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.
|Chase Freedom $9500|
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
|Lowe's CC $8500|
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
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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