What is the minimum credit score needed to obtain auto loan?
by Author on Monday, July 19th, 2010 | 9 Comments
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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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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
Do you also aim to achieve a higher credit score? Are you finding out solutions to get loans with lower interest rates? Get in touch with http://www.improveurcredit.com/ as it offers Credit Report Repair Services to improve the credit score of its valuable clients.
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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