I was just approved for a $26k loan for an audi purchase which uses VW Credit Financials. My credit score was in the low 700s although when they pulled my credit using their Car loan credit it put me somewhere in the 645-665.
Back in 2006 I also had a car loan that I paid off in about 1.5 years, so I thought this would help make my car loan score higher as well.
I was applying for a promotional 1.9% APR. They came back and told me I got approved but not for the 1.9%. They said something like 5% or 6%. Although was later lowered to 4.4% when I started dealing with the actualy person that does the loan. Also I was at the dealer late night so they kinda give you an estimate but it still depends on approval from bank. Also it really helped that I put down $20k...
Overall conclusion I am certain you will get approved, just not sure for what percentage.
Now some car hints I learned:
When you go buy the car don't let the financing be an issue. First negotiate your best deal on the car. Be confident that your credit will be approved. Also do your homework before you go on the car you want. Find out the invoice price. Right off the bat when you start negotiating it is common for dealers to say they will sale for $1000 above invoice price. You should easily be able to get it for $500 above invoice. It is possible to even get it at invoice price. Dealers make money in different ways and have incentives for selling more cars, so they always make more money than you think. Once you get your best deal have them throw a little extra, for example I got the Audi Complete Care, so I dont have to pay for service, thrown in after I had made my deal I told them I would buy now only if they added that. As for the financing don't let them get to you if they tell your score is too low. They sometimes try to inflate the percentage to give them room to add more cost items and lower the percentage after. If any of this makes any sense I hope it helps.
