Auto Loans

[Courtney_s]

my car is dying! I am being forced to buy a new car. I am 25 years old. I don't want to buy another used car with 80,000 miles on it and have it last me 3 years for the third time in my life. Most of the bad credit on my report is from 3-5 years ago. My previous auto loan was in very good standing. I may have let my credit card payments go but I never lost control of my car loans. Does anyone have any advice for getting an interest rate that is no more than 13%? Or am I screwed? I don't want to go around to 5 different auto lots trying to get a loan for a car and keep getting offered like 20% and have to turn it down. Eventually wouldn't all of those credit checks hurt my credit even more?! I really need help. I have to get a car THIS weekend!!!

[WhirledPeasPlease]

Hi Courtney -

Do you belong to a CU?  If so, can you print out your CR and take it with you to see if they can eyeball it and give you a rate? 

Many dealers use an auto-enhanced fico score, so you should come out a little better rate-wise, compared to just going by your regular fico.

There's another option -- get the car now w/ a high IR, then refi it when things are better.

I'm sure others will chime in -- Good luck!

-P

[marty56]

Pea's plan makes sense.  I am also in the market for a new car and I have asked several dealers about the auto-enhanced FICO score and they seemed not to know anything about it.  The only coments I have heard is that we go through this bank or that CU.  I know my CU doesnt use the auto scores since I asked them.

I wonder if the auto scores are being used less now since it seems that dealers are going through local banks rather then say GMAC or Ford Motor Credit.

Anyone who has brought a new car recently have any thoughts on this.

Message Edited by marty56 on 05-21-2008 03:49 PM

[steelbruin]

I'd like to know info also.

I went to Mini Cooper Dealer yesterday and they told me they paid straight Fico and they they know nothing about auto enhanced. Could it be that they just aren't aware that theirs is Auo Enhanced or are they really pulling the same straight Fico as me?? 

The sales rep did say that he would pull whatever bureau I asked him to though.

Just waiting ot sell present vehicle then will be getting a cooper ofr sure. The experience so far has been great. They are not like the other dealers I've dealt with in past. So far straight up and very honest. Not pushing me on anything at all. In fact he is trying to get me to save money. Told me not to bother with the built in factory Mini Navigation system. Sai straight out that it sucks and is like the map quest of navigation units. Use it and you will get lost. Too funny!

ANyway, sorry to have strayed, best of luck to OP and hopefully someone will have some more insight on this! 

[WhirledPeasPlease]

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marty56 wrote:

I wonder if the auto scores are being used less now since it seems that dealers are going through local banks rather then say GMAC or Ford Motor Credit.

Anyone who has brought a new car recently have any thoughts on this.

Message Edited by marty56 on 05-21-2008 03:49 PM

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Marty,

I leased a new car in Nov, then switched it out in Dec.  I went thru GMAC mainly b/c I had stellar credit with them for my previous lease and a decent relationship.  The financing dept didn't flinch at my high util at the time and mid fico score below 600 -- and in fact the guy said they rely heavily on previous history with the company, while also considering the the auto-enhanced fico.

Three years I ago I couldn't get financing on my own -- at all.  Within about 32 months I could have driven off the lot with a car priced higher than my annual salary.  Who knows? 

[marty56]

I have a GMAC lease that still show up on my CR.  I was thinking about a Pontiac G8 if they give the 2.99 Gas deal.

I have also had loan with Ford Motor Credit and Mazda but they long since went to FICO heaven.

I would say the the best options for anyone getting a car loan these days is with the car maker or a CU.