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New Contributor
Posts: 62
Registered: ‎02-12-2011
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Can't get a decent interest rate. Tips???

Applied for a car loan through lendingtree.com and got only 1 offer from roadloans who provided 3 basic loan scenario's with varying downpayment combo's (1500, 2500, 3500) and interest rates between 22 and 24% for upto 18K...

 

My current scores (My Fico and Experian): Equifax - 677, TransUnion - 723 and Experian - 748

 

On my credit report: 1 negative line on my credit report which is a paid/satisfied judgement in the amount of $1,639. The judgement will off in august this year although I have recently disputed it in the hope it will be removed before August. 4 Total positive trade lines, 1 is from Mercedes-Benz credit (lease) which is almost 7 years old and is positive. No lates, charge-off's etc.

 

Don't have much credit right now and most were credit lines were secured within the last 6 months; Capital One Secured $200, JC Penny $250, Orchard $300 Unsecured, Wal-Mart $500, Value City Furniture $1,000 Kay Jewelers $2,500 and Furniture Row $3,500.

Credit utilization is less than 1%

 

Single, $50K+ annual income, current truck and camper paid for. No debts.

 

Why can't I get a decent interest rate. I have only tried it through lendingtree.com and was horrified and stopped checking with anybody else.

 

 

 


Starting Score: 500’s
Current Score: EQ Fico 707 TU Fico 737 TU08 Fico (Wal-Mart)736 EX Fico 733
Goal Score: 760+


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Moderator Emeritus
Posts: 17,409
Registered: ‎07-14-2009
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Re: Can't get a decent interest rate. Tips???

Hello and welcome to myFICO.

 

I suggest you go talk to a local CU. I enjoy the option of walking in and talking to an actual human being.  Smiley Happy

 

There's nothing wrong with shopping rates online but I try and buy local first if I can.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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New Contributor
Posts: 60
Registered: ‎07-03-2007
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Re: Can't get a decent interest rate. Tips???

I agree with going to a CU to see what they can do. My credit profile has similarities to yours and I was approved for a PSECU auto loan last night, it was an instant approval online. I only requested $5500 as I'm looking to just purchase a cheap 4X4 but it was nice to get 3.99% when having the payments automatically drafted from a PSECU account.

Starting Score: TU 652- EQ 658 - EX 668
Current Score: TU 679 - EQ 681 - EX 681 as of 3.13.11
Goal Score: 700 with all 3


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Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
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Re: Can't get a decent interest rate. Tips???


Varakai wrote:

Applied for a car loan through lendingtree.com and got only 1 offer from roadloans who provided 3 basic loan scenario's with varying downpayment combo's (1500, 2500, 3500) and interest rates between 22 and 24% for upto 18K...

 

My current scores (My Fico and Experian): Equifax - 677, TransUnion - 723 and Experian - 748

 

On my credit report: 1 negative line on my credit report which is a paid/satisfied judgement in the amount of $1,639. The judgement will off in august this year although I have recently disputed it in the hope it will be removed before August. 4 Total positive trade lines, 1 is from Mercedes-Benz credit (lease) which is almost 7 years old and is positive. No lates, charge-off's etc.

 

Don't have much credit right now and most were credit lines were secured within the last 6 months; Capital One Secured $200, JC Penny $250, Orchard $300 Unsecured, Wal-Mart $500, Value City Furniture $1,000 Kay Jewelers $2,500 and Furniture Row $3,500.

Credit utilization is less than 1%

 

Single, $50K+ annual income, current truck and camper paid for. No debts.

 

Why can't I get a decent interest rate. I have only tried it through lendingtree.com and was horrified and stopped checking with anybody else.

 

 

 


You lack recent good debt and debt history with a collection showing. Most all of you rcurrent credit it recent and not high balance.

There is a high chance that you can get much better financing through a dealership, especially on a new car with a subvented rate, but in all honesty lendingtree is not very working with people with credit issues.

You could also go to your existing bank and talk to a loan manager, and also there is the credit union approach.


 

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Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Contributor
Posts: 83
Registered: ‎08-24-2010
0

Re: Can't get a decent interest rate. Tips???

The only tip I have is to join USAA, NavyFed, or PenFed.  

 

My loan is through USAA which is 4%, but NavyFed and PenFed advertise rates for much less.  Be advised you'll be looking at higher monthly payments and less months for the lower interest.  

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