... and with about maybe $38k in student loan debt, what are my odds of getting a decent rate on an auto loan? I'm looking to finance a new vehicle that costs roughly $22k.
2007-10-24 17:48:14 · 4 answers · asked by smileyface! 1 in Business & Finance ➔ Credit
573 is a catastrophic score but 680 is a fair-to-good score. Many banks will pull only 1 credit report and will know only one of those scores. Therefore with 680 score you can expect to get 9%+-0.5 interest rate on 60 month new auto loan. Your income and downpayment also will be concidered.
It looks like you have a collection account on one of your reports and that explains this huge difference in your scores. You would be better off removing this collection from your report first.
2007-10-24 19:32:33 · answer #1 · answered by Dr. Shakar 2 · 0⤊ 0⤋
The real question is WHY? WHY on earth would you be looking to buy a new car with those credit scores and $38k in student loan debt? Buy a used car, for $5000 or less. Put the excess money (difference in payments) into savings and against the student loan.
DON'T BUY THAT NEW CAR. YOU CAN'T AFFORD IT.
The real answer is that we don't have enough info. We would need your other debt obligation info and your income to really give you an idea of your interest rate.
2007-10-25 06:00:31 · answer #2 · answered by Rush is a band 7 · 1⤊ 0⤋
It's going to be hard .My suggestion is first try your bank and better yet a credit union. Then go to the car dealership and get your with your loan from the bank .You still may pay above the going rate for your interest rate.
2007-10-24 18:14:34 · answer #3 · answered by youu 3 · 0⤊ 0⤋
Find the best rates for people in your situation at: MYLOANSRATES.NET
2014-05-08 05:52:02 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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2015-01-28 14:01:04 · answer #5 · answered by ? 1 · 0⤊ 0⤋