topic Re: Credit score = approx what APR?? in Auto Loans

Credit score = approx what APR??

AZHeather — Fri, 04 May 2012 17:21:12 GMT

I know that this varies (sometimes widely), but can anyone give me a "general" idea (rule of thumb) of what kind of APR one should be looking at getting based on your credit score??

For example: 600-625 = 12-18%, 625-650 = 7-12%, etc...

Just trying to get an idea of what is good vs. unreasonable when I pull the trigger later this year to get a new car. If I find that all offers are just not as reasonable as I think that should be, then I will wait. Problem is, I don't know what reasonable is for whatever my credit score will be at the time (hoping for at least 700 by then...fingers crossed).

Thank you!

Re: Credit score = approx what APR??

MarineVietVet — Fri, 04 May 2012 21:10:57 GMT

Here are some approximations from FICO: http://www.myfico.com/HelpCenter/Autos/

Re: Credit score = approx what APR??

Creditaddict — Fri, 04 May 2012 21:37:38 GMT

You ever have a car loan before?

How much was it, is it still?

what APR

what kind of car?

Are you looking to buy new or used?

what kind of car you want to buy? and are if new I assume to the dealer that sells those brands like (Nissan)?

Re: Credit score = approx what APR??

AZHeather — Fri, 04 May 2012 23:26:43 GMT

@MarineVietVet wrote:
Here are some approximations from FICO: http://www.myfico.com/HelpCenter/Autos/

Great!! Just what I was looking for. Thank you.

Re: Credit score = approx what APR??

Creditaddict — Fri, 04 May 2012 23:36:04 GMT

@AZHeather wrote:
@MarineVietVet wrote:
Here are some approximations from FICO: http://www.myfico.com/HelpCenter/Autos/
Great!! Just what I was looking for. Thank you.

I guess that would be a very general guide because Nissan is well known to dip down in the 600-620 and tier 3 you which for Nissan/Infiniti is the same rate as tier 1, usually anywhere from .9-4.9 depending on model and deals at that time.

Re: Credit score = approx what APR??

AZHeather — Fri, 04 May 2012 23:52:26 GMT

@Creditaddict wrote:
@AZHeather wrote:
@MarineVietVet wrote:
Here are some approximations from FICO: http://www.myfico.com/HelpCenter/Autos/
Great!! Just what I was looking for. Thank you.
I guess that would be a very general guide because Nissan is well known to dip down in the 600-620 and tier 3 you which for Nissan/Infiniti is the same rate as tier 1, usually anywhere from .9-4.9 depending on model and deals at that time.

I do not really know (yet) what I am looking for. I currently have a Nissan, but I am not sure that I want to get another (I have not been overly pleased with a few things).

I was really just trying to get an idea of when it will be appropriate for me to begin seriously looking based on where my FICO is at and the highest I am willing to go on interest. I know...the auto FICO is different, but I have an auto loan history that is strong, so I know that wherever my FICO is currently at - my auto FICO should be better. It's a good indicator for me. I don't look at the guide as anything more than it is...a guide.

Thanks!!

Re: Credit score = approx what APR??

OhioCPA — Sat, 05 May 2012 16:47:10 GMT

My CU quoted me 2.74% with a SP on my TU for a 48 month refi. When I said okay they did a HP on EQ and stated that my rate was going to be 3.24% since my EQ was under 725. So for them 725 is the breakpoint for their best rate.

Re: Credit score = approx what APR??

Creditaddict — Sat, 05 May 2012 17:01:33 GMT

@OhioCPA wrote:
My CU quoted me 2.74% with a SP on my TU for a 48 month refi. When I said okay they did a HP on EQ and stated that my rate was going to be 3.24% since my EQ was under 725. So for them 725 is the breakpoint for their best rate.

Wow, What CU is it that you can get them to make offers on SP?

Can you do that for all products they offer?

I wish banks would switch to this kind of system, don't they realize they probably wouldn't then be dening us (ME!) for to many INQ and new accounts!!

Re: Credit score = approx what APR??

OhioCPA — Sat, 05 May 2012 17:16:30 GMT

It's a local CU only open to residents of my area. Based on the SP I was also promised a VISA with a nice CL. While my EQ wasn't as clean as my TU I did get both the auto loan as well as the VISA for just one HP.

Re: Credit score = approx what APR??

Creditaddict — Sat, 05 May 2012 17:30:08 GMT

@OhioCPA wrote:
It's a local CU only open to residents of my area. Based on the SP I was also promised a VISA with a nice CL. While my EQ wasn't as clean as my TU I did get both the auto loan as well as the VISA for just one HP.

BANKS AND CU TAKE NOTE!.... PLEASE

Congrats for you.