Trying to get first auto loan

[BlueHusky]

Why is your rate so high? Is a 600 credit score low enough to warrant 11%? I have a relative with a 585 score and she recieved 4% through her credit union...she even has a fairly recent bankruptcy. Or is it the debt? I have about 60K in SL debt and 50K income - will that affect my interest rate or is it all about credit score? Mine's 770, and I need the lowest rate.

[Simply827]

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@BlueHusky wrote:

Why is your rate so high? Is a 600 credit score low enough to warrant 11%? I have a relative with a 585 score and she recieved 4% through her credit union...she even has a fairly recent bankruptcy. Or is it the debt? I have about 60K in SL debt and 50K income - will that affect my interest rate or is it all about credit score? Mine's 770, and I need the lowest rate.

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It's likely due to BK being a first time buyer.

[MovingForward_2012]

Congrats!

[MovingForward_2012]

Question, just noticed your original post said you were denied by Honda Financial. How did you turn that into a approval?

[BKFireFly]

Thanks moving. When the financial officer scored my credit score it was a 605, and they used experian. I double checked my Experia score the day after it was a 667. So I am thinking they used that auto enhanced fico, and this my first vehicle purchase. Any I love my CRV and I got a better rate and GAP insurnace than what the credit union was offering. I can afford the payments, so all and all. I'm content.    "Yaay Me"

[BKFireFly]

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@Simply827 wrote:

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@BlueHusky wrote:

Why is your rate so high? Is a 600 credit score low enough to warrant 11%? I have a relative with a 585 score and she recieved 4% through her credit union...she even has a fairly recent bankruptcy. Or is it the debt? I have about 60K in SL debt and 50K income - will that affect my interest rate or is it all about credit score? Mine's 770, and I need the lowest rate.

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It's likely due to BK being a first time buyer.

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 Simply & Husky, I think that gotta be the reason, and the score she showed me was 605.

[Revelate]

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@BlueHusky wrote:

Why is your rate so high? Is a 600 credit score low enough to warrant 11%? I have a relative with a 585 score and she recieved 4% through her credit union...she even has a fairly recent bankruptcy. Or is it the debt? I have about 60K in SL debt and 50K income - will that affect my interest rate or is it all about credit score? Mine's 770, and I need the lowest rate.

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I have to ask, what CU was this?

Most aren't approving at those rates that low.  11% isn't uncommon for an auto-enhanced score of around 600.

[BKFireFly]

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@MovingForward_2012 wrote:
Question, just noticed your original post said you were denied by Honda Financial. How did you turn that into a approval?

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I told the sales guy I'm preapproved through my credit union, if u can beat the rate I'll take honda financing. I was orginally approved at teir 4 rep got them to bump me up to 3. I've read on here that dealers are likely to get you an approval when you been turned down previously.