Vehicle Choice and Int Rate

[Anonymous]

4 years and a half years ago I bought a Dodge Journey with a 517 score at an int rate of 8.04%. Loan was for 23,100, MSRP 23,920, 0 down rolled in a bunch of negative equity. Car has been reliable, just want something smaller, better features. My question is does car type affect int rate. My scores are a little over 600 right now,tried buying a 2020 Cherokee last month and rate from Chrysler was 16.78 plus bank fee despite perfect payment history with them. That deal was 29k loan, MSRP 28k which then turned in to 31k loan due to fee and I ran from that one.

Had a Compass as a loaner for recall 2  agp and liked  it. If I attempt to purchase Compass, say 28k loan on 27 MSRP, would the rate from Chrysler be lower than Cherokee since Compass is less popular vehicle and one like the Journey where  Chrysler will put anyone in just to move. Also, would int rate on 2019 be lower than 2020 since it needs to move more or that does not matter. Lengthy post, probably dumb question, but curious from the experts out here. Thanks in advance 

[Shooting-For-800]

Check Cap One prequal

[TattnallTrio]

Chrysler Capital is Santander Consumer USA. Their interest rates are high. I agree, check Capital One Auto Navigator. 
Would you consider a new Nissan or Ford? NMAC and Ford Motor Credit usually have better rates 

[Anonymous]

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@TattnallTrio wrote:

Chrysler Capital is Santander Consumer USA. Their interest rates are high. I agree, check Capital One Auto Navigator. 
Would you consider a new Nissan or Ford? NMAC and Ford Motor Credit usually have better rates 

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Chrysler was Santander when I was given the above rate, still mystifies me to this day. 

[Dj4Money]

Where you forced to show proof of income this time around?

 Do you make less than you did before? Why are your scores in the low 600's?

 Seems to me you have high utilization on your credit cards/store credit accounts.

 If you don't have a problem with your current car work on improving your scores to at least 670, which is where most captive lenders will give you their best rates.

 Capital One MAY give you a better rate but again YMMV.

 Getting less car does help but that totally depends. Some lenders give out better rates for certain brands like Mazda, Subaru, Kia, Hyundai and Honda.

[Anonymous]

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@Dj4Money wrote:

Where you forced to show proof of income this time around?

 Do you make less than you did before? Why are your scores in the low 600's?

 Seems to me you have high utilization on your credit cards/store credit accounts.

 If you don't have a problem with your current car work on improving your scores to at least 670, which is where most captive lenders will give you their best rates.

 Capital One MAY give you a better rate but again YMMV.

 Getting less car does help but that totally depends. Some lenders give out better rates for certain brands like Mazda, Subaru, Kia, Hyundai and Honda.

I make 15k a year more now and no POI was required. 

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[Dj4Money]

 If you have negatives take care of them first.

 670 will get you captives best rates. Dodge/Chrysler is not highly regarded by lenders, you'll get your best rates from them assuming you don't have personal relationships with other lenders.

 I went from 15% loan and 2015 Hyundai Accent to a 2016 Ford Focus ST(2) @4.5% about 18 months later. 

 That's $16,000 OTD vs $29,690 OTD

 Difference, EX 615 for the Hyundai, TU 670 for the Focus.

 Try Mazda CX5, Kia Niro or Honda HRV