?Auto Loans

vaupinya1 — Sun, 05 Aug 2007 13:07:49 GMT

Does having a good credit score mean you qualify for an auto loan?

Re: ?Auto Loans

Tuscani — Sun, 05 Aug 2007 17:06:34 GMT

Nope.

Welcome.. Please read the Scoring 101 thread:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

Re: ?Auto Loans

Anonymous — Wed, 08 Aug 2007 15:56:19 GMT

It would depend on the lender. Some lenders are score driven, others look at the whole picture.

I turn down 650 + scores all day because they are new in the bureau or have AU accounts that don't count (for my company that is). Then I know other banks that jump on credit like that.

My advise to all would be to stay away from going through the dealer unless you have true A++ credit..

Reason being.. Even when they say hey I got you approved at 8%.. they really got you approved at 6 or 7% and they are getting the difference in the rate from the bank.

go with a credit union. They will protect the consumer in more ways than people realize. Most consumers go to KBB to see the value of the vehicle, which is a consumer sight and is marked up in value. But banks go by trade value in NADA. Meaning most people are financing anywhere from 110% - 150% more than what the value is worth. But what is even more horrific is once you find out the what they are selling the vehicle for, go back on KBB and look at the trade value of the car that you are getting ready to purchase. That will show you how much you car will be worth to the next dealer (or the same dealer) once you drive off the lot.

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?Auto Loans

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Re: ?Auto Loans