Waht is a Good APR for buying a new car?

[Ryan]

Hell, even I got 4.5% on my used car!

 

[Ausm]

Originally posted by: rbloedow
Hell, even I got 4.5% on my used car!

That is an excellent rate on a used vehicle...


Ausm

 

[KevinH]

Originally posted by: Oakenfold

Originally posted by: RossMAN
It all depends on her CREDIT, has she has credit long (over 2 years), does she have any late payments, what's her credit score, etc.?

Have her apply at her local bank or a credit union they MIGHT be able to get it down to 8.5%.

Spoken from the man in the know.
Sounds like your friend has NO credit or has weak unestablished or what we call a thin file, generally less than 4-5 trades open for less than 4 years.

Where I work we do not take the co-signor's credit into account when calculating the interest rate that the primary is approved for.
However for a primary plus joint application we take the better beacon score into account for interest rate calculations.
Your friend's mom is not receiving a benefit from the loan I'm guessing so IMO she doesn't qualify as a joint applicant, probably why she's a co-signor.

Would it be possible for your friend to call and have the application looked at with her being a joint and would that make a difference in the interest rate?(the reason why I ask is all instituitions have different policies on credit analysis)
That's what I would ask them, otherwise your friend is doing pretty good for no credit and 10%

Or you could always apply with another instituition!
Remember they all are different so someone else may have a different way to determine the interest rate.

Oakenfeld,

Can you clear up what you meant by "primary plus joint application?" I may be in the market in the near future but have horrible credit. However, everyone else in my family has stelllar credit and would help me out.

 

[Mallow]

I thought 0-1 was good these days.

 

[Lore]

I went into the BMW dealership and they were offering me 3.9% APR on a 60 month. However, that was just their "special" -- they hadn't pulled my credit or anything like that yet.

 

[Epoman]

As I mentioned in a previous post I just bought a New Camry V6 XLE and got 60 months at 3.99 % However I do score 789 on one of my credit files.

 

[Oakenfold]

Originally posted by: KevinH

Originally posted by: Oakenfold

Originally posted by: RossMAN
It all depends on her CREDIT, has she has credit long (over 2 years), does she have any late payments, what's her credit score, etc.?

Have her apply at her local bank or a credit union they MIGHT be able to get it down to 8.5%.

Spoken from the man in the know.
Sounds like your friend has NO credit or has weak unestablished or what we call a thin file, generally less than 4-5 trades open for less than 4 years.

Where I work we do not take the co-signor's credit into account when calculating the interest rate that the primary is approved for.
However for a primary plus joint application we take the better beacon score into account for interest rate calculations.
Your friend's mom is not receiving a benefit from the loan I'm guessing so IMO she doesn't qualify as a joint applicant, probably why she's a co-signor.

Would it be possible for your friend to call and have the application looked at with her being a joint and would that make a difference in the interest rate?(the reason why I ask is all instituitions have different policies on credit analysis)
That's what I would ask them, otherwise your friend is doing pretty good for no credit and 10%

Or you could always apply with another instituition!
Remember they all are different so someone else may have a different way to determine the interest rate.

Oakenfeld,

Can you clear up what you meant by "primary plus joint application?" I may be in the market in the near future but have horrible credit. However, everyone else in my family has stelllar credit and would help me out.

KevinH

Sure bud,
What I mean by that is for example I am married, if I apply with my wife where I work she or I could be the primary and one of us would be the joint applicant, it wouldn't matter who since we take the better of the 2 beacon scores where I work for deriving the interest rate. (also she can be a joint because she receives benefit from the car as well-at least where I work that's how we determine a joint VS co-signor)
I'm not sure if that's what you meant, give me a PM if it still doesn't make sense.