Reply
Contributor
fezwhy
Posts: 86
Registered: ‎07-28-2013
0

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.
Established Contributor
RushXTC
Posts: 728
Registered: ‎07-01-2013
0

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



ManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.comManiacGamers.com****$20,000**********$5,000***********$4,100***********$3,500**********$2,500***********$1,000****
EQ - 688 (10/9/13) | TU - 705 (02/18/14) | EX - 701 (10/9/13) | CS Fako - 717 (10/4/13) | CK Fako - 697 (11/05/13)
Established Contributor
sccredit
Posts: 802
Registered: ‎09-14-2012
0

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

Credit Cards: Amex BCP $24,900; Chase Sapphire Preferred $24,200; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $13,500; Citi TYP $12,900; Amex SPG Biz $3,000; US Bank Platinum $8,600; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $5,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $5,000

Member
Mikey41
Posts: 16
Registered: ‎09-17-2013
0

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.
Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013
0

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.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Contributor
fezwhy
Posts: 86
Registered: ‎07-28-2013
0

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
Frequent Contributor
mtrsprt
Posts: 307
Registered: ‎07-27-2011
0

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.


Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 718 TU, 698 EQ, 705 EX on 6/07/2014
Goal Score: 720-740 Across the board


Take the FICO Fitness Challenge
Contributor
jrodzmc09
Posts: 81
Registered: ‎07-02-2012
0

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.
USAA PLATINUM MC: $9.5k | CHASE SAPPHIRE PREFERRED: $5k | NFCU FLAGSHIP REWARDS: $5k | USAA VFW REWARDS: $4k | BARCLAYS FINANCING VISA: $2.3k | CHASE AMAZON REWARDS: $2k | DISCOVER IT: $1k | AMEX BCP: $1K | PAYPAL SC: $1.3k | MACYS: $1.2k | EXPRESS: $600 | NFCU LOC: $2.5k | NFCU AUTO LOAN: $21k
Frequent Contributor
austinguy907
Posts: 296
Registered: ‎03-03-2008
0

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.

Scores by lender CLI requests 4/15/14: EQ 760 / TU 755 / EX
------------------------------------------------------------------------------------
Scores by lender 4/25/11: EQ 705 / EX 743 / TU 735
Mortgage closed 5/20/2011!
New Contributor
Capya
Posts: 62
Registered: ‎12-14-2012
0

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



Starting Score: 573 (Exp 10/12)
Current Score: 767 (Exp 6/13)
Goal Score: 700+ I Crushed it!!!


Take the myFICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+