I've got a winviel blue GT premium (loaded) and I'm getting it at 24.5k. My credit score is 620. It's not bad, but it's not good either. Don;t have alot of High Limit Credit. I can put 2k down. I have been aproved for 18% interest, which is unacceptable. Does any one have any ideas or suggestion on getting a better % rate wuth my credit>? 10-12% would be ok.

Any help would be aprechiated!

 

18% these days is not real good, but I am sure you know that.

Is that through the dealer?

If it was, did you have a package in your pocket from your bank, for example, when you went in?

I suggest always having an outside option to counter with, in case the dealer gets a little "gougy" feeling on the financing. Dealers can usually make a good package. Because they make so many loans, they have some clout for getting good rates.

One of two things would appear to be happening. Either the dealer is using the rate to step on your neck and make extra cash on the deal, or there is some other facet of your credit history that prevents you from getting a better rate.

I would get a copy of my report and shop around with it. Ask for a rate based on the report copy. They won't commit to that, but it will prevent a lot of inquiries. And it will give you some idea of what credit options you may have. Each inquiry lowers your beacon score. That's why you do your research with that copy; saves you points.

If they all give you a high rate offer, ask why you do not qualify for a better rate.

 

Oh, and good luck to you too. And welcome to the forums!

 

Best of luck to you and welcome. I joined AAA for financing. I did not use it, but the rate was 4.54% for 60 months. You may want to look into it. Alot of others have gotten great rates from credit unions if that is an option.

 

Try Capital One for an auto loan or if you belong to a union see if they have a auto load you can apply for. I'll be financing as well with $6K down and a 3.95% loan from Municipal Credit Union. Don't give up, check out www.CapitalOne.com for sure. On their site they are showing a 3.65% for a New Dealer Car Loan.

Good Luck!

 

Wow, 18%, that's more than double my credit card rates. Just shop around to different banks and see what they can offer. I am going with USAA, they are typically around 4-5% and that includes free gap insurance.

 

You guys have to remember that he has a 600-ish fico. Not an 800 plus like some of us. Telling him what your rates are won't help him., but I agree that the rates he is being offered are too high, even considering his score. IMO

 

do you have parents that could co-sign?

 

My dealer was at 4.89 for 3, 4,5 years which they did through the local banks. Other than that, if your not a member of a credit union I would follow the others advice and maybe join something like aaa.

 

I know a lot of people use Capital One. Everything can be done online.

See if you quality for a credit union. If you work for a large company, I'm sure you'll quality for some type of union.

Just a side note: If you can't get a decent rate and can only manage to put down 2K on a 25K car, buying a car at this time isn't a very good financial decision.

 

Try going to your credit union or bank and get pre-approved through them. I've never had a dealer manage to beat my credit union unless they had a special offer "0% Financing" and even then I'd still go through my credit union and take the cash if it's an alternate option.

Not only do you carry your loan through your local credit union, but they won't screw around with you like sources of financing dealers get. Most are banks or credit unions that aren't local so you have to go through the wall of phone-calls and automated system to take care of anything. I personally prefer to just stop by credit union if there is anything wrong and talk to someone face-to-face.

You'll also find if you've been with a credit union for any length of times they will really work with you to get the best loan possible.

 

Try getting with a credit union if you can.. I have bought cars from somewhere and got crummy financing for a few days/weeks, then got the credit unions loan done and at alot better rate. My credit union will give me a rate at 3.50%, and if I pay bi-weekly, they drop .25%, so 3.25%, any amount up to 60/72 months. not bad, check around.

 

If you have family that could co-sign on a temporary basis, go that route. Once your rating improves, you can drop the cosigner. Also to prove to your co-signer you are commited to paying off the loan, try and make payments higher than required. As far as 18%, i wouldn't pay it. hope we helped....good luck

 

18%? I wouldn't even take the 10-12%. Check around like the others have said, I've gotten mine financed at 3.37 for 48months. There's alternatives out there, because my credit isn't that great.

 

Lucky for me I have a line of credit with an interest rate of 3.75% and I only have to make a $300.00/mth payment. I saved up a bit and will put $20,000 down so I only have to finance about 1/2 the car.

 

40K for what car???

 

40K for what car??? [/b][/quote]
Canadian pricing. Look at my signature. By the time I get my GT with the options I want and tax it is almost $40,000.00 CANADIAN.....

 

If you must pay the high interest rate, I would suggest adding more money to each payment, then the rate won't matter as much because you will be paying down the principal and paying the loan off quicker....but at 18% you should plan on paying at least $150-200 more a month.

Mike

 

Canadian pricing. Look at my signature. By the time I get my GT with the options I want and tax it is almost $40,000.00 CANADIAN..... [/b][/quote]
Ouch

 

Ouch [/b][/quote]
dont sya ouch i mean a mustang prolly costs 400 trillion lira or something lol

ur US dollar is worth more than a canadian dollar