04-01-2013 11:17 PM - edited 04-01-2013 11:27 PM
04-02-2013 01:33 AM
There could be two reasons and either one worked in your favor:
1. The cheaper loan from another lender might have a relatively larger commission margin for the dealer
2. He gave out the first loan rate based on your FICO BEACON score whereas the second deal could be based on your AA FICO score. Do you have a good payment history as far as your installment loan are concerned? Eg: Mortgage, previous car loans, etc.
04-02-2013 03:00 AM - edited 04-02-2013 03:03 AM
04-02-2013 09:33 AM
Or maybe we've been all wrong and car dealers are really on the side of the consumer and are more concerned with treating us fairly than making the best money they can. In any event congratulations. It may be that the dealer is looking for good recommendations or repeat business. It's nice to know that at least one auto dealer in the USA has a heart.
04-02-2013 01:13 PM
04-03-2013 11:49 AM - edited 04-03-2013 11:50 AM
Write them good reviews, yelp ect.
That is awesome!
04-03-2013 02:45 PM
Your monthly payment @ 16% should have been closer to $400, so you'll be saving around $45 a month with the lower interest rate.
Double check the loan paperwork to make sure there aren't any additional fees / bad terms associated with it. Assuming that there aren't, I'd jump on the lower rate.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
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.