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Credit Scores and Vehicle Financing

935 messages,  Last post on Jul 28, 2009 at 1:12 PM

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#641 of 935 Re: Credit Scores and Vehicle Financing Forum [joel0622] by delta737h Sep 17, 2007 (12:25 pm)
Replying to: joel0622 (Sep 17, 2007 11:44 am) Thanks for clarifying, Joel. How does the reserve level come into play? For example, a tiered rate structure might look something like this...   0.00150 + 0% reserves   0.00165 + 1% reserves   0.00180 + 2% reserves   etc.   John
#642 of 935 Re: Credit Scores and Vehicle Financing Forum [joel0622] by oldfarmer50 Sep 17, 2007 (2:46 pm)
Replying to: joel0622 (Sep 17, 2007 8:19 am) "...on the 91st day there are no charge backs..."   So if I'm basicly a cash buyer but I need to finance though the dealer to get the rebate I can pay the whole thing off after 91 days without screwing you over,right? Replies to this message: joel0622 (Sep 17, 2007 2:49 pm) oldfarmer50 (Sep 17, 2007 2:56 pm)
#643 of 935 Re: Credit Scores and Vehicle Financing Forum [oldfarmer50] by joel0622 Sep 17, 2007 (2:49 pm)
Replying to: oldfarmer50 (Sep 17, 2007 2:46 pm) Yes, but if I am financing someone who I know is just doing it to get extra rebate I never make reserve on them, it is a waste of time. 99% of the time they pay it off when they get there first payment and I get a charge back. Replies to this message: oldfarmer50 (Sep 17, 2007 2:56 pm)
#644 of 935 Re: Credit Scores and Vehicle Financing Forum [joel0622] by oldfarmer50 Sep 17, 2007 (2:56 pm)
Replying to: joel0622 (Sep 17, 2007 2:49 pm) "...99% of the time they pay it off when they get there first payment and I get a charge back..."   So it would do me no good to promise not to pay it off until you had made your money off the deal--you wouldn't trust me? Shame, I'd like to help the salesman and F&I make a fair profit and get a no games deal in return but it seems previous liars on both sides make that difficult.
#645 of 935 4 year rate by master_ryu Sep 17, 2007 (6:01 pm)
Sorry. Shameless bump. How good of a rate is 5.75 % for 4 years? I know it's not particularly high, but is this a solid rate? Replies to this message: featherz (Sep 17, 2007 6:33 pm) master_ryu (Sep 18, 2007 5:24 am) joel0622 (Sep 21, 2007 1:12 pm) joel0622 (Sep 18, 2007 5:23 am)
#646 of 935 Re: 4 year rate [master_ryu] by featherz Sep 17, 2007 (6:33 pm)
Replying to: master_ryu (Sep 17, 2007 6:01 pm) How much are you putting down?. My credit union did 4.49/60 mos with a decrease to 3.99 if I had a bank account with them. That's with at least a 20% down payment and good credit. Dealer's best rate for me was 6.49. Replies to this message: master_ryu (Sep 18, 2007 5:24 am) joel0622 (Sep 21, 2007 1:12 pm)
#647 of 935 Re: 4 year rate [master_ryu] by joel0622 Sep 18, 2007 (5:23 am)
Replying to: master_ryu (Sep 17, 2007 6:01 pm) Considering that prime is in the 7%'s right now 5.75% is a very good rate. As the previous poster said some credit unions can get lower but limit the amount of money they will advance.   What year model car are you looking at? That has a bearing on it also.
#648 of 935 Re: 4 year rate [featherz] by master_ryu Sep 18, 2007 (5:24 am)
Replying to: featherz (Sep 17, 2007 6:33 pm) This rate is actually from my credit union. (I'm not financing at the dealer). I asked for a $29,000 loan for 4 years and they approved it at 5.75 %. This is the actual advertized rate that they quote on their main homepage. So I guess at least I'm not a premium above it. They did not mention anything about down payment. They just told me to go find the car, fax over the sales & purchase agreement, the insurance binder, and proof of income, and the deal will be good.   Now here's my question: If the car I want goes above $29,000 after tax+license and other things, would it be better for me to ask for a higher loan to cover the whole car and pay the down payment to the credit union, or just fork over the down payment as cash to the dealer and sign a smaller loan amount than $29,000?   Ultimately I will put 20% down one way or another. Replies to this message: joel0622 (Sep 21, 2007 1:12 pm)
#649 of 935 My problem by mlischmann Sep 21, 2007 (10:07 am)
I've been working for just about a year, and well paying job. Went to Honda, and got the numbers I wanted, and went to check my credit(Score 620). So not great credit, but I was up front with them, that I had no debt, but had some late payments in college, man if i could go back! Anyways they came back and told me they couldn't finance me because my lack of credit history, not my score. So now I guess I have to sit around and wait for me to build a credit history. Replies to this message: volvomax (Sep 21, 2007 10:13 am) fezo (Sep 21, 2007 10:32 am)
#650 of 935 Re: My problem [mlischmann] by volvomax Sep 21, 2007 (10:13 am)
Replying to: mlischmann (Sep 21, 2007 10:07 am) Well, you have a couple of choices. 1 get a qualified co-signer. 2 Go to a car company with a more flexible finance arm. A 620 score isn't great,but it isn't terrible either. If you have some downpayment money Ford,Mitsubishi,Hyundai,Kia are possibilities.

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