Auto Loans

[Walt_K]

Re the auto loan calculator and a 7 percent APR. are you talking about the financing calculator on Acura's page? If so, that isn't indicative of your rate. It always defaults to some high value like that if I recall correctly.

[Walt_K]

Also, scores watch simulator, in my experience, is fairly accurate at the low end of the range. Never seems to increase to the high number they predict, at least not for me.

[michintom]

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Walt_K wrote:
Re the auto loan calculator and a 7 percent APR. are you talking about the financing calculator on Acura's page? If so, that isn't indicative of your rate. It always defaults to some high value like that if I recall correctly.

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Thanks for the reply!  I was looking at the APR from here.

It says 660-689 = 6.919% APR for 48 months.

Also, I can't seem to find the Score Watch Simulator anywhere.  

[michintom]

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Walt_K wrote:
Also, scores watch simulator, in my experience, is fairly accurate at the low end of the range. Never seems to increase to the high number they predict, at least not for me.

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Just bought my TransUnion FICO score today.  I'm current at 688 on TransUnion and 686 on Equifax.  I did try the score simulator today and if I paid off $277 of my remaining credit card balance, the simulator said I would be at 688~708.  I just paid both off both cards today as well.  Hopefully I'll be a bit higher than 688

Also, I have a previous auto loan in the past with 0 late payments and good payment history in 2005.  Would that benefit me when the dealership pulls auto enchanced FICO scores?

[HoldingOntoHope]

If the dealership uses an auto enhanced score then it will be higher than the scores you have obtained. You are in good shape to request a loan at this time.

[michintom]

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HoldingOntoHope wrote:

If the dealership uses an auto enhanced score then it will be higher than the scores you have obtained. You are in good shape to request a loan at this time.

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Thanks for the reply!

I been in contact with a few dealers and the one I'm planning on visiting next weekend said they pull both FICO and FICO Auto enhanced scores.  The sales rep also said this "Currently Acura is offering a 0.9%apr for 60 months (Presidents Day Special) which ends November 28th. With no money down your payment  will be around 569.00. For every 1,000.00 down the payment drops $18.00. We use both scores, you qualify for the 0.9% apr. Remember the special apr ends in 5 days."

0.9% APR seems too good to be true with a 691 FICO score to me.

[Guyatthebeach]

When I purchased my RSX in 2003, my TU score was 690 and I got 1.9%(the best rate available). Should have no problems getting 0.9% financialing. I'm thinking about getting an ILX, so keep us informed.

Good luck!!!

[michintom]

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Guyatthebeach wrote:

When I purchased my RSX in 2003, my TU score was 690 and I got 1.9%(the best rate available). Should have no problems getting 0.9% financialing. I'm thinking about getting an ILX, so keep us informed.

Good luck!!!

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Thanks for the reply!  Going to visit Acura on Saturday for the TSX instead of the ILX

Also, would it be better to show 0 balance on both my cards when applying for the auto loan?

[michintom]

Made an appointment at the Acura dealership tomorrow.  Hopefully I won't have any trouble getting the loan for the car at a low APR  

[Guyatthebeach]

Good luck!!!!