UPDATE: TU 673........... What do you think I can get?

[Anonymous]

I can't join the credit union at my work until I've been here a full year.  Right now, the bank I am at doesn't have good rates even for highly qualified scores...

I could put down a bigger payment no problem, but I thought the standard was about 10 - 15%...  That's why I suggested it.

If I do put down a larger down payment, like 5 -7k... and get approved for financing, is my rate still going to be through the roof?  I just don't want to pay >15% on a loan for the next few years...no matter how big or small.  I understand the time value of money and all, but rates like that are ridiculous.

Thanks again for any and all of the advice!

[chopperacn]

Did you try Nissan? Even a 620 - 630 FICO now a days gets approved for a  decent rate with them.

[Anonymous]

I did a few months ago...at the time my scored was only ~580.  I don't know who they pulled... but I wouldn't get approved for anything more than about 10k, and even then they wanted about 4k down and 21%.

I did however just get a letter from capital one for a pre-approved 30k.  But from what I've read about them on here, it's pretty hit or miss.  I called and tried to get it bumped up to the blank check program...but they said I would have to apply seperately for it.

[chopperacn]

yeah pretty much it looks like you have to take a hit on the high % rate and hopefully get re financed at a CU, 6 months down the line.

I went from 18% to 6% in one year , back in '04 with Ford Motor Credit.

I refinanced with DCU back then.

[Anonymous]

OK... UPDATE.

I just pulled my Transunion scores since I paid off my credit card.  It is now 673.  Does this change anyone's mind about what I can get?

[Anonymous]

NO-- do you not get it? you have a very thin credit profile, you need to have a good down payment and expect not the best rates- although you may luck out.

Cars are not determined by credit score alone

[Anonymous]

Well Im going to the credit union Tuesday, I'm hoping to luck out I guess.

[Anonymous]

UPDATE #2

I just pulled my Equifax again...up to 656!  

I also called Nissan to ask which agency they used... They told me that they always use Equifax for their financing...and that their tiers are as follows:

>750 is tier 0

700-750 is 1

640-700 is 2 and so on...

Right now I'm in tier 2 and they also told me that special rates apply to those in tier 3 or greater.

[Anonymous]

I just got approved through PSECU for $7500 (that's what i asked for) with an EX score of 614. I make $1500 month. I joined that credit union in January because MY credit union of 25 years wasn't willing to help me out. My rate is 3.99

[Anonymous]

UPDATE:

So I went to the Credit Union, applied for 25K...was denied for length of employment, short history, and they wanted a cosigner... sad day.

Instead I was approved for 9500 w/ 2500 down...so really only 7500.  So the plan is to get a loan for 7500 for 24 months at 4.5% and then turn right around and get the car I really want.

BTW, they pulled my experian which happen to be the highest of all 3 @ 689!

bittersweet... but I just hope I can find a car that's at least better than what I have for less than 10K.