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What kind of interest rate for car loan
- Thread starter zod96
- Start date
Kommander_Kink
Banned
What's the threshold between a good rating and a bad one? 700?
rcpratt
Lifer
It's a little more gray than that. But most would consider 700 good.
No one will lend to you. Save up your money and buy a beater and work to improve your credit (go post on creditboards.com your woes). It's a shame because car loan rates are at 2.99% for top tier.
Corporate Thug
Lifer
I got 2.8% for mine. My credit score was over 750 last time I checked.
zod96
Platinum Member
I had alot of credit card debt when I was in my twenties and had to declare bankruptcy. Looks like I will be owning my car I have now for a very very very long time. I just keep seeing and hearing from dealers advertisements "Bad credit no problem" "Bankruptcy no problem" etc etc so I thought I would give it a try, oh well....
rcpratt
Lifer
By "no problem," they mean you'll be paying interest out the ass.
zod96
Platinum Member
This is funny. I just applied at Wells Fargo for an auto loan for 30K for the price of the car. And hit submit. It took about a minute but after that it said I had passed all the requirements and that someone would be in touch with me within 24 hours. Something can't be right here. That seemed very easy. Is Wells Fargo known for being liberal on auto loans??
Bignate603
Lifer
There's more that goes into it than being rich and poor. Someone with great income but terrible credit (especially if they have a recent bankruptcy) could have issues getting a good loan while someone with much less income but great credit could get one easily. The OP's problem isn't that he's poor, it's that he made some poor financial decisions in the past.
Was that before or after the economy went in the crapper? It's much harder now to get good terms on credit if you have any bad stuff on your credit history.
"Passed all the requirements", getting authorized for a loan, and getting a loan on reasonable terms are all quite different. They could still want to charge you >10%.
Last edited:
datalink7
Lifer
Yes, you passed all requirements for a 20% loan.
2007 so before.
Productive members of society who earn wages and are responsible in their borrowing hence have good credit scores benefit from low interest rates while lazy irresponsible piece of shit leeches of society who fuck up their credit have to pay higher rates because they are higher risk...and you turn it into "the rich get away with paying little-to-no financing while the poor get raped."
Kommander_Kink
Banned
The OP should stop dreaming about getting a low-interest loan, he's toast, it's akin to comedian George Lopez trying to find a male modelling agency that will take him to be in the front cover of GQ magazine-- it won't happen.
Since it looks like you'll probably be royally screwed with interested rates, why not save the amount per month that you would be spending on a car payment and then in 3-4 years pay for modest new (or used) car with cash?
from what I read, wells forgo just started their auto lending business and desperate to gain some clients in this area.
you are in the subprime area. all the credit lenders will eager to rip u off for it. your best bet is probably save up to pay for a used car in full.
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