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Is it even possible to get a loan rate below 10% with this scenario?

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Re: Is it even possible to get a loan rate below 10% with this scenario?

Actually looking to buy an Infiniti Q70 and a Buick Enclave. Yeah, the scores are that low, not sure if they will go up at all once the discharge hits, but the score simulator shows a 100 point increase if I get a credit card. Wiith the paying for a rental I want to get something the day I get a discharge, TBH $1150/month to rent a malibu is worse than 1150/mo in interest  I have nothing to show for it.  

Auto enhanced FICO is slightly higher, but not much, 548 for EQ vs 533 regular FICO. One car was paid off and they did a cram down on the other for the BK.  I wasn't really given an option.

The options are buy the enclave outright and wait a couple of months to finance the Infiniti with say 10% down and a hopefully better credit score, or buy both on day 1 with close to 50% down on each.

Message 11 of 14
Epic Contributor

Re: Is it even possible to get a loan rate below 10% with this scenario?


@TexasBKSurvivor wrote:

Actually looking to buy an Infiniti Q70 and a Buick Enclave. Yeah, the scores are that low, not sure if they will go up at all once the discharge hits, but the score simulator shows a 100 point increase if I get a credit card. Wiith the paying for a rental I want to get something the day I get a discharge, TBH $1150/month to rent a malibu is worse than 1150/mo in interest  I have nothing to show for it.  

Auto enhanced FICO is slightly higher, but not much, 548 for EQ vs 533 regular FICO. One car was paid off and they did a cram down on the other for the BK.  I wasn't really given an option.

The options are buy the enclave outright and wait a couple of months to finance the Infiniti with say 10% down and a hopefully better credit score, or buy both on day 1 with close to 50% down on each.


1. I do bet the score goes up with discharge and then for SURE when you get a credit card and Capital One would be my go to as soon as the reports reflect that discharge!

2. I'm actually a toss up between Buick and Infiniti, both tend to be pretty easy going for finance but I'm leaning towards Buick being easier.

I might lean towards apply to Buick first and basically tell the finance guy you WANT to finance something but you don't care how much because you could pay cash but would like to take out a 24 month loan or something and get you the best rate he can (should be under 10% even with a 550 score). that way you pay a chunk on it but still hold some cash and you get an auto loan reportin and meanwhile pick up a credit card or two and i bet in under a 2-3 months you could then go get the infiniti.

Message 12 of 14
Valued Member

Re: Is it even possible to get a loan rate below 10% with this scenario?

My first loan on a vehicle after trashing my credit was at 10.9%. For a 28k loan. And that was with a 605 TU score. Credit standards were tight then and the dealer told me in some cases people with a 200,000 yearly income were being turned down due to low scores. Granted, credit standards have loosened somewhat since then but I would be surprised to see less than double digit interest with anything much under a 600 score.
Message 13 of 14
Valued Member

Re: Is it even possible to get a loan rate below 10% with this scenario?

But hopefully it works out for you as lending standards are looser than they were then.
Message 14 of 14
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