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12.75% with 686 Experian??!!!!


12.75% with 686 Experian??!!!!

Applied for a car loan today, got good news and horrible news! I applied for a 2013 Dodge Charger (6 cyl) priced at roughly $23-24K. The salesperson called me back to tell me they were having a hard time finding a lender for me. When I asked why, she said although my credit score was okay I had a couple of things to worry about, namely a repo (2007, balance $2K) and a medical bill (2007,$1K). After explaining to her that I make payments on both, and that all other past accounts are paid off or deleted, she says "we may have to use Americredit or another subprime lender! Once I said no deal, no subprime with my score (Ex 686, Eq 679) and salary ($80K), she says let me check again. Calls me back to me that I'm approved, by Chrysler Capital, before i can get excited she says "at 12.75%!!!!!!, then continues with "your note will be around $565 per mo/72 mos, isn't that great?! I quickly told her thats out of my price range and after crunching numbers those terms are over $40K for a base model Charger! I know other things play into getting auto loan approvals but, they have to be holding back 3-5 % points, RIGHT??? Please help with any advice, in desparate need for a new car, gotta truck with $237K, looking for a nice sporty sedan for the wife and kids!

Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760

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Message 1 of 10
Established Member

Re: 12.75% with 686 Experian??!!!!

Have you tried going to a local credit union?
Message 2 of 10
Senior Contributor

Re: 12.75% with 686 Experian??!!!!

totallymytravis wrote:
Have you tried going to a local credit union?

I agree, this is the main benefit of a CU. If there are none in your local area then there are plenty that will take you with a donation to a specific charity. 

Message 3 of 10
Moderator Emerita

Re: 12.75% with 686 Experian??!!!!

Yes, they are probably making a few points on the back end. Negotiate the rate down to 9.99% - I'd also look into a CU. their rates are always better.
Message 4 of 10

Re: 12.75% with 686 Experian??!!!!

If you really need another vehicle, then go to a CU. Don't even consider getting financing with any dealership. Once you have financed thru a CU you will see how much better the whole process is for your purchase. The terms are better, the rate is better and the servicing of your loan is better. Good Luck.

Message 5 of 10
New Contributor

Re: 12.75% with 686 Experian??!!!!

+1   everyones comments. You need to go to a credit union. you will get a better rate and take that to the dealership and ask if they can beat the CU rates....

Message 6 of 10
Moderator Emeritus

Re: 12.75% with 686 Experian??!!!!

I bought a car last week.  I had already talked to my local bank and my CU.  When I went in, I told them I already had financing options.  My bank had offered me 3.6% and my CU 1.9%.  If he could beat that, then I'd take his financing.  He came back with 1.74% from BOA.  Deal done.


I think it just helped to give him a goal, that I wasn't going to take what was best for him.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 7 of 10
Epic Contributor

Re: 12.75% with 686 Experian??!!!!

apply for capital one too!

$27k finance on 72 months at 9.9% = $499/month

Message 8 of 10
Super Contributor

Re: 12.75% with 686 Experian??!!!!

OT.  If you are going to go to a dealer, get your FICO scores before going to the dealer, especially if you have any dings on your CR.  Keeps the dealer honest.  I would also check rates at your local CU and bring a copy of your CR along.  They may give you an idea about the rates without having to apply.  Worth a shot.

06/23/2018: FICO 830 EQ 827 TU 824 EX
Message 9 of 10
Valued Contributor

Re: 12.75% with 686 Experian??!!!!

Looks like your repo on that auto loan is making all the lenders afraid. You should get it removed and you'll be okay.

"I am become death, the destroyer of worlds"
Message 10 of 10