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I have a steady income, and I plan on buying a vehicle around 20,000-22,000 with a downpayment of 8,000. All of my accounts are in good standing. I have one collection from Verizon, that is paid. I am planning on writing a GW letter. My question is how hard of a hit do you think my interest rate will be? I don't want to be stuck with a 9-15% rate. Anything 7% and below would be ideal.
I plan on buying a Honda or Jetta VW. I talked to an online chat person on Honda in GA, and he said he believes they use Transunion. Not sure how much I can trust this information.
Should I wait a few months for my credit to improve to get a better interest rate?? Any help is greatly appreciated! Thank you for your time in advance.
06valdosta wrote:These forums have been so helpful. I am hoping to find some help in the auto department. I am planning on buying my first car within the next few months (maybe at the end of May). My credit score has been on a steady climb, although it still needs some climbing to do.My scores are currently:
- Equifax- 580
- Transunion- 630
- Experian- 635
I have a steady income, and I plan on buying a vehicle around 20,000-22,000 with a downpayment of 8,000. All of my accounts are in good standing. I have one collection from Verizon, that is paid. I am planning on writing a GW letter. My question is how hard of a hit do you think my interest rate will be? I don't want to be stuck with a 9-15% rate. Anything 7% and below would be ideal.
I plan on buying a Honda or Jetta VW. I talked to an online chat person on Honda in GA, and he said he believes they use Transunion. Not sure how much I can trust this information.
Should I wait a few months for my credit to improve to get a better interest rate?? Any help is greatly appreciated! Thank you for your time in advance.