My fiancee and I are looking to buy a car and apply for credit together to help build a good history because we'll be buying a home within the next couple of years. We have scores of about 650 and 690, and an income of about $170,000(not sure if that matters). What does a score of 650 look like in terms of getting a good rate on the loan? Does the lower score drag the higher score down?
Your credit scores might not be much of an issue if you put down a good-sized down payment and the type of car you're looking to buy.
For an auto loan, I'm sure you can get financing, but with your scores, you will not get the best rates. You will get "acceptable" rates, anywhere from 8-13% depending upon whether new or used vehicle. Shop around, you may find a decent rate.
Your scores may be different (higher or lower) on an Auto-enhanced FICO, depending on what kind of installment loan history you have.
