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AUTO LOAN SUGGESTIONS

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kimharris1920
Established Member

Re: AUTO LOAN SUGGESTIONS

what is SECU?
 
Message 11 of 13
Schoolbuskid
Valued Contributor

Re: AUTO LOAN SUGGESTIONS



Clyons0203 wrote:
My average fico scores are a 630.  CCCU offered my 19k auto loan with 10% down at 10.25%
 
SECU gave me 25k loan, 0 down, at 6.25%
 
SECU did ask me about some old credit cards i had that went into collections but are currently paid off.  they wanted to know why and what happened on those 3 year old accounts


Clyons that wouldnt happen to be State Employees Credit Union would it? if so what was your score when you financed your loan through them?


Message Edited by Schoolbuskid on 02-28-2008 04:56 PM

Message Edited by Schoolbuskid on 02-28-2008 04:57 PM
Rebuilding and Reducing Debt, is my game plan.
Message 12 of 13
Anonymous
Not applicable

Re: AUTO LOAN SUGGESTIONS

First rule of thumb...in MOST instances (not all) it's easier and cheaper to purchase a new auto versus a used auto. 
 
The interest rates are almost always lower on a new car.  Although Toyota has a new program of 3.9 for all certified used autos.
 
Either way ... find the "ad" car its usually considerabley cheaper than all the others because they want you on there lot.  ONLY settle for the ad car though.  They'll get you on there and say they don't know where it is or blah blah.  So run (and I mean run) around looking for stock numbers and you should find it if you got there early enough.
 
As far as financing is concerned.  Toyota motor credit financed me at 10% for 72 months with a 605 score.  I've since fixed the errors on my report and I'm happy to say that my high score is now 684.
 
Just my two cents...
Message 13 of 13
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