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AUTO LOAN

Established Member

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.
10 REPLIES
Moderator Emeritus

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?
Established Member

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

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

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.
Epic Contributor

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.
Member

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

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.
New Member

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

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.