@Anonymous wrote:Hello. I just purchased a new car last night. I was approved by my credit union for a 23,201 loan at 7.9 % for 72 months. I considered that good because another dealership offered me 16% requiring atleast 3500 down. My credit score from myfico says its 602 but when the credit union ran it, it was 667. I guess that was from a different model. I am just starting to build credit. So my plan is to sell my old car and put about another 3k down for a total of 10k, slashing the amount owed down to 13k. After my loan and new credit card is reported for a couple months, i believe my score should jump quite a bit. My question is this. At what score should i expect to jump up to, and what kind of rates can i expect to get with each level of credit score? For example lets just say a 600-660 gets me 9.99, then a 660-700 gets me 5.9, etc...
Also, what are some of the best places to refinance? I know blue harbor advertises 1.99, but i've heard many bad things about them.
Think that's a good plan, but see if there's some better places financially and FICO score wise to use that 3K, namely to credit card debt. 3K on a 23K loan won't help that much and most people who find this forum have some debt at higher than 7.9%. You're right on the different scoring models.
Hold it for 6 months while prettying up your report, and then look to refinance. The gold standard on this forum is DCU (Digital Federal Credit Union) that a ton of members including myself swear by for auto loan refinancing; I suspect Penfed might be a good option now too but I don't know them that well. Shouldn't be that hard to beat 7.9% even if you don't clear the 675ish benchmark on a EQ 04 score which I think is still DCU's current top tier for ~2%.
Lot of information over in the Auto Loans board when you get closer to pulling the trigger on the refinance to figure out lender du jour.
