01-09-2013 05:08 PM - edited 01-10-2013 02:16 AM
New to the auto loan forum!
I gained some confidence after my equifax fico score! It's not stellar but my score is 670
Never had auto loan... learned that auto enhanced fico should be -+20.
I am looking into certified used by Toyota, Camry - will I be able to get approval for 1.9% (best offer)?
Thank you in advance for your words and wisdom!
01-09-2013 08:38 PM
01-10-2013 04:20 AM
01-10-2013 06:38 AM - edited 01-10-2013 06:59 AM
Thanks for your reply MovingForward_2012!
I really do though ! Have SLs that are around 6-7% interest rate, it is painful to watch interest grow...
Actually, I just applied 2 AMEX cards and they were approved ! I tried to ask the rep on the phone what my Experian FICO is and she said it is 700+, couldn't give me the exact score due to "security concerns."
I thought it was going to be only 1 pull, but found out that it was 2 pull since I actually applied 2 cards bummer!
If I try to use Experian Fico score, if it is AT 700, would I be able to qualify for Tier 1 pricing?
I currently have four hard pulls (one in (7/11) and one in (10/12), now two in (1/13) ), should I garden these first then wait?
Thank you for your words and wisdom!
01-10-2013 10:01 AM
Toyota is great to work with! They have had very low APR. I agree with MovingForward, you're probably not tier 1, but I'd think you'd be under 5%. If you can get your EQ FICO to 675, you could qualify for 1.99% with DCU. They don't use auto enhanced, so you shouldn't be penalized for no auto loan history, however I'm not sure if this is something they consider in underwriting.
Financed car @ 5.49% w/ DCU, Added DCU VIsa, Chase Freedom,
AMEX Gold and BCE, Lowe's
01-12-2013 10:10 PM
Have you had an auto loan in the past in good standing? That will generally be a boost to your Auto Enhanced score. Personal installmentment loans and mortgages may help as well, though student loans typically do not anecdotally.
If you have a negative auto loan tradeline, that likely will result in a lower score than your classic scores found here. The Amex one is likely bankcard-enhanced, which is yet a third version unfortunately. Best barometer is likely the EQ score found here in my estimation.
01-13-2013 09:08 AM
01-13-2013 09:11 AM
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