Question:
Yesterday, I went to Toyota dealership to look at cars. I was inquiring about Yaris (cca 14 K sticker price). They ran my credit report which showed Beacon score of 638. I am a first time buyer, so I probably should be happy they are even willing to give me loan without co-signer. But when I asked about the interest rate, it was about 13 percent! I would end up paying almost 180 percent on that little thing. Anyways, I applied for a loan at my credit union, just waiting for Monday for reply. Is this possibly the best deal I can get? Or can I get a lower APR somewhere else? How about banks? I'm also willing to go to Carmax, do they have any good loans on used cars? The dealer said my score is ok, but since my highest credit limit shows as $2,000 (secured loan from my credit union), that's why lower limit on a car.
Answers:
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638 is great for a first time buyer with no credit history most with late pays on utilitys and stuff are around 400-480 only 1 answer to that question toyota!! the dealer will always go with (well once you start making regular payment on time you can get a better rate BULLS#IT it will never change listen go thru GMAC even though its a toyota dealer it can still be financed thru them the dealer will always try to go thru toyota and there outrages.Your bank definitly wont be cheaper unless you got some big$$$$ there keep lookin or go back and tell them GMAC!!!Credit union is your best bet. A dealer will tell you that they will shop the best deal for you but in reality they will find a good deal and then add a few percent interest on top of it for themselves! Not only do they make the mark up on the car the also get the mark up on the loan and since it is sold to a finance company right away they get their money right away. It is called dealer reserve. I am not an expert but that at that credit score and interest rate it sounds like you are being screwed. Other things dealers do to screw you is find out what you want to spend (never tell) and then show you cars that are just over that amount. Or let you drive off with the car only to call you back to say the financing "fell through" so they can have a better bargaining advantage over you. Or stretch the payments so that they are lower but you wind up paying more in the end (monthly payment is always the focus not the total). Ever wonder why they make you wait around? It is a psychological effect the more time you put into something the more likely you will see it through till the end.
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A 638 credit score is considered "sub-prime" which means you'll have to do a lot of shopping around to find decent rates. A score of about 680-700 or higher is considered "prime", which gets the best rates. Your score is not terrible, it's just not great either.Also be aware that most car insurance companies now use your credit score to set your insurance rates.
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