My husband and I are buying a car jointly, but we don't have great credit because we recently purchased a house and various things that made our credit take some big hits. Is there a particular score that they look for when you buy a car?
2006-06-24 02:32:34 · 7 answers · asked by jessiebellduncan 2 in Cars & Transportation ➔ Buying & Selling
As a former finance manager at a car dealership, I know a bit about this. Put in the most simple way, there are many many lenders out there who specialize in "sub-prime" auto lending. They usually require a score above 500, but there are other lenders that will lend money for a car no matter what your score, if you have enough cash down, and the LTV(loan to value) of the car is in line. But keep in mind that the lower your score, the higher the interest rate. A lot of states also have max interest rates for the different loan terms, i.e. 60 or 72 months. My suggestion is to check with the bank that you use first and see what they are willing to offer. Especially if you have a great banking relationship with them! Good luck
2006-06-24 03:44:26 · answer #1 · answered by wk276 1 · 2⤊ 0⤋
You don't need a particular score to buy a car. The better your score the better terms and interest rate you will get. My wife and I just bought a new Toyota in April. The salesman said a score in the mid 600's was needed for Toyota's best offer. The higher your score, is the easier it is to qualify. Being a homeowner helps a lot. So does stability at a job.
2006-06-24 04:38:52 · answer #2 · answered by Ben around the block 1 · 0⤊ 0⤋
The vehicle promoting marketplace is in this sort of demise spiral your credit score ranking might nearly be a terrible quantity and they might nonetheless promote you anything. Don't fear - determine the 3 unique reporting companies and get a manage on what your rating is. Then cross searching. BE REALISTIC approximately what you'll have the funds for, after which keep underneath that restrict. Don't allow them to promote you a number of junk on the finish, both - that is how plenty of cash will get made on the dealership, and it quite is junk. One tip: I was once plenty boy for a Toyota trader, and we charged ~$four hundred for "Dealer Prep." I used to be the man that did that. I used to be paid $three.25/hr on the time, and it took me twenty mins. Not a foul markup, they usually hit each customer with it. Your exceptional wager regardless that is to repair and preserve riding the vehicle you will have. Your fix bucks will cross plenty farther than new vehicle bucks.
2016-09-01 19:35:17 · answer #3 · answered by mcilwain 4 · 0⤊ 0⤋
There is no particular score one needs to obtain credit. Many factors are involved, such as, selling price, money down and what your credit looks like overall. Get a copy of your credit report, so you are prepared. I'll be more than happy to help if you contact me. I won't try to sell you a car. jpcamaro70@yahoo.com
2006-06-24 02:39:08 · answer #4 · answered by jay 7 · 0⤊ 0⤋
Actually, having a house can really boost your credit. Have you checked out the number? Anything over 650, is good. You'd be surprised what you would get approved for when you own a home.
2006-06-24 02:36:42 · answer #5 · answered by smashley 4 · 0⤊ 0⤋
No, you'll just get a higher interest rate on the loan, which will inflate the payments if you don't put down a sizable downpayment.
2006-06-24 02:36:05 · answer #6 · answered by Stacy R 6 · 0⤊ 0⤋
i dono..sorry
2006-06-24 02:56:33 · answer #7 · answered by kiran_kumar_ca 2 · 0⤊ 1⤋