Last post on Jan 19, 2010 at 11:35 PM
You are in the Smart Shopper
What is this discussion about?
#1 of 25 New Vehicle Financing: What Rate Can I Get?
by kirstie_h HOST
Oct 16, 2006 (6:19 am)
Share advice on financing rates for new vehicles!
#2 of 25 fico score financing question
Oct 30, 2006 (1:25 pm)
I had a good FICO score of about 720 when I financed my new car 3 years ago. Through my credit union I got a decent interest rate of 6.4.
As luck would have it, I was rear-ended last Friday and found out my car is a total loss. My credit score has plummetted to around 550-600. I'm afraid I'll be turned away when attempting to finance whatever car I end up getting.
Once my insurance pays off my car, will my FICO score go up since my debt-to-earning ration will have improved? If so, how long will that take to show up on my credit report?
#3 of 25 Re: New Vehicle Financing: What Rate Can I Get? [kirstie_h]
Nov 04, 2006 (9:12 pm)
If your credit rating is stellar (like mine) then a lot of the time it pays off to shop around for a great car with a great financing deal on it- the last car I financed was my 2004 Infiniti I35, at 1.9% APR for 36 months, which was far below the rate I would have paid if I had gone to my local bank for financing. (I still have about 1 year and 3 months on my loan)
If you can afford the higher payments, it pays to only have a 24 or 36 month loan as your rates will be lower and you will be less "upside-down" because of the shorter loan term.
If you're a savvy negotiator, I recommend looking for a car with a great financing rate AND some dealer marketing support. When negotiating, you can walk away with a larger discount.
#4 of 25 who has the best rates for used or new cars?
Oct 16, 2007 (6:24 pm)
I am assuming I won't be getting manufacturer financing, who should I try to finance with?
#5 of 25 Re: who has the best rates for used or new cars? [casolorz]
Oct 17, 2007 (8:38 am)
Capital One. They have a very aggressive online financing dept as long as your beacon score is at least 520.
#6 of 25 Re: who has the best rates for used or new cars? [joel0622]
Oct 17, 2007 (9:17 am)
I noticed that from the costo site the capital one rates are better, is that true? we don't have a costo in town though.
#7 of 25 Re: who has the best rates for used or new cars? [casolorz]
Oct 17, 2007 (9:29 am)
You don't need a costo (whatever that is) to finance with them. Just go here cap one and apply. Now if your credit is a little weak which I am assuming it is due to the fact you think you can't get financing at the dealer (the easiest place to get it)don't think you will get the published rate on there site, it will be higher.
#8 of 25 Re: who has the best rates for used or new cars? [joel0622]
Oct 17, 2007 (10:06 am)
We have credit on the mid 600s, but from what I have read honda financing (trying to get an acura) is pretty picky.
#9 of 25 Re: who has the best rates for used or new cars? [joel0622]
Oct 17, 2007 (10:24 am)
You don't need a costo (whatever that is
Costco is the same thing as a Sam's Club.
#10 of 25 Re: who has the best rates for used or new cars? [greanpea68]
Oct 17, 2007 (10:37 am)
Yeah but sams doesn't seem to have rates as good as costo, of course I have a sams card cause there isn't a costo in town.