Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
Re: Auto Credit and Scoring

MercyMe wrote:
Good morning, Tuscani!  This is great info, and of course I have a question, or two.  Over the course of the past 7 years, my husband has had three auto loans.  All were paid on time/never late, and all are paid off.  His regular credit scores are inching up -- high 500s right now, one's a few from 600.   He was recently approved for a WaMu, 2000 limit, and an AmEx gold, on the business.  When I pulled his business credit snapshot from Ex, it deems the business a low  to medium risk, but didn't give a score.  There isn't anything on the company credit other than a gas card.  Everything's fallen off, over the years.  He is always receiving pre-qualified advertisements from car dealerships. 
Does he stand a good chance of getting a new truck at a reputable dealer, and how might he go about negotiating that?  The last auto loan he took out was with our daughter, who needed a car to get back and forth to the university, 30 something miles away.  He ended up paying over 25 percent interest on it, through Anything On you probably know what, which is highway robbery to be sure! But the car established her credit and improved his.  He needs a truck as his has near 300,000 miles on it now, and is costing in repairs.  (Luckilly, two of our sons are auto mechanics, and one owns his own shop).  He doesn't want to be embarassed by going in to apply, only to be turned down for an autoloan, you know? 
Also, what if one has never had an auto loan but their scores are in the mid 600 range?  Would that factor as a positive or a negative in auto financing.  Thanks for your input.

So you are trying to finance a truck under business credit? 
Your score is not everything. A 650 score may get you an approval, but IMO, previous auto history does more for you than a higher score (in terms of approval not rate). It really depends what else is on your file.