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Contributor
Posts: 102
Registered: ‎07-28-2013
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0%-1.9% apr. who can qualify?

What credit score will will qualify for this rate? I have a few years yet before I plan on buying a new car. My scores are currently 633 646 660. I understand I won't qualify now but I want something to aim credit wise.
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Posts: 794
Registered: ‎07-01-2013
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Re: 0%-1.9% apr. who can qualify?


fezwhy wrote:
What credit score will will qualify for this rate? I have a few years yet before I plan on buying a new car. My scores are currently 633 646 660. I understand I won't qualify now but I want something to aim credit wise.
I'm aiming for 720, Because that's the certain one that will be qualified for those scores. 720+ gets you the best rates :smileyhappy:
However, I don't have the correct answer... But depending on your situation, You could join us in the Garden Club to help reach a higher score on the quickness (couple of months) to better your chances of approval with low APR.
http://ficoforums.myfico.com/t5/Credit-Cards/Garden-Club-Meeting-October-2013/td-p/2483057



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Posts: 1,265
Registered: ‎09-14-2012
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Re: 0%-1.9% apr. who can qualify?

There is anecdotal evidence of Toyota doing 0% with Auto Enhanced FICOs in the 630's.  However YMMV

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Posts: 18
Registered: ‎09-17-2013
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Re: 0%-1.9% apr. who can qualify?

Yes you will qualify ; all you need to do is out down a good downpayment and submit proof of income. I was 18, scores were lower and I out down $4000,proved income and got a 7.54 %. Now my score is 712 after 14 months and tomorrow I might be driving home a new corolla 14.
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Posts: 7,132
Registered: ‎02-27-2013
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Re: 0%-1.9% apr. who can qualify?

I think a 700+ score, assuming everything else is within reasonable limits (such as not having an absurdly high utilization) is pretty much guaranteed for the best interest rates.

And if your vehicle is financed by the manufacturer's financial services division, the dealership's finance manager usually can adjust the apr a little as well if you negotiate with him. Sometimes they will want you to buy some of those addons in return, such as extended warranty.
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Posts: 102
Registered: ‎07-28-2013
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Re: 0%-1.9% apr. who can qualify?

I should have around 5k or so saved by the time I purchase the car. My foreclosure is set to fall off next year and I opened another credit card. My score will definitely be in the 700s by the time I apply
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Posts: 340
Registered: ‎07-27-2011
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Re: 0%-1.9% apr. who can qualify?

[ Edited ]

9/10 times, to receive 0%, you need to finance for a term of 36 months or less, have at least 20% down, or both............  Just keep that in mind.  My Credit Union offered me a low 2.3% for up to 48 months on an almost 10 year old vehicle.  I chose 24 months.


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Posts: 81
Registered: ‎07-02-2012
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Re: 0%-1.9% apr. who can qualify?

Would it be possible for to get a 0% refi on a 2013 with less that 7.5k miles? I currently have a 1.84% with my credit union, trying to pay nil on finance charges. I got the loan back in Jan 25th, 2013 and thought it was an amazing deal, but I can't seem to get away from the charges. I have been paying double the payment a month making my next payment due until April 2014 at this point. I have to old foreclosure home loans peeling off on Dec, so Im hoping that could possibly get me a 0% refi somewhere. Any help would be greatly appreciated. BTW. I don't mind having a ~$1000 car payment a month as long as its 0% interest. Thanks in advance.
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Re: 0%-1.9% apr. who can qualify?

The only time you get 0% financing is before you drive it off the lot.  You will pay interest in every payment.  1.xx% isn't bad considering if you have a bad credit file some people pay upwards of 24% just to get a set of wheels.

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Posts: 70
Registered: ‎12-14-2012
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Re: 0%-1.9% apr. who can qualify?

1)  Consider starting a relationship now with Digital Federal Credit Union (DCU).   They offer 1.99% auto loans, and require an Equifax score of 675. (2.49% if you don't set up direct deposit)   I opened a savings account with $5 six months ago, and was recently approved for 30K at 1.99%.

 

2)  Dealer 0% financing often means that you are passing up on a rebate.  Depending on the rebates offered, this may end up costing you more money in the long run.  Here's a super-handy calculator to determine which option is better for you:  Rebate vs 0% Calculator



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