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Getting ready to finance a used car - NEED ADVICE

glamchick
Established Contributor

Getting ready to finance a used car - NEED ADVICE

I currently have 1 car payment left and I found a used car i want to purchase.
 
My scores are 665, 661  and 655  what kind of percentage rate do you think I will get?
 
The car I want is 13,000 and I was going to put 1000 down.  I am trying to keep my payment under $300 a month.  Do you think this is possible?


Message Edited by glamchick on 05-12-2008 08:39 AM
Gardening since 5/3/2016
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2 REPLIES 2
souper
New Contributor

Re: Getting ready to finance a used car - NEED ADVICE

The APR on your auto loan will vary depending on what year the car is. I would assume anywhere between 7-9% for a 2005-2007 (dealer purchase).

With a $300 limit you should be able to walk away with a loan good for 12k @ 8% and 48mo term. $250 if you bump to 60 months....
Message 2 of 3
caliborne
Frequent Contributor

Re: Getting ready to finance a used car - NEED ADVICE

If you belong to a credit union go to them first and ask about a loan, that gives you more leverage at the dealer knowing what you can spend and how much it'll cost you ahead of time
FICO 6/2/08 , EX 754, 5/2 TU 720 EQ 722
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