Reply
New Member
bnewton
Posts: 4
Registered: ‎04-07-2007
0

Possibility of getting an Auto Loan?

[ Edited ]
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
Nuggy
Posts: 18
Registered: ‎03-15-2007
0

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.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}