Help!

[Anonymous]

Hello all. I'm new to the Myfico community but i can already see improvements in my credit habits. My question is..does anyone have a recommendation on where to apply for new auto financing? I have myfico scores of EQ 605 and TU 644,have a trade-in worth about 5k (thanks edmunds.com!), and will have 3-4k to put down in cash. I do have a repo from about 5 yrs ago..it was auctioned off and i paid the remaining balance of $145. I know the best thing to do is drive my current vehicle till my credit scores improve but...my current vehicle is in my dads name and he's separating from his current wife and wants me to either sell the truck or get it in my name. Thats the reason for buying a car sooner than later...any help would be appreciated. Thanks

Bryan

[ngerasimatos]

With those scores, the down payment and trade, you should be fine at any major dealer. Though your interest rate may be very high. 

[ngerasimatos]

Also, when you go into the dealer. Do not act desperate, if a dealer can detect your desperate they will take advantage of you.  Play hardball, fight them on price for the new vehicle, price for yoru trade in, and such. Dont even discuss credit until you have everything else firmly agreed upon. 

[Anonymous]

Thanks for the reply...going to the dealers tomorrow to do some test drives and preliminary negotiations...definitly not gonna talk about any credit! should i try and get financing before going to the dealer??

[mygoal750]

I went to a car buying seminar last week presented by a group of credit unions.  They suggested getting financing before going to the dealer, then if the dealer can beat the terms, go with that.  They also stressed handling the purchase as 3 separate transactions: the final price of the car, then the trade in amount, and then the financing.  The CUs at that seminar said they usually hold loan approvals for up to 30 days.  They said if the dealer knows too much up front (that you have a trade in, and you need financing through them), they will gear the sale based on that. 

good luck!