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Established Member
DTG12878
Posts: 58
Registered: ‎10-24-2007
0

AUTO LOAN

I wanted to know what most people think your minimum score has to be to get a good rate on an auto loan if they pulled from EQ. Now I know alot of people would read this and think I have no clue but someone out there has to know.
Moderator Emeritus
fused
Posts: 16,374
Registered: ‎03-12-2007
0

Re: AUTO LOAN



DTG12878 wrote:
I wanted to know what most people think your minimum score has to be to get a good rate on an auto loan if they pulled from EQ. Now I know alot of people would read this and think I have no clue but someone out there has to know.


 
Every lender has a different criteria for what score is needed for a good rate. Second, what sort of rate are you hoping for?
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Established Member
DTG12878
Posts: 58
Registered: ‎10-24-2007
0

Re: AUTO LOAN

Well Im a member of NFCU and I know they pull EQ. I just wish I knew the minimum scores for their interest rates. They have 5%, 5.5.%, 6%, and 6.5% for new auto loans and my score as of 10/27/07 with EQ was 695. So Im thinkin I qualify for the 6% as of right now but I really want that 5.5% though.....Im thinkin I'll get the 5.5% apr when my score reaches 700 or better. I just truly feel that 700 is the cut off for the better rate even though Im only -5 of it now......
Established Contributor
CreditDrama85
Posts: 1,044
Registered: ‎07-03-2007
0

Re: AUTO LOAN

i think it highly depends on the relationship your dealership has with the financing insitution. i have seen scores of 550 receive 0% APR, and i am not kidding
Moderator Emeritus
fused
Posts: 16,374
Registered: ‎03-12-2007
0

Re: AUTO LOAN



DTG12878 wrote:
Well Im a member of NFCU and I know they pull EQ. I just wish I knew the minimum scores for their interest rates. They have 5%, 5.5.%, 6%, and 6.5% for new auto loans and my score as of 10/27/07 with EQ was 695. So Im thinkin I qualify for the 6% as of right now but I really want that 5.5% though.....Im thinkin I'll get the 5.5% apr when my score reaches 700 or better. I just truly feel that 700 is the cut off for the better rate even though Im only -5 of it now......


695 is nothing to sneeze at. You should get a very favorable rate.
Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Epic Contributor
Creditaddict
Posts: 20,884
Registered: ‎10-23-2007
0

Re: AUTO LOAN

I don't know many banks that don't consider 680 tier 1. Some car companies offering the 0% may require 710-720.. but more and more these days I think anything about 680 and you get best rate.
Ford, & Infiniti, I think they will go down to 620-640 range for special apr.
Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 695 NASA(10-6-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
63 Cards and Counting :smileytongue:
Member
Peteca
Posts: 6
Registered: ‎10-29-2007
0

Re: AUTO LOAN

If anyone of you know any dealer or Bank offering 0% to 3% rate let me know, because all dealers and banks that I visited are offering something around 6% as minimum rate.
Epic Contributor
Creditaddict
Posts: 20,884
Registered: ‎10-23-2007
0

Re: AUTO LOAN

Ford 0-7.9% depending on length of financing and which model of theres your looking at.
Infiniti - 2.9% for 36 months and then believe it tiers up to 3.9,4.9,5.9,6.9 for each year you add
VW - 2.9% not sure the length
 
I just go to each company website for the car your interested in... they all have current offers listed on there website.
Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 695 NASA(10-6-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
63 Cards and Counting :smileytongue:
New Member
cab3890
Posts: 3
Registered: ‎01-10-2008
0

Re: AUTO LOAN

really?! i'm new to this board. this board is great! i had my credit report pulled from truecredit.com. i have scores of 666/ 657/616. i'm nervous about applying for a car loan. who pulls from experian and transunion only?
Established Member
wanayucafruit
Posts: 24
Registered: ‎10-16-2007
0

Re: AUTO LOAN

coincidentally i just got approved for a car loan (used) at my CU which is Andrews Federal Credit Union and they have 4.9 interest rate on used and new. they pulled EX i had a 790.

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