Auto Loans

turn on suggestions Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Reply
Topic Options
Member
therealbrandonhall
Posts: 8
Registered: ‎11-11-2012

Are lenders more lenient on credit-worthiness on new or used cars based on your experience?

Options

‎12-03-2012 03:19 PM

thank you for your input,

Message 1 of 4 (632 Views)
 
Reply
Member
Cox0924
Posts: 14
Registered: ‎12-01-2012

Re: Are lenders more lenient on credit-worthiness on new or used cars based on your experience?

Options

‎12-03-2012 03:21 PM

From what I have understood neither. Its the worth of the car verses the cost at sale.
Current myFICO Score: 747 as of 12-1-2012
Message 2 of 4 (631 Views)
 
Reply
Established Member
Barris
Posts: 113
Registered: ‎12-04-2012

Re: Are lenders more lenient on credit-worthiness on new or used cars based on your experience?

Options

‎12-04-2012 09:10 PM

Used cars in my opinion. Lesser risk.

Message 3 of 4 (530 Views)
 
Reply
Established Contributor
chasmith
Posts: 1,016
Registered: ‎05-26-2010

Re: Are lenders more lenient on credit-worthiness on new or used cars based on your experience?

Options

‎12-05-2012 05:55 AM

You may find the "captive" or brand finance company more receptive because they also want to move cars.  For example Ford Credit for Ford products - they have been very good to me on certified used cars and new...

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012 Gardening since 10/6/2012

Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 4/2/2011 EQ 682 1/14/2011 TU 665
Current Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Goal Score: EQ 700 TU 700
Take the FICO Fitness Challenge
Message 4 of 4 (510 Views)
 
Reply

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.
www.myfico.com is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+