Question:
I know it’s in the middle as far as my credit score goes, I just don’t want a bogus rate offered to me.
Answers:
There is no law against shopping around, and you should feel free to use one offer against another. Your credit score gets dinged (five points taken off, for example) when someone checks it, but will not be dinged multiple times for similar inquiries in a short span of time (figure a few weeks to a month) - so take your time to shop around.
Unfortunately, I don't know what type of loan you are looking for, so I can't tell you what interest rate you should be looking for.
Good luck!
In regards to financing a.?
1st of all none of us get to command an interest rate...and your interest rate is not soley based on your credit score...
With your FICO score you're within the good to excellent range so you should be able to get a fairly good rate where ever you go. But your score doesnt show your financing history, so if you do not have enough built up credit, your rate can be increased. Also, depending on where you're trying to get a loan or credit card, they may take other factors into account.
On average you should be getting a rate that's about 1 or 2 point higher than the listed rate.
My recommendation is to shop around for rates then apply for a loan at the top 2 or 3 places with the best rates, but dont go over that number, since each place will run your credit report, which will reduce your FICO score.
Auto finance is what I do for a living and it's impossible to tell.
Auto loans are based on the following factors;
1. LTV (loan to value).
2. Term requested.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
Based on how the above numbers are submitted to the banks your rate could be anywhere from 8.5% to 18.5%.
The thing that upsets me is people who thing that score is everything. It's simply not true.
I look at credit every day and see people every month with 700 scores that can not buy a car because their score is made up of 1-credit card with a $500.00 limit paid 15-times and a couple of student loans.
While this makes for a great score it doe's not show the ability or the willingness to actually pay anybody.
The only way to know for sure is to go to your dealer and talk to the Finance Manager. They are the only ones who can discuss interest rates legally.
Scion is really straightforward on score vs. rate, in fact they even have public copies of it laying around in the dealerships. Just a thought. Maybe you can find them online.
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