expected rate. 20k loan with 650 fico +10k down

[SantaMar]

wife is shopping an auto loan.  she is liquid about 115k in her bank account.  we are looking at a 2011 or 2012 4runner.  price tag is around 28k.  maybe 30,500 to get the car off the lot.  prepared to put 10k as down payment and we are looking to finance for 60 months.  her fico is around 650.  we want to get financing before we go to dealership.  i never felt good after leaving the dealerships financing office!  there are local credit unions and banks that offer 1.9 and 2.9 percent options for the loan amounts and vehicle years i posted but im assuming thats for top tier A+ credit.  what rate should we expect to see considering she has a high income and big bank account?    her fico has closed auto loans and a mortgage.  her history dates back to 2006 with some baddies in 2008.  

[traveler2005]

Hi

At my credit union a score of 650 is "B" credit and the lending rate is 4.25. An "A" rating is 680 and an "A+" rating is over 720.

Nice thing about credit union is that I went in and talked to someone about a loan, got approval, went to dealership, picked out my 2014 sorento, went in to sign papers, told them I had my own financing. They faxed paperwork to my credit union, and I drove my new car home.

The dealership will constantly ask you if they can try to beat the rate, I told them 3 times I was happy with the rate I had, I didn't let them run a credit report. Didn't want unnecessary inquires on my report. My credit union only pulled Transunion x 1 for my loan.

It was a great experience. Less than 2 hours and I had my new car.

[angelcred10]

Traveler... auto loans come totaled as 1 if done closely do they not..

[traveler2005]

Yes they count on fico as one per cra. But in manual review just looks bad and then you have to explain. With credit union only 1 pull on 1 cra. Done story. Ymmv.

[Creditaddict]

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@SantaMar wrote:

wife is shopping an auto loan.  she is liquid about 115k in her bank account.  we are looking at a 2011 or 2012 4runner.  price tag is around 28k.  maybe 30,500 to get the car off the lot.  prepared to put 10k as down payment and we are looking to finance for 60 months.  her fico is around 650.  we want to get financing before we go to dealership.  i never felt good after leaving the dealerships financing office!  there are local credit unions and banks that offer 1.9 and 2.9 percent options for the loan amounts and vehicle years i posted but im assuming thats for top tier A+ credit.  what rate should we expect to see considering she has a high income and big bank account?    her fico has closed auto loans and a mortgage.  her history dates back to 2006 with some baddies in 2008.  

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Toyota might be able to get you 0%... You can't handle Toyota financing through the dealer but before going in... Email in or call in and tell them you are working with your credit union but want to see if they can get Toyota to offer (look up local used Toyota rate in your area) and ask for that...of course they will want you to come in but tell them you want to submit the app and get that worked out before coming in

[wntrwhte2]

Toyota doesn't offer 0% on used cars.

[USF813]

With such a large down payment, they may just offer you an A rate.