Credit Cards Center Credit cards from our partners
Reply
New Member
Posts: 2
Registered: ‎04-18-2013
0

Getting a loan question

first post , My wife wanted to get a car 20k and we are putting $6000 downpayment. she has a short length credit history and her score from TU is 630 per TD Bank where she got denied. well most major bank denied her. but the dealer said there's is one bank that approved her but we need to come back with some paper works like paystub and proof of address like utility bills. She makes $46k a year. I ask the dealership what's the rate but they wouldn't tell me the business manager said it's a reasonable rate. my question is

what's a reasonable rates to dealers with no credit and low score. our limit is no more than 15% interest rate. What do you guys think ?

Valued Contributor
Posts: 1,517
Registered: ‎09-14-2012
0

Re: Getting a loan question

Thats a BS answer.  I would push on the answer before wasting your time going in there.  

Never take credit personally

NFCU cashRewards $25,000; BofA Business Cash Rewards $20,000; Amex Business Platinum; Chase Sapphire Preferred $24,200; Chase Marriott $20,000; Discover It $18,600; Citi DC $25,000; Capital One Venture $15,000; Penfed Platinum Sig $5,000; Barclay Arrival Plus WEMC $15,000; Barclays Hawaiian Air Biz $20,000; US Bank PLOC Overdraft $1,500; PenFed PLOC $20,000

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Getting a loan question

If the dealer won't tell you the rate, they are going to rip you off.

 

In this market, a high rate is anything over 5%. That doesn't mean the dealer won't stick you with a 30% apr.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Highlighted
Frequent Contributor
Posts: 443
Registered: ‎03-19-2010
0

Re: Getting a loan question

That's a lame BS tactic to get you in to the finance managers office with the paperwork. I've been told those exact same lines before and walked away. I suggest you do the same. Tell them you want to know the APR before hand or just walk away it's as simple as that. Remember you have the power here not them.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.