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Established Member
sk8rmom56
Posts: 21
Registered: ‎05-10-2008
0

Used car

Hi , haven't been here for quite a while now but I my great "grandpa car" just decided it only wants to go in reverse so I'm forced to get another ride. Am going to a Toyota dealer tomorrow and wanted to ask if I have a chance there. I joined a credit union last month and they told me my experion score was 799 (I was amazed,never thought it was near that). My credit cards are hemorrhaging though ,since x-mas and being in a rental for the  the last month. I have no lates,or any baddies on my reports but ... Am looking at a '06 Sentra at about $5900. Any suggestion on what  I should expect? I haven't had to finance in about 30 years so I'm really out of the loop here. Thanks. 

New Visitor
husherlewis
Posts: 1
Registered: ‎03-02-2014
0

Re: Used car

[ Edited ]

HI,

I think you should discuss this issue with the credit unions.They can guide you on this issue properly.Are you selling that used car? Then you can take help of the insurance company or talk to any authorized car dealer about this.

 

 

 

 

 

 

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[MOD CUT] link to website ~ Lexie

Valued Contributor
Remember0
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Used car

Yeah, a long credit history leads to a high score. :smileywink:  Any baddies on your credit (late pays, liens, judgments, chargoffs)?

 

You should be fine as long as income is above 2k/month before taxes and your DTI isn't too high. At a CU like DCU you'd qualify for 1.99% for 65 months if youe EQ FICO is 675+, which it should be if EX is 799.

 

If you go to a dealership, make sure you don't pay more than 3-4%...I do recommend applying to a local bank/CU or DCU first before going to a dealer. Also try negotiating by email for the car, though that maybe harder for used cars.

Regular Contributor
Lin55
Posts: 247
Registered: ‎08-14-2013
0

Re: Used car


Remember0 wrote:

Yeah, a long credit history leads to a high score. :smileywink:  Any baddies on your credit (late pays, liens, judgments, chargoffs)?

 

You should be fine as long as income is above 2k/month before taxes and your DTI isn't too high. At a CU like DCU you'd qualify for 1.99% for 65 months if youe EQ FICO is 675+, which it should be if EX is 799.

 

If you go to a dealership, make sure you don't pay more than 3-4%...I do recommend applying to a local bank/CU or DCU first before going to a dealer. Also try negotiating by email for the car, though that maybe harder for used cars.


I'm a total newb to the AL world. Is this true for everyone? I have no baddies and my TU as of last month was 753. So I am guaranteed a 1.99% for a used or new car AL? My income would support my price. TIA

Valued Contributor
Remember0
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Used car


Lin55 wrote:

I'm a total newb to the AL world. Is this true for everyone? I have no baddies and my TU as of last month was 753. So I am guaranteed a 1.99% for a used or new car AL? My income would support my price. TIA


Yes, pretty much. Unless there was a baddie on EQ that wasn't on TU, there's no way a score is going to differ that much without extra baddies on one report vs. another. Algorithms do cause slight variation between bureaus but not a below 675 to above 750 differential.

 

Only other caveat is that 750 FICO? If it's a fake FICO from like Creditkarma, I make no guarantees. If it's a FICO though and your EQ also has no baddies, you'll definitely qualify for 1.99% with DCU assuming stuff like income (gross > 1.5-2k/month, depending on finance company), LTV, and DTI is fine.

Regular Contributor
Lin55
Posts: 247
Registered: ‎08-14-2013
0

Re: Used car


Remember0 wrote:

Yes, pretty much. Unless there was a baddie on EQ that wasn't on TU, there's no way a score is going to differ that much without extra baddies on one report vs. another. Algorithms do cause slight variation between bureaus but not a below 675 to above 750 differential.

 

Only other caveat is that 750 FICO? If it's a fake FICO from like Creditkarma, I make no guarantees. If it's a FICO though and your EQ also has no baddies, you'll definitely qualify for 1.99% with DCU assuming stuff like income (gross > 1.5-2k/month, depending on finance company), LTV, and DTI is fine.


Thanks for the info! My 753 TU FICO is from Discover's TU08 FICO so it's legit. I have no baddies on all 3 CRAs. 

 

My FAKOs are all in the 730s. 

 

thanks again!

Regular Contributor
Lin55
Posts: 247
Registered: ‎08-14-2013
0

Re: Used car

Another Q: Can I still get the 1.99% rate if I do not bank with DCU?

Valued Contributor
Remember0
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Used car

Your EQ FICO has to be above 675 with no FICO. If you haven't applied yet, DCU actually reduced their rate. It's now 1.24% for 65 months if you bank with them, 1.74% for 65 months if you don't bank with them!

Regular Contributor
Lin55
Posts: 247
Registered: ‎08-14-2013
0

Re: Used car


Remember0 wrote:

Your EQ FICO has to be above 675 with no FICO. If you haven't applied yet, DCU actually reduced their rate. It's now 1.24% for 65 months if you bank with them, 1.74% for 65 months if you don't bank with them!


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