion in 'Credit Talk' started by danrs, Mar 19, 2001.

  1. danrs

    danrs Well-Known Member

    Pulled my score on Equifax, and have a 630. Was hoping for better, but really don't know one way or the other just how bad this is.

    Looking to qualify for an auto loan, 4K down on a 22K car, what kind of rate will I be looking at with a score like this?

  2. SEAN

    SEAN Well-Known Member

    Re: How bad is a 630? Auto lo

    Probably Ford Motor Credit..try online..they use equifax...
  3. mvfl

    mvfl Guest

    Re: How bad is a 630? Auto lo

    A 630 will not get you prime rates, but you probably won't have to pay 22% either. It's an OK credit score, you may end up paying 11-15% interest on your new car. Do you have access to a credit union or small local bank? You may be able to apply in person and convince them to give you lower interest.
  4. AnnMarie

    AnnMarie Well-Known Member

    Re: How bad is a 630? Auto lo

    Last year my score was 572 and I was financed @ 11%
    16k put 3k down = 13k loan
    Hope that helps--prior car loan history was perfect.
  5. Shantel

    Shantel Well-Known Member

    Re: How bad is a 630? Auto lo

    I'm glad someone asked this. I got my score...642. Reason codes...I can't remember, but it had to do with first, debt to limit balances too high (I'm working on that now), too many inquiries in the last year, too new credit (I don't understand that since my first credit card is like 12 years old) and balances too high. I was actually pleased because these reason codes aren't really anything I can't do anything about (except the inquiries). But I wanted to get a new car this summer and I'm not sure if I'll have money for a down payment. I'm with a credit union and I was wondering how likely it would be for me to get the loan. By then, I'll have my balances down to 25% of their limits. I have one car loan that I just paid off in November, perfect history and I have one now that's been perfect for almost 3 years. Any suggestions?
  6. ShyGuy

    ShyGuy Well-Known Member

    Re: How bad is a 630? Auto lo

    With a 630, you probably can get prime rates from Ford or Mazda (which Ford owns). I got a new Ford at prime just after my BK, so my score at the time was probably about 500.
  7. lucy

    lucy Well-Known Member

    Re: How bad is a 630? Auto lo


    My husband and I have terrible credit. Our scores are between 520-560. We got an $18,000 loan for a 2000 Chevy Cavalier with Nuvell Financial (GMAC) with $600 down and have a 9.9% interest rate. With your score, I am sure you can do a lot better than that!
  8. Shantel

    Shantel Well-Known Member

    Re: How bad is a 630? Auto lo

    I was thinking more about Acura. I had been in CCCS, but I paid off my last acct (WAHOO!) and I just got my new CRA from Trans Union and it's NOT showing ANY more creditors with that little notation "using CCCS". I had a Best Buy but paid them off last Jan and it was still showing up. I sent a letter to them and fussed and not only did they remove the notation, they took off all the late pays. I thought, that's service!!

    Anyone have any experience with Acura financing? I probably won't use their financing. I'll probably use my credit union, but I was just wondering. I'll TRY to get 10% for a downpayment, but I don't know if that will be feasible AND pay down my credit card balances.
  9. tareco

    tareco Well-Known Member

    Aut\o Loan--To Ann Marie

    Would you mind telling me where you got your auto loan? Was it through your own bank or somewhere else? Thanks!

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