cdynaco

Its not just the score, its your debt to income ratio. I have absolutely perfect credit and lots of history. But my fixed income isn't so pretty for their simpleton computer ratio's. So what has helped me is local lenders (CU's mostly) that will take the time face to face to look at my asset statements - which a simple FICO score doesn't take into account. Its my reserves and liquidity that gets me loans - which BA, Chase, Cap1 don't take the time to look at and don't care. And I am extra happy the profit from my loan is with a local lender instead of sent back east - that comes back to me in other ways in my small community.
That being said, I am amazed at the number of loans (and great rates) I've gotten since 2.08 when my Bullitt arrived. I'm not seeing this 'credit crunch'. And especially with the number of loans I'm reading about on these threads. Loans are available.

cdynaco

Holy crapoly!!!! My CU just dropped rates from 5.24 - 3.24% for 84mos - and a 100% loan!!!

I called and naturally they didn't want to change an existing loan. But I said (nicely) "the ink didn't even dry between Thurs afternoon and Fri morning when the new rates became effective". Still didn't want to budge. Said it was new loans only. I said "I'd understand if my loan was 6 mos or a year old, but less than 24 hours"? Still wouldn't budge. So I said "you mean I could bring my title in on my 08 Mustang and you'd give me the 3.24 rate and then I'd pay off the new 2010 car loan (brand X winter vehicle)... I can do that but you won't rewrite the new 2010 loan that is less than 24 hours old???" She was still crawfishin'... so I asked to speak to the President.

President checked my account, looked at the numbers, considered my points, and agreed they need to treat me right and drop the rate! ALWAYS go to the top - Owner, Pres, CEO......

At 3.24% I WON'T be accelerating that one! I'll bleed the bank dry at that rate! LOLOLOL

csledd

When I purchased my 2003 my dealer worked with me all day to find the right rates and monthly payment. They did bend over backwards to help me buy the car, why wouldn't they.

Karpro

So let me see if I understand your thinking. If the best rate you can on your own is 4.5% for example and I get you a rate of 3.9% with the same terms and fees but I made money on it how did I do you a dis-service. I saved you money, it shouldn't matter if I made money for it or not.

Lancel

Don't feel too bad. Unless Ford Credit can do something I'll be saddled with a 60-month 7.5% loan. I don't know my credit score, and after my experience trying to get one I'm pretty sure I don't want to know. I blame student loans.

corvettedreamin

I see his point though, Paul, in that the dealer isn't simply passing on the "best rate" but instead just beating a rate. That's not entirely "in the customer's best interests" which would lead a customer to ask what else the dealer is doing that's not in the customer's best interests? But in the end the dealer is in it to make money and if they present a better deal and the customer doesn't like it, they can always say, "no thanks, I'll take the 4.5% elsewhere..."

To that end, I had a dealer try to finance a car for me at 8.9% in 2006. I laughed out loud, nearly uncontrollably. I asked him to pull up Capital One and try again. Their rates were around 5-6%. I said, let's start there and beat THAT. They did by 1/2% and I was fine with it. I paid the note off 6 months later and never had an issue with the bank (Fifth Third) or the dealer. Dealers aren't going to offer you their best deal for YOU the customer. They're going to offer you a DEAL and if you accept it, then it must be "good enough." Profits through financing "kickbacks" is just one more way dealers make money. $25 t-shirts is another. You don't have to buy them.