Auto Loans - what is a "well qualified buyer"

[MidnightVoice]

Auto companies keep advertising low rates for qualified borrowers, and the question keeps srising, what does that mean?  As an example I am posting the Toyota Scion definitions below.  Other companies may vary, they may use Auto-enhanced FICO, but I think this is a very good rough guide

Finance Rates           24-60 mo/ 66 mo/  72  mo/ 84 mo  

Zone 1+ Fico 720+         5.20%  / 5.50% / 6.00% /  6.75%  

Zone 1   Fico 719-690    5.50%  / 5.75% / 6.25% /  7.00%  

Zone 2   Fico 689-670    6.15%  / 6.55% / 7.05% /   N/A  

Zone 3   Fico 669-650    7.95%  / 8.50% / 9.10% /   N/A  

Zone 4   Fico 649-630   10.35% /11.10% /11.85% /  N/A  

Zone 5   Fica 629-610   11.75% /12.50% /13.25% /  N/A

Zone 6   Fica 609-580   14.75% /15.75% /16.75% /  N/A

Zone 7   Fica 579-520   16.75% /17.75% /18.75% /  N/A

Note - I think the change from Fico to Fica is probably deliberate

http://www.crscion.com/Finance-Rates.aspx

[sunrise]

MV.....is this with clean credit reports?  Or, just score driven?  By this I mean, no bk's or collections?

Do they pull from a certain CRA?

TIA!!!

**I lived in Cedar Rapids, IA for 11 years**

Message Edited by sunrise on 03-11-2008 06:21 AM

[MidnightVoice]

---

sunrise wrote:

MV.....is this with clean credit reports?  Or, just score driven?  By this I mean, no bk's or collections?

Do they pull from a certain CRA?

---

I just posted this a guide.  But for Toyata, it is pretty much score driven.  Both my local dealer and Toyota financial pulled EQ

But again - it was meant as a guide to the effect of score on rates - from a real world source!

[Anonymous]

---

MidnightVoice wrote:

Auto companies keep advertising low rates for qualified borrowers, and the question keeps srising, what does that mean?  As an example I am posting the Toyota Scion definitions below.  Other companies may vary, they may use Auto-enhanced FICO, but I think this is a very good rough guide

Finance Rates           24-60 mo/ 66 mo/  72  mo/ 84 mo  

Zone 1+ Fico 720+         5.20%  / 5.50% / 6.00% /  6.75%  

Zone 1   Fico 719-690    5.50%  / 5.75% / 6.25% /  7.00%  

Zone 2   Fico 689-670    6.15%  / 6.55% / 7.05% /   N/A  

Zone 3   Fico 669-650    7.95%  / 8.50% / 9.10% /   N/A  

Zone 4   Fico 649-630   10.35% /11.10% /11.85% /  N/A  

Zone 5   Fica 629-610   11.75% /12.50% /13.25% /  N/A

Zone 6   Fica 609-580   14.75% /15.75% /16.75% /  N/A

Zone 7   Fica 579-520   16.75% /17.75% /18.75% /  N/A

Note - I think the change from Fico to Fica is probably deliberate

http://www.crscion.com/Finance-Rates.aspx

---

Wow this is the first I'v seen a dealership post something like this.  Boy you must need to have a 800 to get 0%

[MidnightVoice]

steelfan wrote:

Wow this is the first I'v seen a dealership post something like this.  Boy you must need to have a 800 to get 0%

That is for the Scion only.  At the momwent a lot of Toyotas offer 0% financing for 2-3 years for FICOs aver 720-730

[Bethm1026]

I just bought a Toyota Camry on Saturday.

I'm with Toyota Financial 72 months @ 10.6 %

Payments are $398.64

I am estatic!! My last auto loan was 22%

My scores are posted as well.

I plan to refi in 6-8 months with my NEW credit union!!

Thanks to my GREAT friends on here! : )   

[MidnightVoice]

I love toyta.  Our family has had 6!