topic Re: Auto Loan Question in Understanding FICO® Scoring

Auto Loan Question

Anonymous — Mon, 16 Apr 2007 04:52:14 GMT

Hello, Newbie to the forums. I got a few questions about auto loans.
I am in my mid 20's, have a job, and have fairly good credit.

Here are my credit scores

Transunion: 733

Equifax: 732

Experian: 758

I want to apply for an auto loan, and I am unsure if I qualify for the lowest rates. Case in point: Capital one auto loans has rates that say starting as low as....then it gives you the rate. I fear I will not get the rate I want.

Will I qualify for the lowest rate based on my credit score?

Should I ask capital on what score they look at out of the three?

Will it hurt my credit to pre-qualify for capital one?

Lastly, what is the vantage score system? Will capital one look at that score too? thanks much!!!

Message Edited by joey_d1119 on 04-15-2007 09:52 PM

Re: Auto Loan Question

Anonymous — Tue, 17 Apr 2007 00:51:07 GMT

joey_d1119 wrote:
Hello, Newbie to the forums. I got a few questions about auto loans.
I am in my mid 20's, have a job, and have fairly good credit.

Here are my credit scores

Transunion: 733

Equifax: 732

Experian: 758

I want to apply for an auto loan, and I am unsure if I qualify for the lowest rates. Case in point: Capital one auto loans has rates that say starting as low as....then it gives you the rate. I fear I will not get the rate I want.

Will I qualify for the lowest rate based on my credit score?

Should I ask capital on what score they look at out of the three?

Will it hurt my credit to pre-qualify for capital one?

Lastly, what is the vantage score system? Will capital one look at that score too? thanks much!!!

Message Edited by joey_d1119 on 04-15-2007 09:52 PM

As long as those are FICOS you should have no problems getting top rates

Re: Auto Loan Question

Anonymous — Tue, 17 Apr 2007 14:51:20 GMT

Your credit is good enough to get the best rates.. Don't believe what any dealer tells you - in fact get pre-approved at your local bank/credit union first - you'll also have a stronger negotating position when talking price to the salesman when you have cash in your hand. Tell him how much you want to pay then walk away! it'll work!

Financially speaking the best option is to pay cash of course. And never buy brand new - I drive an Audi that most people think is new. I paid $20K a year ago for what looks, feels etc like $45K car.

Those 0% deals are normally offered for higher priced vehicles so while you think you're getting a good deal paying 5% at a bank on a 2 year note maybe cheaper . Depends on what the math is of course.............sadly, and as usual buyer beware. Take your time, do your research before even thinking of the dealership and don't listen to a **bleep** thing the sales guy says.... Also, if your buying anything less than 2-3 years old DONT get the warranty.

Good luck !

Re: Auto Loan Question

Anonymous — Tue, 17 Apr 2007 16:11:48 GMT

Hi there, I just bought a 2006 Hyundai Tiburon, why not buy the warranty? Did I get screwed? I thought it was a smart investment to get it. Just curious.

Re: Auto Loan Question

Anonymous — Wed, 18 Apr 2007 09:38:29 GMT

Screwed when getting a warrenty? NEVER! A warrenty is always something good to have just in case something was to go wrong. It's not just a warrenty though is it? I mean usually they try to sell you a "Extended Warrenty" off the one that it already has. In my opinion a warrenty is never a bad thing, but will only help you in the long run. Good choice in car, a buddy of mine has a 2004 and he loves it.

Re: Auto Loan Question

Anonymous — Wed, 18 Apr 2007 20:34:34 GMT

I also have an auto loan question. I already have an auto loan, from the car I bought last july. Because we had two old vehicles, we knew we would need to replace both within a rather short period of time. We are looking to purchase the second car in the next few months. Do the banks and finance companies frown on a second car loan?