Descent credit -- new car???

[6spdcoupe 5,000+ posts]

Thats cause your CU doesnt like you. //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[iceteebone 5,000+ posts]

Thats cause your CU doesnt like you. //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

i've tried multiple credit unions. the dealerships here offer around 3-6% iirc

 

[6spdcoupe 5,000+ posts]

Actually I stand corrected. The CU should give you a better rate on a Used car though.

 

[hzsogood 5,000+ posts]

if i were you i'd buy a used car for half the price like jntar mentioned. i don't see myself buying a new car ever. might i ask where you work? $400+ a month plus full coverage insurance on a young driver (assuming your young) has got to be nearly $600 a month

Im a carpenter, i make around 1600/ month + side jobs.... So im not rich by any means ans yes if i get the si i think it will be close to 600 for ins. and payment.. But id rather have a reliable car with a full warranty than have the one i have now and worry bout something happening..

 

[hzsogood 5,000+ posts]

Actually I stand corrected. The CU should give you a better rate on a Used car though.

My CU give s the same rates for used and new.. It sounded weird to me

 

[noob with an RS 10+ year member]

Im a carpenter, i make around 1600/ month + side jobs.... So im not rich by any means ans yes if i get the si i think it will be close to 600 for ins. and payment.. But id rather have a reliable car with a full warranty than have the one i have now and worry bout something happening..

call the carpenter the roof on the coupe's gone, give a **** what he sold.. im the truth holmes!! kitchen fumed up, *****s jammin 2pac! that is all.:

 

[hzsogood 5,000+ posts]

call the carpenter the roof on the coupe's gone, give a **** what he sold.. im the truth holmes!! kitchen fumed up, *****s jammin 2pac! that is all.:

Your talkin pretty gangsta for a dude whos buyin a civic.....//content.invisioncic.com/y282845/emoticons/eyebrow.gif.fe2c18d8720fe8c7eaed347b21ea05a5.gif You sure this is the ride u want homie?? Mabey a nice 88 cadillac?? A 94 berretta??

 

[noob with an RS 10+ year member]

Your talkin pretty gangsta for a dude whos buyin a civic.....//content.invisioncic.com/y282845/emoticons/eyebrow.gif.fe2c18d8720fe8c7eaed347b21ea05a5.gif You sure this is the ride u want homie?? Mabey a nice 88 cadillac?? A 94 berretta??

who said gangstuhz can't drive dem dat durr civics, homie g-dawg ?

 

[IrTehL33T@DBeez 10+ year member]

The dealer was thinking, That i should just wait on running credit for me until at least the end of september/ begining of october due to the fact that i cant even order a 07 si until oct. 1st i believe... That way i can keep paying off good on my car/ cr. cards etc, build a lil more credit and make a few grand more to put down... If the dealer wont or cant find me a rate of less than 8% i dont think i 'll buy.. But i should be in the 640-650 area by then i hope

thats harsh man, good luck trying to get good financing and everything.. i wish i had some good advice but if its one of those credit companies that relies heavily on that credit score thats a pretty tough one. i know you said you screwed up in the past, i dunno details but i see how that can really haunt you for a while. good to hear you've gotten things straightened out in recent years. i got my credit report the other day and i'm at 725, and i'm 21, i thought i was doing pretty good with that score.

 

[6spdcoupe 5,000+ posts]

My CU give s the same rates for used and new.. It sounded weird to me

Yes the CU will, but dealerships tend to be higher on used as opposed to new.

 

[JoeHemi57 10+ year member]

Yes the CU will, but dealerships tend to be higher on used as opposed to new.

Very true because dealers make money on your interest, they will buy your loan at a lower rate than what they sell it to you for.

 

[badstang123 10+ year member]

I'm a sales manager at a dealership so maybe I can help you out a bit. A score of 640 will put you in tier three for most banks. Often times (Not always) running equifax or CBI, as opposed to experian (The score banks go off of), will quickly net a higher score which will qualify you for a tier exception. This would put you in the tier 2 category. Recently credit union rates have been lower than dealer rates. Most CU's on perfect credit are around 5.5% to 7%. Dealerships, on the otherhand (Except for special incentives), are starting closer to 7% or a bit higher on perfect credit. Your rate will obviously be slightly higher since your credit is not perfect. The rate of 11.2%, however, does seem quite high. The dealerships rate on tier 2 should be around 9%. And if they looked into banks like Onyx or WFS they could probably get the interest slightly lower by buying down the rate. This is something we do all the time at my dealership. This is all general, however, it's hard to say without actually looking at your credit. I would imagine that something between 8 and 9% would be reasonable for your credit.

The bottom line is that the dealership wants to sell cars. Explain to them that you will not take the car unless they get you an interest rate you are happy with. All you have to do is stand by that until they get you the rate you want. You'll be amazed at the things they can do if you make them work for it. I can assure you a dealership will not lose a deal over something as petty as interest rate.

 

[hzsogood 5,000+ posts]

well we will see what happenes.. Hopefully it works out good and i start rebuilding my pathetic credit score

 

[badstang123 10+ year member]

well we will see what happenes.. Hopefully it works out good and i start rebuilding my pathetic credit score

640 isn't pathetic. I had a girl who was only 22 come in last week with a score of 440. Then we ran her mom's credit as a co-signer and it was 510 //content.invisioncic.com/y282845/emoticons/hilarious.gif.02a037aad04aa96f19982b298a3d70a8.gif That's pathetic //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

 

[linvillegorge 10+ year member]

Last year when I was only a couple of months out of college, I bought an '01 Tahoe. My credit score was in the 680 range due to lack of credit history. I got an 8.9%APR. If you're a recent college grad with lower credit just due to lack of credit history, they give you the benefit of the doubt. They figure that higher education = higher income potential and easier to find a new job if something happens.