I would like to purchase a new car sometime soon, but after reading some posts here, I was wondering if I should wait even longer to get a better rate. When I began my credit obsession at the beginning of this year, I had been cancelled by Citibank, Discover and GTE Visa. All of the cards, at the time I carried balances on. I had 13 total lates with the last being roughly one year ago. In addition, I also had an account that went to colelction 5/00, which I paid in full 6/00. Since January, I have paid all balances of the (charged off) cards. Additionally, I opened at CAPOne account 1/00 with a very small limit (PIF every month), Aria Visa, opened 3/00 which I charge and make 3 payments on monthly, as well as three store cards. Right now, I believe I have all the credit I need. In March, I signed up with Lexington to help correct some past problems and after round 1 disputes I lifted my score 35 points (From 495 12/99 - 647 6/01). I have 14000 in student loans, all bills have been on time since May 2000. My question is: Should I consider buying a car now....or wait until next Spring once I am completely done with Lexington (and have a better credit score)? Do you think my chances at getting a better rate will increase so over the next 9mo-1 year that I will be able to get a much better rate like under 10.5? Thanks for your help!
Laray,time is the best thing going for you.You can't rush credit,as much as we would all like to do so.I would wait until spring if I were you.Just my opion for what it's worth.
If the rate is important to you, you should wait. However, always think of the big picture and the future in an optimistic fashion. I purchased an Eclipse GT last year, I got a 0% APR for a year, 0 payments for a year and no downpayment. The salesman tried to sell me on taking a lower rate, than the 12% APR that would kick in after a year, but I thought it would be better to just wait. Sure enough, I am now able to buy the car from my company at 7.9% APR. www.creditsense.com
And that is exactly what I want...An Eclipse GT. I have noticed all of the promotions they do, like the 0 0 one you mentioned and like two others, but I didnt think I would qualify for those because of my credit at the current time! I will until next year though....this will give em a chance to save more as well as pay down student loan debt. Thanks for the responses!
