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Smart Shopper Credit Scores and Vehicle Financing
935 messages, Last post on Jul 28, 2009 at 1:12 PM
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Replying to: featherz (Sep 17, 2007 6:33 pm) 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.
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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.
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Replying to: mlischmann (Sep 21, 2007 10:07 am) 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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Replying to: mlischmann (Sep 21, 2007 10:07 am) As volvomax said, your credit isn't terrible. It's OK. Some bank would take a chance on being the one to help build up your credit history. Worst case scenario is a cosigner. My mom did that for my first car. Didn't really appreciate what a nice thing that was for years. Meanwhile, get a credit card, buy a few things that you were going to buy anyway on it each month and pay it off in full every month on time. Anything that shows that you can handle credit and not go nuts will build a good history. If you are the type who thinks plastic money isn't real money ignore the above paragraph. |
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Replying to: master_ryu (Sep 18, 2007 5:24 am) |
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My credit score is 790. As part of the report they tell you "the key factors that affected your credit score are" One thing mentioned was: "The amount owed on your charge accounts is too high" I have one credit card with a limit of about 17K. My balance last month was $620 which I paid in full. How could that amount be "too high"? 
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Replying to: oldfarmer50 (Dec 17, 2007 4:27 pm) don't know as you NEED a higher score, but if it bothers you, you have to call up and get that straightened out. (good luck, it can be frustrating). I have a perfect clean record and my score isn't all that much higher than yours---I showed that number to a dealer last year and he said: "Shoot, I can sell you the whole damn showroom with that score". |
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Replying to: oldfarmer50 (Dec 17, 2007 4:27 pm) My history is perfect. Not 1 black mark. I don't have much in credit cards. Our household income is pretty high, I think. My score is around 760. My sister, OTOH, went through a bad spot not too long ago. Defaulted on credit cards, sent to collections, etc, etc. She cleaned it up and has been doing well for a few years now. She has worked her score up to over 740. Now, I'm not saying I want hers to be lower, but just how the heck does she get so close to mine is beyond me. And that is not even as bad as her husband. He went through a BK in '00 before they got married. Granted, that was 7 years ago, but, again, how the heck does he now have a 740 and my 16 years of a perfect record only warrant 20 more points? |
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Replying to: oldfarmer50 (Dec 17, 2007 4:27 pm) |
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