topic Re: Best auto rates for a score of 630, which go 2 sites? in Auto Loans

Best auto rates for a score of 630, which go 2 sites?

Anonymous — Sat, 28 Feb 2015 05:50:19 GMT

I bought 2 cars in the past and both are paid off. When I purchased I received HIGH interest rates. This time I want to explore my options but I only have scores at 630 average. I make 30k a year and looking to purchase a truck at 25k with 10k down payment.

What are my best options to get a low interest rate possibly a 72 month loan so my payments are low. I can't do more than $300 a month.

Can anyone recommend sites that offer good rates for low 600's ?

Re: Best auto rates for a score of 630, which go 2 sites?

Anonymous — Sat, 28 Feb 2015 06:34:36 GMT

Look into DCU... They offer 1.49% loans and that amount seems do-able however I believe you need at least a 675 Fico for their best rate.. Where are you getting your scores from?

Re: Best auto rates for a score of 630, which go 2 sites?

Anonymous — Sat, 28 Feb 2015 07:16:02 GMT

Myfico.com... I was looking at others who had great experiences with DCU. Do I just apply for an Auto loan thru them online and if approved I go to ANY dealership with that information? Im new to being pre approved before going to the dealership... But like I said I don't want to get screwed like the last 2 cars

Re: Best auto rates for a score of 630, which go 2 sites?

fury1995 — Sat, 28 Feb 2015 18:04:35 GMT

What year is the truck? Miles?

Re: Best auto rates for a score of 630, which go 2 sites?

Anonymous — Sun, 01 Mar 2015 00:36:57 GMT

Thinking of a 2012 Chevy Silverado at 55,000 miles

Re: Best auto rates for a score of 630, which go 2 sites?

cartwrna — Sun, 01 Mar 2015 00:46:30 GMT

You would essentially get a pre approval from DCU in the amount that you think you would need. I would say 15-20k based on wanting a 25k vehicle and putting down 10k, you have to account for TTL. I believe a 630 would get you a decent rate, not excellent but decent (4.99-7% just estimating). The only issue is they use your EQ04 score which tends to be lower than the score pulled from this site (FICO08). My score for EQ on here is a 711, they pulled my 04 at a 676. You can always check your EQ04 score directly on Equifaxs site for 19.99$ if you want to see where you stand. I have seen OCCASIONALLY people's EQ04 be higher than their FICO08, but not many times.

Re: Best auto rates for a score of 630, which go 2 sites?

cartwrna — Sun, 01 Mar 2015 00:49:56 GMT

I say check your scores because I'm not sure how low they go and I would hate for you to waste a hard pull, unless you don't have many. Also if coded as an auto loan inquiry any pulls coded as such 14 days I believe from time they pull will all count as one pull for scoring purposes.

Re: Best auto rates for a score of 630, which go 2 sites?

Anonymous — Sun, 01 Mar 2015 02:02:37 GMT

Awesome thanks for the advice. Also if I'm approved how long is the loan good for ? 30 days or less ?

Re: Best auto rates for a score of 630, which go 2 sites?

cartwrna — Sun, 01 Mar 2015 02:08:12 GMT

30 days from time of approval. Credit pull is good for 45 days though, so essentially you could renew it with same report if your 30 days run up without a new HO

Re: Best auto rates for a score of 630, which go 2 sites?

cartwrna — Sun, 01 Mar 2015 02:08:27 GMT

Re: Best auto rates for a score of 630, which go 2 sites?

Anonymous — Sun, 01 Mar 2015 02:38:14 GMT

FYI, my Eq 04 score was 640, and I was denied by DCU, not even on a recon. I have 133k income and almost no bills. I did get approved with wells fargo dealer services with 640 EQ 04, at 6.9% 72 months. I guess it all depends why your score are low. Mine were low from stuff that is so olf 6 years 9-11 months. I will have a clean report by July and still denied me flat out.

Re: Best auto rates for a score of 630, which go 2 sites?

Anonymous — Sun, 01 Mar 2015 02:39:29 GMT

I'll try wells Fargo if it doesn't work out. I'm also hoping for a 72 month loan

Re: Best auto rates for a score of 630, which go 2 sites?

cartwrna — Sun, 01 Mar 2015 03:32:50 GMT

I just had a friend with a 640ish score get approved, and only 20-30k annual income. He got 3.99%. I got approved with un unpaid collection for $1300 from 2013, my score was 676 though.

Re: Best auto rates for a score of 630, which go 2 sites?

cartwrna — Sun, 01 Mar 2015 03:33:03 GMT

^ that was with DCU.

Re: Best auto rates for a score of 630, which go 2 sites?

Anonymous — Sun, 01 Mar 2015 04:15:33 GMT

I have an unpaid collection too... Been trying to get it removed but they won't budge. I hope I get a 3.99 that would be sweet! I'm gonna apply Monday and I'll post an update.

Re: Best auto rates for a score of 630, which go 2 sites?

Anonymous — Sun, 01 Mar 2015 05:26:40 GMT

just to be clear that was through a dealer, and they used wells fargo dealer service, which is full spectrum lender. If you just go into a wells fargo or apply directly they have different criteria and are primarily a prime + lender. Good Luck!

Re: Best auto rates for a score of 630, which go 2 sites?

cartwrna — Sun, 01 Mar 2015 05:50:49 GMT

Mine weren't new car purchases but refinances as well, don't think that will have any bearing though. I refinanced a 14' Charger RT for 30k and a 13' Avenger for 18k. I've had the Avenger loan since Aug 13' and the Charger loan since May 14'.

Re: Best auto rates for a score of 630, which go 2 sites?

fury1995 — Sun, 01 Mar 2015 16:56:31 GMT

CapOne online should give you a decent preapproval... 55K miles should be okay for 72 months for a 2012 MY...

Re: Best auto rates for a score of 630, which go 2 sites?

Outdoorstech1 — Mon, 02 Mar 2015 01:13:25 GMT

I'm at 672 FICO. Looking to trade in my car for a Used 14' Mini with 7,000 miles on it, car is $26,495. I opened an account with DCU but torn on going thru DCU or seeing what the dealer pulls first. I'm going tomorrow to go crunch numbers. I'll have to roll in 5g of negative equity from my old car but going to put 3,000 down. Hmmmm

Re: Best auto rates for a score of 630, which go 2 sites?

Anonymous — Mon, 02 Mar 2015 01:59:50 GMT

you think if I add my girlfriend on to the application just for more income I'll be more likely to get approved? She has horrible credit tho.