What is the minimum credit score needed to obtain auto loan?
by Author on Monday, July 19th, 2010 | 9 Comments
I plan to purchase a new car however I wanted to be approved for a bank loan before I go to the car dealership. In our area, Chase Bank is offering rates of 4.4% at the most. What is the minimum credit score needed to be approved. I don't want to go around applying for different loans if I will continue to get turned down which will then lower my credit score.
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A good credit score is 660. Even if you wind up @ 4.4%, you can always pay extra each month to cut down on the interest charged.
Go to a credit union or small bank.
Don’t go to big banks – they are not lending as much unless you have top credit.
A credit union will give you the best interest rate.
Mine is offering 2.99%
Don’t worry about inquiries to your credit score.
All similar inquiries done withing a 6 week window are lumped as one on your reports
(you won’t see this – its just what the score system does).
This is to allow you to "shop around" for a good loan.
Credit cards are different – keep that in mind – not lumped together as one – just installment loans.
An inquiriy only dings your credit by 1 or 2 points.
5 points at MOST if you have really bad credit.
So don’t every worry about inquiries.
Plus they only affect your score for one year – even though they show up for 2 years.
Do NOT tell a dealership how much you were approved for.
You will lose haggling power to negotiate a good selling price.
It is none of his business.
Choose a car – make a low offer on it and haggle, haggle, haggle.
Again – do not tell them how much you can afford !!!!
You can lie and choose a $15,000 car and say you only want to spend $12,000 on this car.
You can walk away – they will call you that night or the next day.
They always do.
Try to buy a car towards the end of the month.
This month the new models are coming out – great time to buy last year’s model at practically nothing.
A credit union will look at your credit reports – not your score.
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I am Veronica Rhodes from Texas, when I needed a loan I posted a question here on yahoo and someone answer my question and direct me to standard loan firm and I got the loan from without any form of credit check no cosigner and the interest rate is just 3%. This is the email standard_loanfirm@live.com
With the way that auto loans have been hard to get in this econonmy. The online places are easy to check and sometimes a nicer experience.
I suggest http://auto.deal4-you.com
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Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.sinfree.net
credit-report-score.10001mb.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
hi
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