taking the plunge

[Anonymous]

Last time I bought a car I ended up paying 20% interest due to really crappy credit.  I am now wanting to take the plunge and buy a car.  I have worked on my credit for over a year and half.  FICO 8 score is 678.  FICO Auto 2 score is 672.  Not sure what other information you might need.  I am terrified I will end up with another crappy deal.  What kind of interest rate can I expect with the way my credit score is now.  I have a credit union that I am thinking about prequalifying through before I go look.  Thoughts?  Advise?

[sccredit]

Way more that goes into it than just score.  Income?  Down Payment?  Make and Model?  I would definitely get the CU prequal.  

[Anonymous]

Oh shoot.  Ok so make 84000 a year.  I have 4 credit cards. I let one report 50/month.. the rest I pay off before statement cuts.  I have no other bills.  I live with my daughter and have no house payment or anything.  I am leaning towards a 2018 Jeep wrangler with 3000 down.  I have seen some around here for about 28000.  I am sure I am missing something else. But I appreciate the reply

[Anonymous]

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@Anonymous wrote:

... Ok so I make 84000 a year ... I am leaning towards a 2018 Jeep wrangler with 3000 down ... for about 28000 ...

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You'll be fine. 

If your local CU won't write you a check before you go to the dealer there are plenty of others -- Navy, Penfed, DCU, etc -- that will. Do some research, pick one, get your approval, go buy your vehicle. 

[Anonymous]

Thanks James,  After the utter mess I have come out of, I am very skittish.  Appreciate it.

[Anonymous]

Definitely better to go in with your financing already sorted out. Make sure you are clear with them on that point.

Arm yourself with information ahead of time. Most dealers have online inventory & pricing. There are plenty of online calculators for figuring out monthly payment, etc. Go in knowing what you are willing to pay for a vehicle, and what you are willing to have for a monthly payment. But DO NOT tell that to the dealer. The dealer will tell you don't focus on the price, what's important is to get a monthly payment you can afford. This is salesman BS and not true. Yes you need to wind up with a payment you can afford, but you also want to get the most vehicle for the lowest price.

If you tell them you can afford $300/mo you can bet you'll walk out with a $300/mo vehicle. If you don't show your hand, maybe you could get that vehicle for $275/mo. Or get the one in the color you really wanted with the sunroof for the $300/mo.