I am trying to purchase a 05 or 06 GT coupe or convertible

I have a 610 FICO score.....FORD credit says that i am in a TIER 4 credit bracket and want 16% intrest rate-----NUTS

I just leased a 05 escape in june of this year and had a 7.5% intrest rate.....i dont get it

What should i do?

Help guys.....dealer just recieved a 06 GT with 18" wheels Black, Black leather, IUP, Auto, Shaker 1000, he is selling it to me at sticker, its like 31K.....

What should i do?


Thanks

 

Try your local banks and/or credit unions.

You don't have to use Ford Credit.

Ford Credit wouldn't finance me at all, since I had ONE payment left on my previous vehicle... so I got a lower rate someplace else.

 

You may also want to try E-Loan.com.

 

Shop around, you can do better.
Happy Trails!!!

 

First of all, I would get a credit report on yourself to see why your at a 610.
There has got to be something on there that scores you that low. I don't believe that one car loan is going to do it. The biggest killer besides not paying your bills is having a lot of credit cards. Even if the balance is 0 the banks look at that as available credit, therefore making you a higher risk of default.

Try your local credit union. They have good rates and generally easier to get loans.

 

Like ponyboy said, pull your own credit report and check it very carefully. I pulled mine a few months ago and found a couple of errors. My new habit will be to pull it once a year to look for errors.

 

How do you pull your own credit report?

 

Check your local credit union, or Citi Car Loans, and check the other car loans threads already existing on the board.
Go to the Art of Credit froums, or to the CreditNet forums.
Get your free credit report from Annual Credit Report, from the three agencies.

 

Try lendingtree.com, it will show you a number of offers from a number of different banks

 

I pulled mine through Experian. It was very detailed. I had to pay for it, but it was worth it. Are the free reports very detailed? I used the info in the report to get the interest rate lowered on my credit cards.

 

The free report at Annual Credit ReportAnnual Credit Report is the same as the ones you pay for.

 

Actually, Equifax is the credit company most lenders use to pull your report, so if you are going to pay for one, get this one. Transunion and Experian are mostly used by smaller companies. It is a good idea to check your credit every six months for errors. Pulling your credit through a credit agency does not lower your FICO/Beacon score, but any lending company pulling it will. Also, if you are shopping for a car, make sure all of the inquiries are made within the same week, so you only take the hit once. If they are spread out over time, your score will drop significantly. Cancelling credit cards with a zero balance will actually lower your score. If you have to do it, make sure it's only one cancelled account per six months, unless a lender speciaifically asks you to close them in order to obtain approval. Having a 610 FICO is not so bad, I got financed for my 2004 Solara last year at 14% with a 453 FICO. During the year following, I managed to raise my score over 200 points by paying ahead a little, and keeping my two credit card balances to a minimum. If you have access to a credit union, they generally have the best rates. I have been doing a lot of research on credit, since my ex ruined mine, and it has taken me years to build it back up! Hope this helps.

 

Sounds like you need to hold off a little on getting a new car. If you wait a few months to fix your credit, it will save you thousands in the long run.
I use equifax.com to keep tabs on my FICO score.

 

If i have a 610 credit number
and somebody with a 550 score co-signed with me, would that make a difference


My number is low b/c i am over-extended

 

I don't think that would help, but only the lending companies can say for sure.
I again suggest you look ino the links i posted earlier.

 

Why are you trying to buy a $30K car if you're already over-extended? I mean, it's your money and all but it doesn't sound very smart to me.