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credit range for car loan

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james



Joined: 06 Mar 2007
james's page
Posts: 1



136 Magic Points

Subject: credit range for car loan
 
Posted on Tue Mar 06, 2007 4:08 am  

Pretty much what im asking is , when you go to get a car loan... what is the range of credit scores that they start to shy away from lending to you?
Emmy

Emmy

Joined: 02 Mar 2007
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Posts: 15
Location: Show-Me


1351 Magic Points

 
Posted on Tue Mar 06, 2007 5:35 am  

Below 500 may be the most difficult.

According to FICO the current rate for auto is:
48 month auto loan
Score Rate
    720- 850 = 7.179%

    690- 719 = 7.983%

    660- 689 = 9.478%

    620- 659 = 11.019%

    590- 619 = 14.443%

    500- 589 = 15.111%
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1901 Magic Points

Subject: car loan
 
Posted on Mon Aug 20, 2007 1:56 am  

Wel...I have a crdit score of 540 ( something close to that). I desperately needed another car and din't have the money for one. To make a long story short, I now have a car loan through Citifinancial. It is a bit higher %, because of my credit, but, it does show on your credit reort you are making payments, etc. I even got some extra money with my loan. You might want to try them, if you have one in your area.
Laura

Laura

Joined: 21 Jun 2007
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Posts: 1327



35803 Magic Points

 
Posted on Mon Aug 20, 2007 4:44 am  

Keep making payments on time, your score will definitely rise. Once you improve your score your financial health will bounce back. It has worked for me, so will it for you.
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Laura.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1901 Magic Points

Subject: car loan
 
Posted on Mon Aug 20, 2007 3:28 pm  

Citifinancial has been great with me! Even if you have bad credit, financing a vehicle and making payments on it, will help your credit score. If you have one in your area, I would call them up.
Laura

Laura

Joined: 21 Jun 2007
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Posts: 1327



35803 Magic Points

 
Posted on Tue Aug 21, 2007 5:59 am  

You mean that even with a bad score a car loan is possible from the citifinancial?
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Laura.
sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1901 Magic Points

Subject: car loan
 
Posted on Tue Aug 21, 2007 5:25 pm  

Citifinancial financed a good, used Jeep Cherokee for me, last October!! My credit score with them, at the time was in the mid 500's. It was a 19% reate because of 'low credit'. However....I've been making payments, on time, since then. My % rate has ALREADY went down a bit!! If u have a Citifinancial, in your area, I would look them up.
Morningstar

Morningstar

Joined: 17 Apr 2007
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Posts: 576



11 Magic Points

 
Posted on Tue Aug 21, 2007 10:00 pm  

The bankrate website can also be of some help.
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sdchargers_63

sdchargers_63

Joined: 13 Aug 2007
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Posts: 1883



1901 Magic Points

Subject: carloan
 
Posted on Wed Aug 29, 2007 1:38 am  

It is easier to get a loan on 'collateral' ( like my vehicle), but, it's still something that will help your score. Simple as this...you don't make your payments, they take the car!! But..I figure, you have to 'start somewhere', right??
23sparky
Guest






Subject: Citifinancial Auto Loan
 
Posted on Fri Nov 23, 2007 8:39 pm  

I had a car loan with Citi at 12% due to my credit and six months later I called them and they approved a lower rate of 10%. My monthly payment went down almost $30 a month without increasing the term of the loan. They told me that they would only do that once over the term of a loan. It may be worth a try!
debtstinker



Joined: 03 Nov 2007
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Posts: 272



-11 Magic Points

 
Posted on Sat Nov 24, 2007 3:12 am  

Hi sparky...I'm glad you posted on this because it bumped this information up. Emmy has some really good information that I never knew and you can't find that so easily on the net. thanks Emmy! I know you haven't posted for a while but I'm thanking you for the information in hopes that you read this. sparky that's good news. your percentage is pretty good. I never thought about getting a loan through a major corporation like that. ours is through toyota but they only deal with auto loans. citi is so versatile. thanks all!
Laura

Laura

Joined: 21 Jun 2007
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Posts: 1327



35803 Magic Points

 
Posted on Sat Nov 24, 2007 10:42 am  

Great information sparky. Thanks a lot for that Smile
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Laura.
Foxy60
Guest






Subject: Sold House
 
Posted on Fri Dec 28, 2007 7:36 pm  

I sold my house to a company called Home Vestors. The way it was sold is that the mortgage is still in my name but I don't pay taxes or the payments. Everything is done thru them and CitiFinancial which the original mortgage is thru. This is hurting me when I try to get credit. I am not paying this mortgage and have sold this house to Home Vestors. Is there any way to get this off my credit report?
Laura

Laura

Joined: 21 Jun 2007
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Posts: 1327



35803 Magic Points

 
Posted on Sat Dec 29, 2007 6:19 am  

If they are paying the bills then why would it hurt your score? Is there any fault on their part? Try to talk with Home vestors.
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Laura.
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



389 Magic Points

 
Posted on Sat Dec 29, 2007 12:58 pm  

Did they pay off the mortgage or did you? Some body has to pay off the mortgage company? You may want to call the mortgage company and see what is up. There is also a mortgage forum above that have some really good people on it that knows alot about mortgage and all that good stuff, you may want to post your question on there, I am sure that someone would be able to help you there. Hope you find the answers that your are seeking, goodluck.
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