Okay I'm not sure where it is but there was a thread on this board about Tier1, Tier2 and Tier3: Well from my understanding this is much like A credit, B credit and C credit. Would this be correct? Last week I purchased a Mitsubishi Eclipse under Mitsubishi's zero down, zero payments, zero interest for one-year program. They said I was approved for Tier1 credit based on my Experian score. They said they only use Experian and that anyone with a 700or higher score, qualifies for Tier1 of the 12 months Zero payment program. Had I been in the 600's I would have got Tier2 at 9 months no payments and Tier3 at 6 months and no payments. Anyway I was just wondering if this makes sense in terms of what Tier1 means? Also this was a great deal for someone like myself who can afford to pay the note in full within one year (settlement award). For now I have a small income so this was the only way for me to get into a new car with out having to struggle.
I purchased an Eclipse last year under the same plan, I only qualified for Tier2, the rate was going to be like 12% after the 9 months, so I refinanced after the 9 months with my bank at 7.9%. www,creditsense.com
