Just an estimate because I don’t want to go to those “not so free” credit report sites
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3 Responses to “What would my estimated credit score be if I got a 9% car loan?”
Auto finance is what I do for a living and rate depends a lot on the term of the loan, the age of the vehicle, miles on the vehicle, the loan to value ratio and the amount financed.
So without knowing all of those things it’s hard to give a real accurate answer but a educated guess based on one of my Federal Credit Unions would be anywhere from 625 to 659.
And remember the scores that auto dealers and lenders see are not the score you see. We look at whats called a “Auto enhanced” version of a credit report and these are not available to the general public.
Is it a new or used car? Used have higher rates than new. Good credit scores get rates from 0% to 4% depending on the dealer. ( Some offer zero from their own financing if they are hurting for sales)
There are free sites to get your report – that does not include the score, but banks do not use those scores. They use FICO or Beacon which you cannot get without being a member or paying. MyFico.com will charge, but it is not much. http://www.annualcreditreport.com has free reports.
March 6th, 2010 at 5:02 am
Auto finance is what I do for a living and rate depends a lot on the term of the loan, the age of the vehicle, miles on the vehicle, the loan to value ratio and the amount financed.
So without knowing all of those things it’s hard to give a real accurate answer but a educated guess based on one of my Federal Credit Unions would be anywhere from 625 to 659.
And remember the scores that auto dealers and lenders see are not the score you see. We look at whats called a “Auto enhanced” version of a credit report and these are not available to the general public.
March 6th, 2010 at 9:46 am
No real way to tell because EVERY bank has different standards. My guess would be however about 620, give or take.
March 6th, 2010 at 12:22 pm
Is it a new or used car? Used have higher rates than new. Good credit scores get rates from 0% to 4% depending on the dealer. ( Some offer zero from their own financing if they are hurting for sales)
There are free sites to get your report – that does not include the score, but banks do not use those scores. They use FICO or Beacon which you cannot get without being a member or paying. MyFico.com will charge, but it is not much.
http://www.annualcreditreport.com has free reports.