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Posts: 4
Registered: ‎04-07-2007
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Possibility of getting an Auto Loan?

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I have been looking into getting a new car , after down payment i would need to finance around 23,000 to 24,000. Would I be able to get a auto loan with the following credit scores with a APR under 6% TransUnion 639 Equifax 648 Experian 708 (as of 4/6/07). I would like to be able to get the 3.9 APR (as I had with my other car ) but I just don't know if that possible with my credit scores. AND Why is there such a large difference in my credit scores? Would it help my credit scores to pay 5K on my debt before the applying for a loan? any feedback or suggestion would be helpful...... thanks, bnewton Message Edited by bnewton on 04-07-2007 07:48 PM

Message Edited by bnewton on 04-07-2007 07:50 PM
Established Member
Posts: 19
Registered: ‎03-15-2007
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You should have no problem getting a car loan with those...



bnewton wrote:
I have been looking into getting a new car , after down payment i would need to finance around 23,000 to 24,000. Would I be able to get a auto loan with the following credit scores with a APR under 6% TransUnion 639 Equifax 648 Experian 708 (as of 4/6/07). I would like to be able to get the 3.9 APR (as I had with my other car ) but I just don't know if that possible with my credit scores. AND Why is there such a large difference in my credit scores? Would it help my credit scores to pay 5K on my debt before the applying for a loan? any feedback or suggestion would be helpful...... thanks, bnewton Message Edited by bnewton on 04-07-2007 07:48 PM

Message Edited by bnewton on 04-07-2007 07:50 PM




You should have no problem getting a car loan with those scores, but you will probably have to put money down, and/or it might be difficult to get under 6%.

As for putting 5k on your card balances, that depends on what your utilization currently is and the amounts involved. If your util is currently 90% and paying down 5k will bring you to 60 or 70, you might not see a big difference in your score. But if you have high util and the 5k will bring you down to less than 30, this will have a much bigger impact. Remember, too, that it may take a while for those payoffs to be reported. I paid off most of my cards on March 1; roughly half of them have yet to report the zero balance.
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