01-27-2011 08:54 AM
I know that most car dealerships pull TU around where I am. My TU score is 633. My debt to ratio income is 20%. I do have a car loan with a $5,000 balance. According to KBB, It's worth $4800 private sale and $3100 for trade in. I am in need of a new car because of my expanding family and the mileage on my current car is getting high and I travel A LOT. I can definately afford the payment.
Last year around this time, I didn't get approve anywhere I went for a SUV but I got approved at in-house financing dealerships. I got denied at Nissan and Chevy. I decided to wait 1 year. My score went close to 100 points.
I would like an SUV. Where would be my best bet? I was thinking Toyota or Honda??
Should I sell my car privately or trade it in?
01-27-2011 11:19 AM
I would suggest trying nissan. Go to their website and play with the payment estimator. They have been approving people with low to mid 600 scores for 1.9 and even 0 percent.
01-27-2011 01:12 PM
I'm nervous that I'll get turned down again by Nissan =( We'll see. I'm in the process of paying off more balances on my credit cards and go car shopping in 2 weeks.
01-27-2011 01:41 PM
I just got approved at a mazda dealer on a cx7 through chase bank.
I got a rate of 5.7, I had to put some down but they financed me 27k with negative equity trade. So i know its possible .
01-27-2011 01:48 PM - edited 01-27-2011 01:48 PM
@ Heat - Was the score that the dealership pulled the same as your current Fico score? I'm just nervous that the score the dealerships pull will be in the 500s =(
01-27-2011 01:52 PM
she showed me my actual auto scores...but they are about the same to my regular scores. But before i left with the car....had two auto loans always paid but i had bad cc history back in 2005...and right now i dont have a cc over 750 limit.....I could not believe we walked out with a 2010 cx7 with that kind of rate but then again she did say she had to pull some strings and everyone else either denied or wanted to give me a 15% rate.
01-27-2011 01:59 PM
Awesome! Congrats to your great rate for your credit score and approval! I'm hoping the same. . Crossing my fingers*
01-27-2011 05:28 PM
You will get more money on a private party sale vs. a trade in.
If you can comfortably afford the payment hopefully you can afford a down payment.
Assuming length of time on job, and DTI is good, I think you would have a great shot getting fiananced.
01-27-2011 06:06 PM
I will have up to $3K as a down payment. I hope everything falls into place. How does a private party sell work if I still have a loan on the car?
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.