Credit Cards Center Credit cards from our partners
Reply
Established Member
Posts: 21
Registered: ‎04-26-2007
0

Is This a Fair Interest Rate on Auto Loan

I have a dealership that pulled a 600 score and I was looking to buy a 2008 Toyota Rav4.  I don't have a lot of credit - I've been repairing my credit for the past 6 years after a horrible divorce.  So I only have 2 tradelines on my report which are both credit cards.  Each of them has a 30 day late payment from last year.  Otherwise no other baddies - no collections, no public records, no repos, etc.  Toyota financing approved me with a 13.25% rate for 72 months.  I know my score is far from great but 13.25% sounds so high - Is this a fair rate?  Any advice??
New Contributor
Posts: 55
Registered: ‎01-11-2008
0

Re: Is This a Fair Interest Rate on Auto Loan

[ Edited ]
On my reports from this last weekend, it says the expected rates for 590-619 is 14.114 and 620-659 is 10.773.
 
I know that's just a guideline, but looks like that might be in line.
 
Someone else may know better than me, tho. Smiley Happy
 
ETA: That's for a 48-mo. Guess I don't know what to expect for a longer period of time. Sorry.


Message Edited by wiwend on 01-18-2008 04:37 PM
1/13/08: TU:727 EQ:730 EX:710
Why does Experian hate me? And Discover? I never did anything to either of them...
4/23/08: Officially addicted to myFICO. TU:726 EQ: 741 EX: 721
New Contributor
Posts: 65
Registered: ‎12-16-2007
0

Re: Is This a Fair Interest Rate on Auto Loan

How much are you putting down? Part of it might be that you're asking for 100% financing.
01/05/08 EQ 598 TU 612 Experian 599
01/25/08 EQ 605 TU 620 Experian 599
08/04/08 EQ 658 TU??? Experian 635
Established Contributor
Posts: 1,075
Registered: ‎07-03-2007
0

Re: Is This a Fair Interest Rate on Auto Loan

[ Edited ]
if your were purchasing a pre-owned car or used car the 13% rate would be fair. since the car is NEW i think your rate should be somewhere around 8%


Message Edited by CreditDrama85 on 01-19-2008 12:02 PM
Senior Contributor
Posts: 3,534
Registered: ‎11-30-2007
0

Re: Is This a Fair Interest Rate on Auto Loan

That's a ridiculous rate.  If it were me, I'd hold off a little bit until you get a score improvement so you'll save TONS of interest.
 
I financed a USED with roadloans for just over 10% and my scores was about the same. 
 
Do you know if this was the auto-enhanced?  I just don't trust car dealers, make him PROVE to you the score.  If he pulled both, theres always the chance that he is using your lowest score to make more $$$ for themselves.
 
Try a credit union & call around a few other banks.  Really pizz them off by taking in a blank roadloans check...then they get zero kickbacks.
 
 
Senior Contributor
Posts: 4,834
Registered: ‎04-20-2007
0

Re: Is This a Fair Interest Rate on Auto Loan



fishbjc wrote:
That's a ridiculous rate. If it were me, I'd hold off a little bit until you get a score improvement so you'll save TONS of interest.
I financed a USED with roadloans for just over 10% and my scores was about the same.
Do you know if this was the auto-enhanced? I just don't trust car dealers, make him PROVE to you the score. If he pulled both, theres always the chance that he is using your lowest score to make more $$$ for themselves.
Try a credit union & call around a few other banks. Really pizz them off by taking in a blank roadloans check...then they get zero kickbacks.



I agree. Check out a credit union. Penfed or Navy if you are eligible.
Established Member
Posts: 21
Registered: ‎04-26-2007
0

Re: Is This a Fair Interest Rate on Auto Loan

I checked out the Penfed website and I think my husband would be able to be a member b/c he is a gov't employee for the Dept. of Defense.  Now if he is a member, can I be on a loan along with him or can I become a member since I'm his spouse?  And we live in Illinois - Does anybody have any idea which credit bureau that they pull from?  Thanks in advance for any additional info.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.