Car loan options - what are my odds?

[creditreportpain]

Looking for some advice here...........   

I am ready to purchase a used (2006) or new (2007) Nissan Pathfinder or Toyota 4Runner

My scores are : TU 686  EX 674 EQ 636

(By the way these scores are up 100 points from this time last year!!! - Thanks to this site I have been working on getting things corrected, updated, etc.)

I have never had a car reposessed nor any late payments on my car loans.  I do have a judgment from 2003 which was PIF but of course stays on my record for at least 7 years : it was for $1100.00

I am concerned that my interest rate will be high. E-loan turned me down about 4 months ago (my scores were about 40 points lower).  I KNOW I can get financed at my bank, they financed my last car but they are currently offering 8% interest rates and dealers can do better. 

What do you think my odds are?

Has any one with similar scores received dealer financing?  If so, what interest rate did you get?

[Anonymous]

used at 8% aint bad, does that take into account your new scores. also, try cccu. they do 6-7% on used up to blue book value. they may want 10% down though. good luck.

[creditreportpain]

Thank you for the response:

Maybe I should add:

I will be putting down 15% and financing the rest

I am self-employed (3+ years)

Message Edited by creditreportpain on 09-24-2007 09:22 PM

[newFICOwatcher]

I have lower scores than you (low to mid 600's), plus a paid collection from early 2003. I was easily able to get a loan for 14k from my credit union last week at 6.2%

If I open a checking account with direct deposit, my rate will drop to 5.7%

[fused]

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creditreportpain wrote:

Looking for some advice here...........   

I am ready to purchase a used (2006) or new (2007) Nissan Pathfinder or Toyota 4Runner

My scores are : TU 686  EX 674 EQ 636

(By the way these scores are up 100 points from this time last year!!! - Thanks to this site I have been working on getting things corrected, updated, etc.)

I have never had a car reposessed nor any late payments on my car loans.  I do have a judgment from 2003 which was PIF but of course stays on my record for at least 7 years : it was for $1100.00

I am concerned that my interest rate will be high. E-loan turned me down about 4 months ago (my scores were about 40 points lower).  I KNOW I can get financed at my bank, they financed my last car but they are currently offering 8% interest rates and dealers can do better. 

What do you think my odds are?

Has any one with similar scores received dealer financing?  If so, what interest rate did you get?

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Hi! If you had a prior auto loan free of negatives you just might be in luck. A dealer might pull

auto-enhanced FICO scores and they might be higher than the scores you pulled from this web site. For more info read this.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=1231

Message Edited by fused111 on 09-26-2007 05:36 PM

[creditreportpain]

THANK YOU ALL FOR THE ADVICE & POST REFERENCES !

I just pulled my updated scores on MyFICO so I can be best prepared when I visit the dealership. 

My scores have changed from my previous post: TU 670 EX 700 EQ 645

"fused 111"...I also checked out the link you suggested and have read the article on what to expect at the dealership.  I have also printed out the list of questions to be ready for their "games".

I see they have already pulled my report but the inquiry is ONLY showing on EQ.  Kind of bummed about that since it is my lowest score.

We'll see what happens this weekend!

Thanks again!