topic Re: downpayment Influence with credit score.... in Auto Loans

downpayment Influence with credit score....

daisyduke — Sat, 28 Nov 2009 23:47:08 GMT

Well, I put a deposit on a car on Friday afternoon.I had to leave the dealership before the results of my loan came in..... The sales guy ran my credit through AGAIN because this "loan" was for a different car.... This car was a little bit cheaper at 30 versus 35

I gave him a check for 5K....I found out last night that I was approved at the promo rate (either Tier o or Tier 1) , on my own - no cosigner needed

MB only pulled TU for me, current score at 655 TU

Maybe it was the fact that I gave a semi decent downpayment?

I am truly shocked that I didn't need anyone to cosign this loan for me.

Re: downpayment Influence with credit score....

Anonymous — Sun, 29 Nov 2009 03:06:09 GMT

I don't know a whole lot about what will influence an approval, interest rate, etc...., but CONGRRRRRATS!!! What did you buy?

Re: downpayment Influence with credit score....

daisyduke — Sun, 29 Nov 2009 13:42:11 GMT

A 2006 E350 4 matic...very cool metalic gray color...with around 35K miles on it.

Re: downpayment Influence with credit score....

nes — Mon, 30 Nov 2009 20:55:14 GMT

tier 2 is prolly around a 640, tier 1 is 680 and tier zero is 720 or better... atleast i think, alot of the time they group 0-2 together. just an fyi, its pretty universal through all the auto manufacturers(spelling error i know).

Re: downpayment Influence with credit score....

Anonymous — Tue, 01 Dec 2009 00:31:49 GMT

Daisyduke, MB may be using the auto industry flavor of the FICO® score, and that score was probably higher than the FICO® that you see here.

(The down payment certainly helped, too!)

Congrats again on the new wheels...

Re: downpayment Influence with credit score....

daisyduke — Tue, 01 Dec 2009 01:01:30 GMT

Thanks UBorrow. I took my son for a cruise this evening and he said "mom, this is a smooth ride", I said "i know"....

I will never know what my score was as the dealership handled it. No running around to Credit Unions trying to get the 5% rate. I got 4.9 for 60 months. Their promo rate is 2.9 for 36 and increase one point per 12 months... I picked this car up at lunch time today. What a nice ride - and it has more stuff than I thought it did...ipod integration, rear window shade, and I love the nav. My first stop was Neiman's to pick up something for the boss....how appropriate!!

Re: downpayment Influence with credit score....

Anonymous — Tue, 01 Dec 2009 02:23:28 GMT

The nav is great to have, especially for me...I'm the worst at directions. I admit it. But I had to shut off the turn-by-turn voice thingy...really annoyed me no end...worse than DW! lol