Auto loan so so credit (Nassau, Florida: sale, credit card, loans)
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I'm trying to help my friend buy a used car. She can't get a loan from her credit union. She would like to buy privately rather than deal with the stealership with all their extra fees. She is in the 15 to 20 k price range .
I believe her score is around 620.
60k income.
Same steady job for 17 years.
Paid back three auto loans in past with no issues.
No bankruptcies.
Any leads for a lender on long island . Seems like all these hole in the wall used car dealers deal with local lenders who write loans for people with mediocre credit. She would like to cut out the middle man so her rate won't be sky high.
The dealer prices have been through the roof on some of these cars. With all there processing and prep fees the car ends up being thousands more than what it's worth .
Her best financing would be factory financing... GMAC, Ford, Hyundai etc. on a NEW car.. not used. Interest rates are higher on used and for shorter terms.
www.edmunds.com lists all the factory financing and rebates offered by manufacturer.
Why can't she get a loan with a 620? That's not a bad score - its average I think. Bad is like under 400 and she makes a good income. Either the person at the credit union was an idiot or she's pulling a fast one on you. Nassau Financial is another LI credit union and they're rates are generally decent.
Why can't she get a loan with a 620? That's not a bad score - its average I think. Bad is like under 400 and she makes a good income. Either the person at the credit union was an idiot or she's pulling a fast one on you. Nassau Financial is another LI credit union and they're rates are generally decent.
Scores range from 300 - 850 ("FICO"). 620 is considered "fair". The average consumer credit score in the U.S. is currently 695.
The lower the score, the higher the interest rate.
Also, we don't know if she has balances on credit cards. Too much debt, and a bank will decline credit, especially for a used car, which is a depreciating asset.
She could try another credit union, but do it quickly so it counts as one inquiry; too many inquiries will further ding/lower her credit.
Scores range from 300 - 850 ("FICO"). 620 is considered "fair". The average consumer credit score in the U.S. is currently 695.
The lower the score, the higher the interest rate.
Also, we don't know if she has balances on credit cards. Too much debt, and a bank will decline credit, especially for a used car, which is a depreciating asset.
She could try another credit union, but do it quickly so it counts as one inquiry; too many inquiries will further ding/lower her credit.
100% true & agree! Both our credit scores are VERY high. But when we owed a lot in credit card debt due to moving costs when we moved back up here from Florida after selling house & traveling...we used cards A LOT while traveling so had a very high balance on 2 cards. They denied us financing for new car. But since we had the $$ from sale of home. We paid off all credit cards. Went back to dealer & they approved once they saw debt was gone.
And we got approved with no money down at 0% financing. But we still paid half up front to keep payments low! Thinking back now that was stupid! As 0% was pretty much free money for 4 years. Oh well!
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