So I got a 5.9% interest rate for a 60 month loan. My credit score is 755, no delinquences, no problems with my credit at all, but I've never had a loan or car loan before. I'm 21, and I'm putting around $11,500 down.
Anyone who is knowledge (like Kevin) in this sector... is this a fair/good rate or should I try and get it lowered?
I'm okay with my payments, but hey, if I can get it lowered, I'll go for it!!

 

755 and 21 years old???? Thats insane. You are almost perfect with only 3 years of credit history. Usually lack of credit history bings you way down.

 

With that cash and credit score, that rates at least a point high. I delivered a used truck yesterday at 5.29% x 60 with a lower FICO. If it's thru Ford Credit, thats their rate, just use someone else.

 

Yeah, I've been culivating my credit report since I was 18... I make good payments, ALL in full and ALWAYS on time, sometimes early.

 

I had a 720 when I was 20, my job had me flying all over the place and using my credit cards with expense accounts. So I had alot of high charges, but immediately paid them off.

OBleedingMe, I want to say you can do better, but I don't know where you're financing. Bank, credit union or dealer? I personally go through my credit union every time, and we've been in the 4-5% range every time ... I generally find CUs get you better rates. My Sebring was financed at 4.8% for 48 months.

 

i'm 21 and have a 710 score at the moment (no bad history etc, but no big loans or anything before)... i'm putting $10,000 down on mine, and hoping to get max 7% on 72 mos for the rest... so yours sounds like it could be a little bit lower. I would try for 5%

falchulk: it's pretty easy if you take out a bunch of revolving accounts when you turn 18 and pay well on them. I have a total of 6 retail cards, and that brought up my credit quickly.

 

Go to lendingtree.com and apply. They'll have rates back to you in a matter of 15-30 minutes and they're fairly comptetitive. You should be able to hit below 4.5, and maybe 4.

Jason

 

I'm 22 and have the 5.9% from ford also, I think that's just thier going rate on the 05's right now. However, I went straight from the dealer to State Farm to sign some insurance papers and they offered me 5.2%. Once I decide to stop being lazy, I'll refinance.

 

Just make sure your dealer will accept a site draft. They are a pain for the dealer and quite afew won't accept them. If lendingtree or e-loan or whoever will cut a check you're fine, but site drafts may not be acceptible.

 

The company I selected sent me a check. Good luck.

Jason

Isn't it great to have knowldgeable salespeople on this board? We'd be so screwed without them.

 

I'm 19 with a 740 credit rating. Perfect history. I got 4.2% for 72mos with nothing down. Go somewhere else...you will get a better rate. If possible, find a credit union (thats what I did).

 

Try the credit unions around your area. I have an 800 + FICO, and they quoted me 4.18% X 48/60/72 month last week, no money down either.

 

My credit score is above 730 and I got a 4.39% interest rate for 60 months from USAA. It also includes free "GAP" insurance. Wells Fargo was offering 4.39% for 60 months also, without "GAP" insurance.

You should be able to do better than the rate you were offered.

 

wow i feel like a child cuz i am.........im putting only 5grand down

 

charlie, thats the best you can get from FoMoCo Credit. I'm 24, with a low-mid 600, and 12k down financed for 60 months and I qualified at "tier 1" (lower is better), 5.9%. My friend/salesman with the dealer said that's the lowest they are going on the 05.

I coulda shopped around, but heck, I was just glad to qual without a cosigner!

 

My interst rate is "0".....but I'm paying cash. It is kind of dependent on what they give for my GF's truck though (want to unload that).

 

How does one find out their FICO score?

 

You can get your credit report from any of the three bureaus (Experian, Trans Union and Equifax) and it will tell you your score. You may have to pay around $8 for the report though, but it worth it considering you get to check out your credit report for errors and to see your score.

 

Actually paying a credit card before the due date does not improve your score, in fact, it does not show up on your credit report unless you are more than 30 days delinquent.

 

Man 72 months is a lot of time to finance a car. Really, it is not the smartest thing to take a 6 year car loan out, but if you have to have it, you gotta have it.