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What's the lowest CS for a prime rate car buy?

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Anonymous
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What's the lowest CS for a prime rate car buy?

I'd like to buy a new car but I have some baddies dragging me down and it's dropped my CS a lot. Recently I've been rebuilding and trying to work my way up. I've gone from 650 to 490 and now worked my way up to 620's. I know it won't happen overnight maybe not even in the next year but what would be the lowest CS I could go into a dealership with and get a prime car deal?
6 REPLIES 6
Anonymous
Not applicable

Re: What's the lowest CS for a prime rate car buy?

This will probably get moved to auto loans or another section but I will chime in for the time being.  Not much experience with fair credit auto loans FYI.

 

I would go to where you bank first and see what their rates are.  But be aware of the window when car shopping, I think its 30 days.  http://www.myfico.com/crediteducation/creditchecks/inquiries.aspx  You will still have all the inquiries but only the final one will impact your score.

 

Where are you getting your scores from?  Are you keeping your balances below 30% on all cards, ideally keep a balance of $5 on one card and PIF the rest before statement cut date.  Call each card and request a credit update if you can.  Any previous car loans or installment loans?  It might help to get a secured installment loan if you only have credit cards on your report.

 

You should be able to get a decent rate through a credit union especially if you can show proof of income.  You may want to consider also buying a used car to save money.  You could also potentially purchase a used car with a credit card bt offer, but with these baddies that could be a disaster.

 

I have seen folks with 640-650 range get 5.99% pretty easily at a credit union.  No judgement here but do you really think that now is the best time to purchase a brand new car? Does your career hinge upon a fully warrantied car due to high mileage? 

 

What are the baddies?  Have you tried to negotiate any of them? Goodwill letters, or setting up payment arrangements to get them removed?

 

If you have no credit unions or small town banks near you, penfed would be worth exploring.

 

But I think generally speaking to get a 0% rate on a new car you would need to be in the 700's

 

https://www.creditkarma.com/question/what-credit-score-is-needed-to-get-0-auto-financing

Message 2 of 7
Anonymous
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Re: What's the lowest CS for a prime rate car buy?

I was told from US auto sellers that 720 will get you tier 1.  All the promo's 0%.   You should get something higher but not ridiculously high.

Message 3 of 7
Anonymous
Not applicable

Re: What's the lowest CS for a prime rate car buy?

Car dealers IMO isn't necessarily where to get the best auto loan..... For years the American public was so far away from where and how financing and lending happened, so Ma and Pa .... just went on down to dat dare dealer and let dem fellers find da money fer da Desktop

We don't live there anymore times have changed, access as changed...Today we TELL the dealer about loan programs and lenders approach us directly.

We don't need a dealer to TELL us or find us a deal...of course those head in the sand type folks that don't even know ish like this site or CK or anything else exist...will just take what the dealer has and come crying about why they ran my credit through umpteen places looking for a place so that they can get PAID

For the most part the dealer HAS to be about the best place for Him not you right? His in the car selling business we gotta be in the best scenario for ME business.

Places like bankcard and others let us know about the market numbers just like the dealer I'm 2016...it isn't 1976 or even 1986 ....it's a whole new ballgame they want you thinking like 1986 but it isn't

If you're on this site, you can get on others and find any deal and probably better than anything the dealer can.
Message 4 of 7
Anonymous
Not applicable

Re: What's the lowest CS for a prime rate car buy?

I'm not expecting me to be in a position to buy for a year minimum but I'd like to be prepared when I feel confident to buy.

I've just seen all these TV ads with 0% Apr for 72 months and all that for people with good credit. So if I do buy in a year, or so then I'd like to get the best deal and to do that I need to know best places to go.
Message 5 of 7
fltireguy
Valued Contributor

Re: What's the lowest CS for a prime rate car buy?


@Anonymous wrote:
Car dealers IMO isn't necessarily where to get the best auto loan..... For years the American public was so far away from where and how financing and lending happened, so Ma and Pa .... just went on down to dat dare dealer and let dem fellers find da money fer da Desktop

We don't live there anymore times have changed, access as changed...Today we TELL the dealer about loan programs and lenders approach us directly.

We don't need a dealer to TELL us or find us a deal...of course those head in the sand type folks that don't even know ish like this site or CK or anything else exist...will just take what the dealer has and come crying about why they ran my credit through umpteen places looking for a place so that they can get PAID

For the most part the dealer HAS to be about the best place for Him not you right? His in the car selling business we gotta be in the best scenario for ME business.

Places like bankcard and others let us know about the market numbers just like the dealer I'm 2016...it isn't 1976 or even 1986 ....it's a whole new ballgame they want you thinking like 1986 but it isn't

If you're on this site, you can get on others and find any deal and probably better than anything the dealer can.

Gemini, 

 I agree with your statement 100%. When My GF bought a new truck the other day, I TOLD the salesperson that we were going to finance thru DCU or CapOne. He got the F&I manager, and we had a conversation. Right upfront, she said "There is no way that I can beat CapOne's, or a CU's rate, period" And, she was correct, the best rate she could get was 1% higher than CapOne's preapproval (BTW, CapOne was extremey easy to deal with, seamless process, with no issues at all!)

 

NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 6 of 7
fltireguy
Valued Contributor

Re: What's the lowest CS for a prime rate car buy?


@Anonymous wrote:
I'm not expecting me to be in a position to buy for a year minimum but I'd like to be prepared when I feel confident to buy.

I've just seen all these TV ads with 0% Apr for 72 months and all that for people with good credit. So if I do buy in a year, or so then I'd like to get the best deal and to do that I need to know best places to go.

 

Remember, the 0% may not always be the best deal out there... Many times, if you take the 0%, or promo rate, you can't get the applicable rebates. And, the price of the car could be higher, due to the dealer possibly having to contribute to it. 1.74% from DCU, etc. could actually end up being less expensive when it is all added up than the 0% deal..

NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 7 of 7
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