What kind of interest rate should I be looking for?

[Anonymous]

What kind of interest rate (ballpark) do you think we can get?

Scores: 640, 675.

Current DTI: Less than 15%

Loan amount requesting: 45k

Combined Income: 120k

I have only bought used cars with shorter loan terms prior to this purchase. Looking at 72 to 84 month with about 15-20% down

[EddieK]

Are those scores from here?  If so, I'd estimate anywhere from 4-10%

[Anonymous]

We can't estamate that as there are other things taken into consideration.  So probably 6% - 14% based on the score you provided.  I hadly doubt you can get 4% but I may be wrong.

[Anonymous]

I'm really just wanting a ballpark to gauge whether I'm getting reasonable rates on my preapprovals or apps. 

Thanks. 

What other things are taken into consideration?

[Dj4Money]

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@Anonymous wrote:

I'm really just wanting a ballpark to gauge whether I'm getting reasonable rates on my preapprovals or apps. 

Thanks. 

What other things are taken into consideration?

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 Not that we want to know everything but being coy generally doesn't work and you won't get the answer your looking for. If 675 is your best score, where did you get it from? Are you aware some lenders also have internal scoring?

 Are your previous loans with captives (IE Ford Credit)? 

 If you have blemishes (IE late payments, etc) and your 675 is with Equifax, run don't walk to DCU. Somebody recently tried Lightstream and got not only a good rate but a few perks.

 Otherwise you look like your in good shape overall. As long as your ready to cover TTL (Tax, Title and License) then getting 100% financings shouldn't be a problem.

 APR ranges will depend but given how aggressive captives are, Captial One and DCU; your rate should be under 10% and that's the best I or any of us can do without more information.

[Anonymous]

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@Dj4Money wrote:

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@Anonymous wrote:

I'm really just wanting a ballpark to gauge whether I'm getting reasonable rates on my preapprovals or apps. 

Thanks. 

What other things are taken into consideration?

---

 Not that we want to know everything but being coy generally doesn't work and you won't get the answer your looking for. If 675 is your best score, where did you get it from? Are you aware some lenders also have internal scoring?

 Are your previous loans with captives (IE Ford Credit)? 

 If you have blemishes (IE late payments, etc) and your 675 is with Equifax, run don't walk to DCU. Somebody recently tried Lightstream and got not only a good rate but a few perks.

 Otherwise you look like your in good shape overall. As long as your ready to cover TTL (Tax, Title and License) then getting 100% financings shouldn't be a problem.

 APR ranges will depend but given how aggressive captives are, Captial One and DCU; your rate should be under 10% and that's the best I or any of us can do without more information.

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My credit score for FICO 8 average is 640. Fico Auto 8 is lower on average...like 620 avg for me (as low as 600 on equifax).

My wife credit score for fico 8 average is 675. Her Fico Auto 8 is still around 650 avg. 

So I guess Our Fico Auto 8 Averages are more like 620 and 650. 

I don't think DCU is a option for us since my equifax fico8 auto is really low.

I would be happy with a rate under 7% and look to refi in 12-18 months  down the line. 

[Anonymous]

No repo, lates, baddies, or BKR either. Clean good history.

Can anyone give inisght on what they do with 2 credit scores that aren't that similar? i.e. 610 vs 670?

[Dj4Money]

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@Anonymous wrote:

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@Dj4Money wrote:

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@Anonymous wrote:

I'm really just wanting a ballpark to gauge whether I'm getting reasonable rates on my preapprovals or apps. 

Thanks. 

What other things are taken into consideration?

---

 Not that we want to know everything but being coy generally doesn't work and you won't get the answer your looking for. If 675 is your best score, where did you get it from? Are you aware some lenders also have internal scoring?

 Are your previous loans with captives (IE Ford Credit)? 

 If you have blemishes (IE late payments, etc) and your 675 is with Equifax, run don't walk to DCU. Somebody recently tried Lightstream and got not only a good rate but a few perks.

 Otherwise you look like your in good shape overall. As long as your ready to cover TTL (Tax, Title and License) then getting 100% financings shouldn't be a problem.

 APR ranges will depend but given how aggressive captives are, Captial One and DCU; your rate should be under 10% and that's the best I or any of us can do without more information.

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My credit score for FICO 8 average is 640. Fico Auto 8 is lower on average...like 620 avg for me (as low as 600 on equifax).

My wife credit score for fico 8 average is 675. Her Fico Auto 8 is still around 650 avg. 

So I guess Our Fico Auto 8 Averages are more like 620 and 650. 

I don't think DCU is a option for us since my equifax fico8 auto is really low.

I would be happy with a rate under 7% and look to refi in 12-18 months  down the line. 

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 Apply to DCU, Capital One and your local Credit Union. Cap One pulls all three but relies mainly on TU, DCU Equifax and say PenFed pulls Experian.

 Everything looks in order, figure out what car you want and get all the pricing information out there. If you can wait until the end of the month that is ideal, you'll get your best price from dealers hard up for sales to meet targets.

 If haggling isn't your thing, you can use Truecar or become a member of Costco (if one is in your area). Costco Auto Program tends to be very aggressive one-stop shopping (invoice or below).

 Not the absolute best deal but pretty close and there are people that took the Costco offer and saved even more.

[Dj4Money]

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@Anonymous wrote:

No repo, lates, baddies, or BKR either. Clean good history.

Can anyone give inisght on what they do with 2 credit scores that aren't that similar? i.e. 610 vs 670?

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 Same thing not enough info. First Time Buyer? Previous Auto Loans?