603 and approved?!

[Anonymous]

So i found the car I wanted. 2005 Buick Lacrosse with 70,000. It was on sale for $10,300. I put $5000 down and brought my parents since I knew I'd be financing through them. When the car salesman asked how we'd pay I told him I'd try to finance the remaining even though I was sure I'd be declined with credit scores in the low 600s. To my surprised I was accepted with an 11% interest rate 0.o... I'm ecstatic since my local CU wanted to charge me %18 for an auto loan ... Idk why i was approved with that amount but hey! I'm super happy Thanks myfico family for helping get up to even that point!

[JM-AM]

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@Anonymous wrote:

So i found the car I wanted. 2005 Buick Lacrosse with 70,000. It was on sale for $10,300. I put $5000 down and brought my parents since I knew I'd be financing through them. When the car salesman asked how we'd pay I told him I'd try to finance the remaining even though I was sure I'd be declined with credit scores in the low 600s. To my surprised I was accepted with an 11% interest rate 0.o... I'm ecstatic since my local CU wanted to charge me %18 for an auto loan ... Idk why i was approved with that amount but hey! I'm super happy Thanks myfico family for helping get up to even that point!

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Congrats and enjoy.

Keep up the good work and keep on working at it and they will improve more and will be more beneficial to you later on.

[John060675]

Congratulations on the approval.  I think lenders are starting to open up a little more with their money.  I was just approved for 0.9% on a 2011 Honda Pilot or a 1.9% on a 2012, and I did not have to put anything down if I choose.  I have a 605 Equifax and a 631 Equifax Auto Enhanced (the auto enhanced was from their pull).  I am debating now whether to get it or wait another year to make sure my finances are in perfect order.

Heck, makes me start to want a Harley again.  I know, easy there trigger.

[Booner72]

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@John060675 wrote:

Congratulations on the approval.  I think lenders are starting to open up a little more with their money.  I was just approved for 0.9% on a 2011 Honda Pilot or a 1.9% on a 2012, and I did not have to put anything down if I choose.  I have a 605 Equifax and a 631 Equifax Auto Enhanced (the auto enhanced was from their pull).  I am debating now whether to get it or wait another year to make sure my finances are in perfect order.

Heck, makes me start to want a Harley again.  I know, easy there trigger.

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Hey John - that's a great deal!  I love Honda Pilots.  I've got the urge for a new car so bad right now.  I know we need to wait, though.  I'm driving a 94 pathfinder - she's a tough old gal - I love no car payment.  But that new car smell.....oohhh it's tempting to see what I can get.  Good luck w/ your decision.  (I'd take the .9 percent for the 2011 but that's just me).  That's pretty motivating to know that with a 631 they will give you such a great rate.  Do you know what the payment would be?

[John060675]

The payments could vary widely depending on which model I would like.  They would be anywhere between $500 to $600 depending on what I want.  Sorry to not be able to answer your question more accurately, but there are just too many variables.

[teenastie]

John thats a great rate! 

Questions...

What state did you get your offer?

Have you financed with Honda in the past?

Was this a pre-approval in the mail or did you fill out an app and they offered that rate in the finance office?

Thanks