Regular Contributor
ImprovingYouth
Posts: 154
Registered: ‎09-21-2012
Re: Some Auto Loan Advice

JustinC7 wrote:

As stated Ive been in the process of rebuilding my credit for the past 2 years. I once had a score of 450, and I now have an Equifax score of 595 according to one report, and 555 according to myfico.

My transunion is 533, and Experian is 495.

 

 

Anyway, I
'm looking to put down a $9000 trade in on a $25,000 new car. I'll be financing $16,000 for 60 (maybe 72) months.

 

My income is about $40k/year

 

I understand that most dealers pull equifax or trans union. What kind of interest rate would I be looking at?

 


 

Well, you do have some leverage with the amount you are putting down, however with those scores you are definitely going to be in double digit interest range. I would try to see what financing you can get without mentioning the trade-in. See if you can get approved and if you can then throw some extra chips on the table to buy down the interest rate.

 

Just curious is the car paid off or do you just have 9k in equity?

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly :smileytongue:) //CK:692, Sesame:656