Expected rates for a new college grad?

andyaycw · ‎08-01-2010

Hi everyone, Curious as to what a new college grad like myself should expect when it comes to financing. With 4 years of history, no baddies, around 10+ trade lines, and FICOs in the 730-750 range, what rates should I be expecting, and what can I do to get the best rates? I have no previous auto loans, so I assume my auto-enhanced FICO would be much lower than my regular FICOs. Are there any credit unions that use a standard FICO for their auto loans? Thanks.

Starting Score: EQ 773, TU 766
Current Score (2/25/2017): EX 813, EQ 823, TU 818
Goal Score: 800

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Anonymous · ‎08-01-2010

The biggest question will not be score for you, but employment.

Most recent college grads have less then a year at an employer.

Which can be the deal breaker

Anonymous · ‎08-01-2010

I'm not sure that not having had an auto loan really has that much effect on your auto-enhanced score. I have had no previous auto loans, and when I applied for financing last week, and the EQ score the dealer quoted me was 11 points higher than the EQ score I pulled the same day from this site. I'm assuming this was an auto-enhanced score (I didn't ask). So not having any auto loan history didn't hurt me at all.

Anonymous · ‎08-04-2010

Be sure to look at the various car brands' college grad incentives. You can often get an extra rebate or even automatically qualify for their best financing offers.

Anonymous · ‎08-05-2010

@Anonymous wrote:
The biggest question will not be score for you, but employment.

Most recent college grads have less then a year at an employer.

Which can be the deal breaker

This isn't so much a dealbreaker for recent grads. Most lenders just require a 2 year history, and if your job is in the field for which you went to school, it's basically the same as moving from one job to another within the same field to them.

OP if your scores are in the mid 700s you should get the lowest rates. Typically the rate is solely dependant on your score, and the amount you qualify for is dependant on debt and income.