i am only going to buy a car for $6000 or less. my score (experian -- today) is 562. steady job for 2 plus years, same with residence (with a good reference from landlord). my credit union won't lend me money; they say i need to open any new line of credit and to be in good standing for 9 mos., and to get my score over 600, then they'll refinance me. budget swears they have the best "program" for those rebuilding credit history (they report monthly to all 3 credit bureaus). i am cetain my payments will be on time as they will be auto-withdrawn from my bank account, and the monthly payment will be under $200. and i have reasonable assurance that my job is secure. 23% sounds like a rip-off, but i can't afford to keep shopping for a better rate costing me points off my fico score. any suggestions? i really need that new line of credit to appease my credit union so that i may soon become eligible for an unsecured credit card with them, as well as a future new car loan, or even a mortgage.
2006-07-23 18:36:12 · 6 answers · asked by songman 1 in Business & Finance ➔ Credit
I think that budget is right . My score which was a bit lower than yours got me a higher pr . I tried alot , I mean ALOT of places . Not to mention my payments are sky high . So if u can get 200.00 dollar payments , Id say go for it . Anyway , if u get in with that cedit union , after about 6 months , they will help u refinance with a lower pr .
2006-07-23 18:43:22 · answer #1 · answered by Criss 1 · 0⤊ 0⤋
23% you might as well bend over now and get used to the a*ss pounding. first off, 38 or so points is not going to make a significant decrease in your rate. maybe 7-8% at most. the only problem you have is will you be okay with this $6000 loan for that rate? right now if you were to get a mortgage, you'd get a better rate than that easily. question is do you really need a car that bad or can you wait?
2006-07-23 18:42:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
try a real dealership. If you have and cannot get a lower rate then take the bad deal and do your best to make the payments on time. They are ripping you off just like all the credit card companies but eventually you can rebuild and get a better rate.
2006-07-23 18:44:46 · answer #3 · answered by dr. ruth 2 · 0⤊ 0⤋
If you have a home, you can refinance with as low as a 500 credit score...
23.9%?????? Even with a 450 credit score, i can qualify you with a mortgage refinance that is less then 12% interest!!!
My name is Jason Fry, i work with Providential Bancorp, a nationwide mortgage lender..
If you have a home, i will be happy to show you a way to refinance to pull out cash to pay for the car in full.. You then will just pay the payment with the new mortgage..
Feel free to call me at 312-264-6448, or email me at jasonf@providential.com..
thanks,
Jason Fry
2006-07-24 04:41:04 · answer #4 · answered by MortgageGuy 3 · 0⤊ 1⤋
Have you tried going through the place your going to get the car from? Sometimes they will finance you through their credit place because it's cheaper interest. 23.9% is a rip off. There are better places out there.
2006-07-23 18:42:11 · answer #5 · answered by I'll Be Your Sweet Escape 2 · 0⤊ 0⤋
I hope you checked your OWN FICO score before shopping.
You still have the ability to shop around.
Sounds like it should be somewhere around 18%, which is still bad, but not as bad as 23%.
2006-07-25 14:39:43 · answer #6 · answered by Big Bear 7 · 0⤊ 0⤋