@FMC wrote:Just purchased a vehicle last week , financed through Capital One 30k loan , only 500 down @9.17% (drum roll) with a 556 score at time of purchase! If I can bring my scores say to 650 in a few months, how much lower interest rate does anyone think I can get with LTV being in line to refi in current lending environment.
I would assume not by much, interest rates in general are in the toilet. However, assuming the stars align and you improve your Fico Auto Scores to 650ish (Maybe, just maybe) you get 8.5%. The significance with auto loans is when you surpass 720. HOWEVER, with that being said some Credit Unions could do you better. For example, try PenFed for their prequalification it's a softpull to give you a feel.
Now here's another thought, Credit Unions though they could do better. Let's assume you get to 650 - if you have the energy for it save up some $$$$ and prepare for a trade in. I've read some miracles on these threads where captive lenders will bump you up a few tiers just to get you a deal and push out metal from their lots. I would recommend doing this from a HIGH VOLUME dealer of your choise for what ever brand you'll want to get into. Dealer Finance Managers can make things happen but mostly from high volume establishments. ......just my $.02
