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630 credit score = what kind of auto loan?

New Contributor

630 credit score = what kind of auto loan?

 am thinking of possibly getting a new (well 1-2 year old used) vehicle soon. Problem is my credit is still under repair.  Im currently hovering around 600-620 mark, but just paid off a credit card yesterday and all the monitoring sites Im on show my credit should go up a decent amount (10-20 points). Ive also just paid an account to current which was 60 days past due.

 

So im guessing I might be around 620-630 range within the next month or two... my goal is to also open a 2nd secured credit card (currently only have Mortgage, auto and 1 secured credit card)...  and Ive also just sent quite a few GW letters off to creditors asking for lates to be removed.

 

My fingers are crossed all of this will help and get me to that 630ish mark, maybe higher. I know ultimately Id like to be in the 650-680 range for a "good" auto loan and rate... but lets say I dont get there and want a new car and not wait long enough to get to that mark. What would I be looking at?

 

$20k - $25k used auto loan

$3k down payment

60-72 months

630+ credit score

 

 

Starting Score: 498 (Jan 2013)
Current FICO 8: 687 EQ, 683 TU, 700 EX
Goal Score: 680
Message 1 of 6
5 REPLIES
Frequent Contributor

Re: 630 credit score = what kind of auto loan?

Ive also just paid an account to current which was 60 days past due.

May take awhile to get a resonable rate if you have a recent 60 day late .

Message 2 of 6
New Contributor

Re: 630 credit score = what kind of auto loan?

this was actually one of the things I sent a GW letter to.

 

basically, my ex wife and I are still on same auto insurance policy. she changed her insurance (and mine apparently) to liability only. my lender found out about it and added their own insurance to my loan. So for 3 months I was making my regular monthly payment, unaware of the new higher payment. So when I found out, i called and made change and now current again.  So ive sent a GW letter asking that maybe they will remove those lates!! fingers are crossed. But im hoping fact that i hadnt ever been late before and loan is through Wells Fargo and Im also a Wells Fargo employee and its Christmas time, ill get lucky!

Starting Score: 498 (Jan 2013)
Current FICO 8: 687 EQ, 683 TU, 700 EX
Goal Score: 680
Message 3 of 6
Frequent Contributor

Re: 630 credit score = what kind of auto loan?

Oh sorry that sucks I see how that can happen. Hold out till you see if the GW works cause the recent 60 day late on an auto loan is gong to look really bad when trying to get financed.

Message 4 of 6
Established Contributor

Re: 630 credit score = what kind of auto loan?

FWIW, I just went through similar situation.  Went through GM they pulled TU was 6-8 weeks old from what I was seeing on my end.  Cutoff point for decent rates was 620.


Current Score: EX 712 4/28/15, TU 713 4/14/14 lender pull, EQ 723 9/16/15, 740 EQ bankcard 8 6/1/15 lender pull
Last app 03/12/17


Message 5 of 6
New Contributor

Re: 630 credit score = what kind of auto loan?

Credit Karma score updated today and went up like 27 points just from my credit card balance going down! wow

Starting Score: 498 (Jan 2013)
Current FICO 8: 687 EQ, 683 TU, 700 EX
Goal Score: 680
Message 6 of 6