what are my chances of getting a halfway decent APR on a car loan with a credit score of 640?

Answer 1

If your credit score is made up of the right things? You will get the loan and at a good not great rate. Banks look at the following items while considering weather to loan people money for a car; how much money are they trying to borrow verse how much the vehicle is worth per N.A.D.A., how long are they trying to borrow the money for, how old is the car, how many miles are on it, how long have you been at your job, how long have you been at your residence, what is your total debt and what is your monthly gross income.

Your credit score on the other hand is made up by the following;
1. Payment history 35%
2. Time in bureau 10%
3. New credit 10%
4. Type of credit used 10%
5. Debt to income ratio 30%

Like I said, if your credit file has the proper amounts of the above items in it and the deal is structured right. (See above paragraph), then you will be approved no problem.

Your score is below the national average, but you should still get a decent rate all things being equal.

Answer 2

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Answer 3

The chances are much higher than you think. That's not a bad credit score actually. I would try using a credit union because the APR's are much lower than a bank. Using the on lot financing should be your last resort. The interest rates there are HIGH! Good luck!

Answer 4

Before you try to finance at the dealership, try somewhere like capital one auto finance or Eloans-- both online. They have lower overhead and thus lower rates in generall-- often better than credit unions.

This way you'll atleast know what rate you have before you buy and can figure out what you can afford. They can fed-ex you a blank check with no obligations.

Then if you want, you can try the dealership's financing and see whose rate is better.

Answer 5

I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.

Answer 6

very good --in fact demand it