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Valued Member
newtoit
Posts: 46
Registered: ‎01-31-2008
0

What score do I need to get a decent car loan?

I am interested in buying a car (not new - 2007).   I talked to a Wachovia rep just now and she stated that with a 670 FICO score I would receive a rate between 10-11%.   That's not good.   Does anyone have any recent experience with this?  What score do I need to try and get a decent rate?  (I would settle for 7-8%)
 
 
Frequent Contributor
maxima1
Posts: 455
Registered: ‎11-27-2007
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Re: What score do I need to get a decent car loan?

I HAD A 640 NISSAN GAVE ME A 9% IT DEPENDS ON WHO U GO WITH.
GOAL FOR 2010 Paying Down Debt .........653 EQ 685TU EXP???
Regular Contributor
ncblondie
Posts: 111
Registered: ‎10-01-2007
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Re: What score do I need to get a decent car loan?

Maybe it's just Wachovia. According to the how lenders see you thing on my TU report from MyFico, a 660-689 should be able to get a rate of 8.739% and 690-719 should be able to get 7.213%.
Frequent Contributor
desifink
Posts: 405
Registered: ‎10-20-2007
0

Re: What score do I need to get a decent car loan?

I'd think with a 670 you should get a pretty decent rate anywhere, as long as your CR is clean (no auto lates, repos, etc). 11% does seem high considering bankrate.com is showing rates around 6.8 - 7%. Have you tried a CU? They might be able to offer a better rate than Wachovia. If you're buying new, you might get a better financing thru the dealership - many inhouse lenders (like Toyota Finance, Honda Finance, Nissan Finance) can give better rates than banks & even CUs.
Super Contributor
MidnightVoice
Posts: 8,160
Registered: ‎03-25-2007
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Re: What score do I need to get a decent car loan?

 
gives a table
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Regular Contributor
realworldknowledge
Posts: 200
Registered: ‎03-11-2008
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Re: What score do I need to get a decent car loan?

 
Look at this message for some guidance.  Note: it is particular to one company.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
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