What Credit score is "Approved Credit?"?

Question:
I am looking into buying a new car, and I notice that there are a lot of specials on low APRs with "Approved Credit" Does anyone KNOW what the range is for these special APRs generally are. PLEASE ONLY ANSWER IF YOU KNOW, I would appreciate no guessing. Thank you.

Answers:

Which car should I buy out of these?

Good question. It's different with every lending institution. Creditors assign you a letter grade, based upon your credit score. For example, their rate sheet might be tiered as follows:

If there is not a Expressed Mechanics lien on a car I bought from a friend can I leagally take it then?

A+ - 730+
A - 680-729
B - 640-679
C - 600-639
D - 550-599
E - 549 or less

Lemon law what and how does it work?

Each letter has a corresponding rate, again, this is different for each lender. A good rate right now is around 5.5% APR (Annual Percentage Rate.) Most lenders will attempt say, "Rates starting at" or "Rates as low as." These rates are always their lowest rates reserved for their customers with high credit ratings. (In the case above, it would be for credit scores over 730.)

Quick Toyota question about a sale I just heard just a few minutes ago. I didn't hear what dealership it's at

I hope this helps!

Should I purchase a 07 Mazda Speed3 or a 07 Mitsubishi EclipseGT?

I'm in the mortgage business and have been for the past 4 1/2 years-

Need web sites that sells spare part for cars?

700+ scores are considered excellent
680-660 is good
659-620 is fair
620 and below is considered poor.

How much should I expect to pay for a cheap reliable motorcycle?

That's just the thing; there is no one thing that determines what approved credit is. If you have unlimited income with stellar credit (a score in the 800s), you can get approved for anything. What determines "good credit" for one may be in a gray area for another person. And this is especially true for car dealerships. They work special deals ALL THE TIME if they want someone to buy one of their cars bad enough but can't get approved otherwise.

CREDIT- whats the best way to go about getting a car when having bad credit.?

yes...those credit score that are listed above are all pretty accurate. although i wish i had a bank that offered 5.5%. unless you have a manufacturer offering a 0% 1.9% etc.all the car lending rates are higher than 5.5%.
but the real answer to your question is what score gets you those "special rates". and there isnt really a good answer for that. alot depends on the company offering it. i work for toyota and daimlerchrysler. w/ toyota its pretty simple. if your score is 660 or above (on their bureau) and they are willing to buy the loan you qualify for the special rate. again they have to be willing to buy the loan. negative equity, job times, overall credit history all play a part. ive seen people who just got out of bankruptcy have 660 and 700 scores and cant get financed. scores dont always mean everything.
daimlerchrysler is a different story. "usually" you have to score an a tier in their system. ive seen people w/ credit scores as low as 600 score an A in their system and qualify for the special rates. their system really looks at loan to value (negative equity from a trade) and it also measure out debt to income, job times, income and other variables. ive seen customers w/ 700 scores not qualify for their special rates because of their scoring system.
ive never worked w/ ford credit but my understanding is that they are on a similar system to chryslers.
another thing to keep in mind though is what the rebates are vs. the special interest rates. usually if you are getting 2.9% or less thats hard to beat. but if its over that compare what the normal rate is w/ the rebate vs. the special rate. often you will have same payment or a lower payment taking the normal rate and the rebate especially if they are offering big rebates ($2000 or more). even if your payments are the same or even a couple ($3-5) dollars higher, i suggest going w/ the rebate and regular rate and not going w/ the special rate. the special rate only saves you on interest over the term of the loan. the rebate gives you the savings right then up front, which means you owe less on the vehicle. which also means if you decide to trade or sell your vehicle in 2 to 4 years you will owe less money on it and be in a better position to trade or sell. again...the special rates only save you interest over the term of the loan.

More Questions & Answers ...

Wear can i find a car $500.Oldsmobile,live in Cleveland.Ono,east side?

Car Note for a 16 year old?

What do I do with this car since I owe more than it's worth?

How do I buy my RED Carpet leased car, when the dealership just closed?