Can 590 get you a new car?

[Jannelo]

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@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.

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I was in the 590s, and Cap One Auto Navigator approved me  with an APR of 6.25 to 6.79 (or something like that) depending on the length of the loan. I was buying a car three years old.  For a new car, it was 5. something, I believe.   I thought I was looking at double digits, but like you, I needed a car sooner than I wanted because of my scores.  You can go on their site and see if you prequalify.  I did buy a Toyota since I was buying used.

[Anonymous]

Down payment does help as it reduces risk in the eyes of a lender and obviously the lower the term the lower the interest rate you will get. If you can go 36 months you'd probably see a lower rate for example. 

however, it gets tricky with lates from this year not many lenders will give a good rate regardless of down payment and other factors. 

I just bought a car today and my fico auto score is 660 and my fiancé co-borrowed at a 750 auto score with 10% down and we got a 6% rate for 84 months through Toyota financial. If we went 60 we would have still come in around 4.5%. It sucks but when it comes to a sub 600 score you'll be looking at 15% plus. You can try capital one auto navigator to get an idea of rates since they prequalify without a credit pull. 

maybe manage credit well at a high rate and try to refi 6 months in? 

[Brian_Earl_Spilner]

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@TattnallTrio wrote:

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. 

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I grew up in a ford family and other than our windstar, all of our vehicles combined from a kid to now have had less issues than anyone I know with a Toyota. Right now I have a 2002 Ranger. My friends with their tundras, Tacomas, and titans all laughed at me and said my truck would be a money pit. Other than maintenance, I've only replaced the fuel pump, MAF, slave cylinder, and radiator(which should have been covered under a recall). Them, on the other hand, have had to replace sensors, radios, ball joints, control arms; the list goes on.

The windstar, however, was a stereotypical Ford. Had to replace the tranny and engine, but Ford paid for it out of warranty.

[Anonymous]

From my personal experiences and following the forum, with a 590 I think best case scenario your rate would be around 8% and worst case 16 but no more than 17%. Most likely 12 to 14%.

Just an opinion though. 

[coldfusion]

A vehicle of recent vintage with 110,000 miles on it should have a lot of service life left in it if it was at least marginally maintained. 

Tires and brakes are normal maintenance items unless they prematurely wore out due to uncorrected problems elsewhere. 

Many error codes are due to simple maintenance that needs to be performed like a sensor replacement, O2 sensors are a good example.   If there is an Autozone near you they may still offer the service where they scan your error codes for free or depending on the make of the car you can buy a code reader off of Amazon for < $25 and get the actual codes yourself to see what's wrong. 

With a 590 score the interest rate on an approved loan is going to be high and with a $20,000 vehicle there's a high probability that you would pay more in the 1st year just in the interest, sales tax, and the delta in car insurance for a new vehicle than it would cost to repair your current one. 

You need to do the math and compare the 2 options.   It could be that your best option is instead to sell your car as-is/salvage title in a private sale and buy a beater car to drive for 2 years while you work to repair your credit enough to avoid being gouged on the interest for a new auto loan. 

[user365735]

Thanks everyone.

So far I did get approved with Ford at 10.7%. I assume that is good if their promo is 8.9%!?

I would love to keep the car but I am worried that things will need to start being replaced. I do have some funny issue where i believe something is loose or bad and have issues with lights on the dash and then the dash not lighting up, issues with it starting and even issues with the bluetooth so whatever it is everything is related. AC does not work which I dont care about and heat only works on full blast which is fine.

It is actually past due for inspection and I would have to pray that during inspection my dash does not act up otherwise it would fail.

The ford I looked at includes a 10/150k powertrain warranty from allstate.

I was thinking of trying a chevy dealer tomorrow to see if they could get me approved at 0% or better then ford. I am paying 5k in interest.

anymore suggestions? I was thinking in 1-2 years I could try to refin and get a lower rate.

[user365735]

Lets assume the tranny is 4k. A shop qouted me 35-4500.

Could be a lose wire or bad relay but worst case is 1k to fix the dash. never done a tune up and thats due at 100k so i dont know assume $500 for new plugs and wires and whatever else. I would need new rear brakes soon as ive never replaced them so thats $200-250. Need one rear tire $130.

Payment on the new ford would be $290. Assume I spread those repairs out over 18months its the same cost of a new ford for a year-year1/2.

The reason I dont really want a beater is I would spend the money for the car and drive it till its not driveable. If I fixed the tranny then that would be considered a beater lol. I have door stoppers holding my back windows up because the motors broke and I dont see the need to repair them.

[Jnbmom]

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@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....

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You are not going to get even close to that rate with your score, but 10.7% isn't awful for your scores. But the rate is high depending on your loan terms ( please no 84 months )

However you are not going to get "0%" those are for top tier scores.

[user365735]

Its for 72m.

I figured I would not get 0% but I was thinking half of what ford gave me at least.

I dunno, atleast ford has the 150k mile. Muitple people are saying ill be in the same position if I go with an even lower end ford.

[sccredit]

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@user365735 wrote:

Its for 72m.

I figured I would not get 0% but I was thinking half of what ford gave me at least.

I dunno, atleast ford has the 150k mile. Muitple people are saying ill be in the same position if I go with an even lower end ford.

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Frankly I think the newer cars are all pretty solid. Aside from the Nissan CVT transmissions I wouldn't stress it. I've had pretty goo dluck with Fords over the years0