What kind of interest rate can I expect at dealer? Can't seem to get pre-approved! :(

[Anonymous]

Equifax - 614

Transuion - 609

Experian - 594

In the market for a new car. Tried to get preapproved thru Capital One and E-loan. Both denied me. Not a member of a credit union With my scores, what kind of interest rate can I expect to pay on a brand new car (mazda 3) if I go into a dealer? I'm thinking somewhere around 14%-15% but am I dreaming? Will it be higher than that? I financed a car previously so I'm hoping that'll help (never been late, always a month ahead). And how long do you have to be a member of a credit union before you qualify for an auto loan with that credit union? I'm getting so depressed about this cuz I'm supposed to be buying a new car within the next two weeks. Two years ago my credit score was a 550. I thought I'd get better deals now that they're higher but I can't seem to win.

[Anonymous]

Check the local credit unions anyway! My EQ FICO was 601 and I just recently got approved for 30K @ 7.95%. I don't think you necessarily have to be a member to get financing from the credit union. Don't go to dealer financing unless you absolutely have to, check ALL your options before giving up!

For the record, if they require you join, it shouldn't be a terribly big investment. My State Credit Union required a five dollar deposit to be a member. Big woop. Now get out there and get the best deal!

Message Edited by Rocket on 06-04-2008 06:46 PM

[EDub357]

I think most credit unions require membership. 

[thrasher865]

They do, but for instance I got a motorcycle loan through a local CU and they just required that I open a savings account with $20 minimum...  so I did.  When I paid off the bike, I closed the savings account.  No biggie.