01-15-2014 05:01 PM
Credit Score: 690
# of positive trade lines: 3
# of negative trade lines: 0
Lenght of Employment: 5+ yrs
Previous Loan Experience: 1 student loan less than 1 yr old
Year of Car: 2008 Honda Element
Requested loan term (XX Months): 4 Years
Down payment amount: Can put up to 5k down
Other: Looking for a 12-13k loan
Can she walk into a reputable dealer and get a loan? what kind of rates?
01-26-2014 02:12 PM
Have her apply at a local credit union first.
01-27-2014 05:33 AM
As Samsung says, have her get her loan at a CU. If she goes to a car dealership there is no way she will get good terms because they will stick it to her (because they can). Car dealerships look to make extra profit through the F&I office by hitting the consumer with add on's and by bumping the rate or extending the term. She can avoid that by financing through a CU before she ever steps foot onto a dealerships lot.
Do some research on common car dealer scams before you/she buys anything so you recognize the game. Walk away when you if they try to negotiate payments rather than the price of the vehicle. The first vehicle purchase is the hardest. Make sure she has identified the exact type of vehicle and the market value before she walks in the door.
She is in good shape for decent financing with a CU. So with her CU financing she won't get hurt on the financing. She only has to watch out for the price of the vehicle. If they tell her she must get financing through them, she should walk away. See, there is a trend here If they know you aren't going to put up with their games, she will get a better deal.
01-27-2014 02:58 PM
should not be a problem but I too would apply at a credit union to have that approval in hand and then let the dealership try to beat it.
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