Re: Some Auto Loan Advice
10-18-2012 02:24 PM
The car is paid off.
I can probably put down and additional $1,000 to make it an even $10k down.
Would it somehow be better if I sold my car and just put cash down only?
I dont have any repos, forclosures or bankrupcies on my record.
The thing is that I've been looking through that auto loan approval thread and people with my score tend to get the 18% interest rate on new cars regarldess of what they put down. But the new car loans have been all over the place. Ive seen as little as 4% and as high has 18%
I understand that while the lender pulls all 3 scores, they'll use your best one of the the three to get you approved.
EIther way, should I scale back a bit to get a better interest rate or just bite the bullet? Do people have better luck with loans with certain manufacteres over others?
The bottom line is that my credit needs to be repaired ASAP and an auto loan will do much more for my credit than credit cards will. I really want to get my payments around $300 or so monthly which I can comfortably afford. Given my situation it seems it would make the most sense to take a 7 year loan and try to refi after a year or so of solid payments etc.