05-01-2013 10:17 AM
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 ?
05-01-2013 03:02 PM
Thats a BS answer. I would push on the answer before wasting your time going in there.
05-01-2013 03:16 PM
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.
05-01-2013 03:37 PM
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.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO