What Interest rate on a car loan?

[Anonymous]

Hello,

I'm getting ready to buy a car and would like to know what interest rate to aim for.

I have a 714 TU and 692 Equifax.  I have a judgement from 4  years ago and a collection from the same time.  Both are paid.  My income is $150k a year.  I only have two credit card accounts open.

I'm looking to buy a $30k car with about $10k down.  If I can' t get a decent interest rate I will simply walk and pay cash for something.  

Thanks!

[Booner72]

Hi - they will probably use the auto-enhanced score so you might be higher than you think.  My EX Auto Enhanced was 714 and I got 5.34%.  If you are a member of a credit union your best bet is to pre-approve yourself through them.  The car dealership I used found a local CU that gave me the rate - Subaru/Chase offered 8.9.  It took a few days, but I got what I wanted.

Read the "stickies" in this section about questions to ask the dealer about your scores so they know you know what you are talking about.

Good Luck!  (What are you getting?)

[cdtotten]

You should be able to secure a good rate. Most credit unions start in the 3%-4% range for new, adding .25 to .50% for used. However, most financing arms of the major manufacturers have subvented rates offered currently, between 0-2%, depending on the term and car. Check the companies websites for financing specials. Depending on the company, anywhere from a 660+ will get you top tier on some manufacturers, whereas others are more strict (usually Honda wants 720+).