No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
It seems like my transmission is going. Im going to have it looked at this week. On top of this I have almost every dash light on, need brakes and tires. Im not sure if its worth fixing at 110k miles.
I dont know what to do. Would a score of 590 get me into a cheap new ford or chevy? My trade in might be worth $1000 if im lucky. Has anyone got any suggestions or feedback? How much would I need to put down?3k-5k?
My score is bad due to some lates and delinquencies.
Possibly, but at ridiculously high interest rates and with a substantial down payment of probably $5k+.
Maybe at a CU you could get somewhat favorable terms. Also try Capital One Auto Navigator prequalify.
I wouldnt mind 5k if that would get me a good rate. 0-3%?
I guess the dealer would tell me what I need to put down to get what rate? I just tried to apply for ford credit and it says someone from my dealer will be calling....
How old are the lates? Do you have any current active open accounts?
You can get a brand new car with your scores, probably a $15k one probably at a higher interest rate. Have you considered something inexpensive with good rebates and a decent dealer discount? Such as a Hyundai Venue or a New Corolla? The discounts will help with the Loan To Value formula. LTV is the actual amount you borrow compared to the MSRP on a new car.
I would not recommend buying a former rental from Carmax or Carvana even though both will likely get you approved.
Well the SUVs im looking at are from 18-22k. The lates are all recent from this year and yes i have credit cards in good standing.
Im not really a car guy so I cant see myself in one. I also want long term, both my cars have lasted 10+ years. At worst I would likely need to locate a used vehicle and purchase with cash.
When you say crazy rates, are you talking like 20%?
@user365735 wrote:I wouldnt mind 5k if that would get me a good rate. 0-3%?
I guess the dealer would tell me what I need to put down to get what rate? I just tried to apply for ford credit and it says someone from my dealer will be calling....
Well the down-payment doesn't really dictate the interest rate. Your credit does. At 590, you'll most likely encounter interest rates of 18% or higher.
Also with recent lates, it'll be that much harder to get approval.
Does the amount affect rate?
I am interested in the ford egoboost and they are about 20k base and after rebates and trade in it can easily be under 15k then maybe 5k down and a 10k loan.
Money down will simply allow the possibility of a bank approving you. 0%-3% would be someone with scores around 700 or higher. On a new vehicle you might possibly get a subvented rate from a captive lender (Ford Motor Credit, GM Financial) - but typically you give up any rebates to get that - and the rate still would most likely be 8-12%. Without knowing all factors, I'd guess you're looking at a 16-22% rate.
I am surprised you said you're considering a Ford Ecosport after saying you're looking at something lasting long term.
Perhaps a Toyota would last 10 years easily but I'm not sure a Ford would remain trouble free.
If you have money to buy a car with cash without going into debt then that's ideal. Time will heal your credit scores.
@user365735 wrote:Does the amount affect rate?
I am interested in the ford egoboost and they are about 20k base and after rebates and trade in it can easily be under 15k then maybe 5k down and a 10k loan.
No, it just helps possibly push you into an approval, but again at a very high interest rate.
To be honest, in your situation, I'd work on my credit first. GW letters, paying off delinquent debt, etc. In the meantime, if you really need a new car, I wouldn't get an ACTUAL new car, but rather a solid used car that you could pay cash for. If you can afford a $5-$10k down payment, then you can just use that to buy a good used car cash instead.