Is 6.64% APR any good?

[explosive0]

Just got approved with my Credit Union for 22k @ 6.64 APR for 72 months. 643 FICO score with a few chargeoffs currently on my account (see my previous posts).

Could I try getting lower numbers from the dealership, or should I suck it up and take what I've been offered? Not sure I want any more inquiries on my report. Have almost 30 right now.

[Anonymous]

30???  How many are just from recent inquiries relating to finding an auto loan?

[Anonymous]

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@explosive0 wrote:

@Anonymous got approved with my Credit Union for 22k @ 6.64 APR for 72 months. 643 FICO score with a few chargeoffs currently on my account (see my previous posts).

Could I try getting lower numbers from the dealership, or should I suck it up and take what I've been offered? Not sure I want any more inquiries on my report. Have almost 30 right now.

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6.64% is a "competitive" rate.

Without knowing your AE-FICO, or any other information it is impossible to say much more.

Rates are set by each institution themselves. There is no central governing body. And an institution you may be a member of for 50 years may simply never offer a Car loan for less then X.XX% and there is nothing you can do about it.

The big determining Factors in a rate is amount financed, type/age Model year of vehicle financed and term of loan. Most places view a 72 month term as longest term they will finance- and tend to charge a higher rate for loans that jump from 60 to 72 months.

The question you must as yourself is, what is the best rate your credit Union Advertises? if they offer $25K for 72 months starting at 2.59%- Ok you were credit challenged and maybe did not get the best possible rate, but did you get a rate you deserve? Did you get a rate better then what most other places are going to offer you?

You- as a buyer can easily take your pre approval to a dealership and see if they can beat your current financing. Again with no other information about you I have no idea if it is worth it.

[explosive0]

About 6 of them from shopping interest rates for my car purchase. Most are over 8 months old. I just hate having them on my credit; can't wait for them to all fall off.

I currenthy have about 4 baddies on my credit I'm waiting to either fall off or for CA's to accept my PFD's. MF score is 643.

I have a few credit cards I use and payoff monthly (no balance carried)

Capital One Card 1 - $750 limit

Capital One Card 2 - $500 limit

Capital One Card 3 - $500 limit

Discover Card - $1000 limit

Amazon Store Card - $750 limit

Walmart Store Card - $350 limit

Orchard Bank - $300 limit

AMEX Premier Rewards - No limit

AMEX Zync - No limit

Their current advertised rates start at 2.19% Toyota dealer offered me 5.5%, but I passed on buying a Toyota. Maybe I should see what the Ford dealer has to offer, I'm a little nervous of spot sales and all that, though, especially since my pre-approval from credit union expires in 2 weeks. What happens if the dealer says everything is fine, and come back a couple weeks later and throw the classic "we had problems with your financing bs"?

I'm almost just wanting to accept this, and work on continuing to build my credit. I have family that's willing to either cosign or take out the loan in their name so I can get lower interest, but I also want to take responsibility and do this myself. There's no better feeling than knowing that eventhough I screwed up in the past, with hardwork, determination and patience, I can make it through this without handouts from family.

Also, I had applied for $15,000 originally and got offered 6.19 %

Asked for $18,500 and got offered 6.39 %

Figured I might as well buy new and asked for $22,000 and they offered 6.64 %

I'm 25, first year out of college and make about 62k/yr on average.

[cinnamongirl]

which credit union was this?