I'm just curious how people with low credit scores (mid-low 600's and below) are getting approved for auto loans and good apr? It is great for those people, but I'm wanting to get a new car and I'm too scared to apply with my score because I'm afraid I'll either get denied or crazy high APR.
For those of you with lower scores, how did you go about getting approved with a good APR?
Personally I sucked up the dealer financing as I knew they were doing me a favor and my Auto EX was a 551 according to the dealer. 19.3%
8 months in, between increased baseline FICO, and also no longer looking like a first-time auto consumer, I refinanced down to 6%.
It's not hard to two-step down from a high APR loan, harder is to get that one initially, but as the other poster suggests, wrap your arms around a CU or two (not all are fantastic, helps to try with a few) strategically and try them first; may be able to shortcut the process and do it in one step.
I'm fresh off a 7 discharged in November and only approval I could obtain at this point is Roadloans which I will be using at Carmax next weekend. I will have to eat it and learn from the experience. My wife was able to purchase her vehicle before our discharge and got hit with a high rate as well. I definitely plan to refinance this time next year or sooner.