whats the lowest credit score ??
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Joined: Jun 2002
Posts: 2,310
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From: NJ
Originally posted by D@ActiveTuning
I have a 650 on the dot. My situation...I have two credit cards, both Amex. I charge stuff on them just to have something to pay off. I pay them off every month..for over a year now. This is the ONLY credit I have...never taken a loan out, nothing.
Now I need about $10,000 on the Z, they will give me the loan, but the interest rate sucks. So I am just getting a co-signee, just for the lower APR. Hopefully it will help my credit record overall.
I could pay off all $10,000 probably within less than a year....would it be better to do that, or keep building credit?
Somebody was also telling me the way they give loans through the dealership is the interest is based on the total amount loaned...not what's due....is that true? If so, I think my dealership was trying to F me over.
I have a 650 on the dot. My situation...I have two credit cards, both Amex. I charge stuff on them just to have something to pay off. I pay them off every month..for over a year now. This is the ONLY credit I have...never taken a loan out, nothing.
Now I need about $10,000 on the Z, they will give me the loan, but the interest rate sucks. So I am just getting a co-signee, just for the lower APR. Hopefully it will help my credit record overall.
I could pay off all $10,000 probably within less than a year....would it be better to do that, or keep building credit?
Somebody was also telling me the way they give loans through the dealership is the interest is based on the total amount loaned...not what's due....is that true? If so, I think my dealership was trying to F me over.
Here's my question: if you buy a car, hold it for two months, then decide to sell it and get a different car, will this appear as a negative on your credit report, assuming no delinquency in payments?
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Joined: Apr 2003
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From: Eastern PA
Originally posted by Daytona
Don't go through the dealership. Their rates are usually quite poor; if you have access to a credit union, go through them. It's very hard for banks and those banks affiliated with a dealership to compete. I'm currently pay 3.85% on my Evo. Dealer couldn't even get below 5%.
Here's my question: if you buy a car, hold it for two months, then decide to sell it and get a different car, will this appear as a negative on your credit report, assuming no delinquency in payments?
Don't go through the dealership. Their rates are usually quite poor; if you have access to a credit union, go through them. It's very hard for banks and those banks affiliated with a dealership to compete. I'm currently pay 3.85% on my Evo. Dealer couldn't even get below 5%.
Here's my question: if you buy a car, hold it for two months, then decide to sell it and get a different car, will this appear as a negative on your credit report, assuming no delinquency in payments?
Nope, that won't be negative at all. You'll actually have a car loan reported as PAID in two months and then have a new loan. (The dealer will pay off your current balance on your trade, which will then report to your credit agencies as a PAID In FULL car loan.)
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Joined: Jan 2004
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From: NC
Thanks for the input ssk0771 and everyone else who has contributed information.
i must say i am not proud of it at all but it was something i had to do. The whole process sucked and was very embarrassing but since then i have also obtained 3 secured credit cards. The only reason i got them was to help me pay for school. I have paid one of them off and i am currently working on the others. I did however loose my car at the time. Not having a car and no way to get a loan on one, i have had to drive some pretty bad cars in the past. Its been a struggle but still better than it was and is getting better ever day.
i must say i am not proud of it at all but it was something i had to do. The whole process sucked and was very embarrassing but since then i have also obtained 3 secured credit cards. The only reason i got them was to help me pay for school. I have paid one of them off and i am currently working on the others. I did however loose my car at the time. Not having a car and no way to get a loan on one, i have had to drive some pretty bad cars in the past. Its been a struggle but still better than it was and is getting better ever day.
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Joined: Feb 2004
Posts: 131
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From: Las Vegas
Im actually a finance manager for a fairly large dealership in las vegas. Im the guy you see who has you sign all the paperwork and gets the loan approved for you.
As far as lowest credit score for a Z. Basicly its more like, highest interest rate for a Z. I can get anyone a car as long as thier income is high enough to afford it, max of 20% payment to income (ie make 5000 a month max 1000 payment). If your score is what you say you can buy whatever you want but your looking at high single digit or low double for interest rates. Thats assuming you have been on the credit bureau for a couple years and have at least a 1000 dollar high.
If anyone on this forum ever has any questions about buying a car (hopefully a Z
) feel free to give me a PM or an email at davidsapper92@hotmail.com and Ill give you my phone number. I can tell you how to go about applying for your loan and make sure you dont get robbed by the dealership.
Most people dont realize that many places today make very little on the price of the car itself, the majority is off whats called "the back end" Off of a car like the Z (40,000+ amount financed in some cases) the dealership could sell you the car for 100$ over cost and still make 4k+ on your financing details (80-100$ a month!)
If anyone has any questions feel free to contact me
As far as lowest credit score for a Z. Basicly its more like, highest interest rate for a Z. I can get anyone a car as long as thier income is high enough to afford it, max of 20% payment to income (ie make 5000 a month max 1000 payment). If your score is what you say you can buy whatever you want but your looking at high single digit or low double for interest rates. Thats assuming you have been on the credit bureau for a couple years and have at least a 1000 dollar high.
If anyone on this forum ever has any questions about buying a car (hopefully a Z
) feel free to give me a PM or an email at davidsapper92@hotmail.com and Ill give you my phone number. I can tell you how to go about applying for your loan and make sure you dont get robbed by the dealership.Most people dont realize that many places today make very little on the price of the car itself, the majority is off whats called "the back end" Off of a car like the Z (40,000+ amount financed in some cases) the dealership could sell you the car for 100$ over cost and still make 4k+ on your financing details (80-100$ a month!)
If anyone has any questions feel free to contact me
I just check my credit yesterday and today.
The funny thing is my Experian Score came in at 683 and Equifax came in at 751 . That is a big difference. Also, just few days ago, my experian came in at 705.
I was at Nissan Dealer today.
The funny thing is my Experian Score came in at 683 and Equifax came in at 751 . That is a big difference. Also, just few days ago, my experian came in at 705.
I was at Nissan Dealer today.
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Joined: Jun 2002
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From: ATL/Auburn U.
Originally posted by auburnjosh
the credit union by my house said the lowest possible interest rate on a used car is 6.76% for the best....that is higher than a dealer
the credit union by my house said the lowest possible interest rate on a used car is 6.76% for the best....that is higher than a dealer
If you are going to buy a car from a dealer I would recomend that you go up in to atlanta to look, I can recomend a few dealers for you if you want, I would not bother with Dyas Nissan (SP?) (I am assuming that you are in auburn) unless they are willing to compete with dealers in atlanta.
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Joined: Feb 2004
Posts: 131
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From: Las Vegas
Again, I do this for a living. The lowest interest rate on a used car right now that is real, is 3.5% through Bank of America. Also, you cannot get the lowest interest rate thru your bank, you have to go thru a dealer (think of it as wholesale and retail). As far as the credit union goes, thats a horrible "BEST" rate, ive seen some credit unions (IBEW for example) go as low as 2.9% on a used car in the past.
Dont worry to much about your credit score, it changes hourly. If you pay off a large credit card (or charge a large purchase) that will change it quite a bit.
Dont worry to much about your credit score, it changes hourly. If you pay off a large credit card (or charge a large purchase) that will change it quite a bit.
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Joined: Jan 2004
Posts: 31
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From: NC
Originally posted by jtree007
If you are going to buy a car from a dealer I would recomend that you go up in to atlanta to look, I can recomend a few dealers for you if you want, I would not bother with Dyas Nissan (SP?) (I am assuming that you are in auburn) unless they are willing to compete with dealers in atlanta.
If you are going to buy a car from a dealer I would recomend that you go up in to atlanta to look, I can recomend a few dealers for you if you want, I would not bother with Dyas Nissan (SP?) (I am assuming that you are in auburn) unless they are willing to compete with dealers in atlanta.
Originally posted by Abomination
Again, I do this for a living. The lowest interest rate on a used car right now that is real, is 3.5% through Bank of America. Also, you cannot get the lowest interest rate thru your bank, you have to go thru a dealer (think of it as wholesale and retail). As far as the credit union goes, thats a horrible "BEST" rate, ive seen some credit unions (IBEW for example) go as low as 2.9% on a used car in the past.
Dont worry to much about your credit score, it changes hourly. If you pay off a large credit card (or charge a large purchase) that will change it quite a bit.
Again, I do this for a living. The lowest interest rate on a used car right now that is real, is 3.5% through Bank of America. Also, you cannot get the lowest interest rate thru your bank, you have to go thru a dealer (think of it as wholesale and retail). As far as the credit union goes, thats a horrible "BEST" rate, ive seen some credit unions (IBEW for example) go as low as 2.9% on a used car in the past.
Dont worry to much about your credit score, it changes hourly. If you pay off a large credit card (or charge a large purchase) that will change it quite a bit.
. I work for Bank of America and my rate is 4.45% as an employee. That sucks. It OK. 4.45 in not BAD also.
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