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What score do I need to get a decent car loan?

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Anonymous
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What score do I need to get a decent car loan?

I am interested in buying a car (not new - 2007).   I talked to a Wachovia rep just now and she stated that with a 670 FICO score I would receive a rate between 10-11%.   That's not good.   Does anyone have any recent experience with this?  What score do I need to try and get a decent rate?  (I would settle for 7-8%)
 
 
Message 1 of 6
5 REPLIES 5
Anonymous
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Re: What score do I need to get a decent car loan?

I HAD A 640 NISSAN GAVE ME A 9% IT DEPENDS ON WHO U GO WITH.
Message 2 of 6
Anonymous
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Re: What score do I need to get a decent car loan?

Maybe it's just Wachovia. According to the how lenders see you thing on my TU report from MyFico, a 660-689 should be able to get a rate of 8.739% and 690-719 should be able to get 7.213%.
Message 3 of 6
Anonymous
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Re: What score do I need to get a decent car loan?

I'd think with a 670 you should get a pretty decent rate anywhere, as long as your CR is clean (no auto lates, repos, etc). 11% does seem high considering bankrate.com is showing rates around 6.8 - 7%. Have you tried a CU? They might be able to offer a better rate than Wachovia. If you're buying new, you might get a better financing thru the dealership - many inhouse lenders (like Toyota Finance, Honda Finance, Nissan Finance) can give better rates than banks & even CUs.
Message 4 of 6
MidnightVoice
Super Contributor

Re: What score do I need to get a decent car loan?

 
gives a table
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 5 of 6
Anonymous
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Re: What score do I need to get a decent car loan?

 
Look at this message for some guidance.  Note: it is particular to one company.
Message 6 of 6
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