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Posts: 6
Registered: ‎03-21-2012
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What interest rate should I expect with half down and 619 FICO

What interest rate should I expect with half down and  619 FICO.? I have made all the improvements I can to my credit. It just needs time to heal. I have a couple secured credit cards in good standing. No negatives on there. I have a lot of deferred school loans. I make about 55k and im looking for a car for 19-24k  and I have 14k for down payment. I had a motorcycle loan that I payed off after a year of having it and I didn't miss a payment. It  was like 5k. What kind of interest rate should I expect? Thx for any help First time buying a car and I don't want to get too screwed.

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Posts: 25,272
Registered: ‎10-23-2007
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Re: What interest rate should I expect with half down and 619 FICO


burn94 wrote:

What interest rate should I expect with half down and  619 FICO.? I have made all the improvements I can to my credit. It just needs time to heal. I have a couple secured credit cards in good standing. No negatives on there. I have a lot of deferred school loans. I make about 55k and im looking for a car for 19-24k  and I have 14k for down payment. I had a motorcycle loan that I payed off after a year of having it and I didn't miss a payment. It  was like 5k. What kind of interest rate should I expect? Thx for any help First time buying a car and I don't want to get too screwed.


5-25%!

Where are you buying? Private or Dealer?

New or Used?

What kind of car? Make, Model?

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
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Registered: ‎03-21-2012
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Re: What interest rate should I expect with half down and 619 FICO

I was looking at ford focus or hyundai elantra limited. Not sure about 2011 or 2012. The elantra is almost the same car both years not sure about ford focus. Going to a dealer. So im gussing ill be short aroud 7k with a 16k down payment. Thank you.

Epic Contributor
Posts: 25,272
Registered: ‎10-23-2007
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Re: What interest rate should I expect with half down and 619 FICO


burn94 wrote:

I was looking at ford focus or hyundai elantra limited. Not sure about 2011 or 2012. The elantra is almost the same car both years not sure about ford focus. Going to a dealer. So im gussing ill be short aroud 7k with a 16k down payment. Thank you.


If you are down to just 2 choices and you are looking to buy in the next 30 days:

 

1.  I would get in touch with a sales person at each dealership.

2.  Before calling, pick out a car on lot to use for numbers (hopefully options, and stuff that you would want but maybe mention you would be willing to look at 2011 if the deal would be much better and has the options you want.

3.  I would apply for loan over at Capital One "BLank Check" - This will usually get you instant or even when I got further processing, I got email with approval in under 15 minutes and then was able to log in and print out firm offer and if they needed any documents before you can use check.

4.  then I would talk to dealership and ask them how they would like you to submit credit app...

 

They are going to want you to come in to drive the car, look at the car, talk numbers, etc. etc. - No and No... Tell each of them about the other and about your approved Capital One.... can they beat it?

and pre-approval at the dealership is not what you are looking for unless it inclused rates, and terms and money down info in it...  Some of these companies offer up pre-approval and you get to dealership and it's worse then not doing naything before going in...

 

You can obviosly choose different ways of doing all this but I just HATE wasting hours at the dealership if they can't help me and sometimes the credit reports are SO different... Im still trying to figure out were some of these places got reports and scores on me... I have been given at least 3 different scores for same report and differences of over 100 points.... Regular Fico, Auto Enhanced Fico... I don't know what else....

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
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New Member
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Registered: ‎03-21-2012
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Re: What interest rate should I expect with half down and 619 FICO

Thank you will start thi process in a few days. 

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Posts: 37
Registered: ‎06-16-2012
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Re: What interest rate should I expect with half down and 619 FICO

TD auto finance seems to be looking for biz right now

Low rates under 7 points

they like deposits on decent cars

 

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
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Re: What interest rate should I expect with half down and 619 FICO

If you have a credit union I would go with them and like stated above get a check from them then go to the dealer with your check and work your magic.  I think you can get pretty close to paying for a car in that range only haveing to finance a couple thousand if you know what your doing.  Good Luck!


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New Contributor
Posts: 227
Registered: ‎06-09-2012
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Re: What interest rate should I expect with half down and 619 FICO

14k? Well you can get a slightly used ford focus for that price (easily!) so you won't have a car loan.  Tell them your do 10k down on the ford focus, ford should easily approve you (even with a 619).  I had a 2008 ford focus back in 2007 with BADDIES (talking about my credit was high 500's) and was approved at like 7% with 1k down on a ford focus.  GL, also talk down the price (they do have A BIG LEEWAY!)  GL 

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