Repair Credit Score

Archive for the ‘Loans’ Category

Question: If I shop around for a home loan, will my Credit Score get lower?

Every time I get a quote from a mortgate lender, my Credit Report shows that the lender accessed my credit history.

Answer: well if you are having inquiries in a very close range then you will be fine because the bureau will score it as 1 inquiry and other lenders will see and know that you are shopping around for a home loan...you'll be fine....

car Loan with bad Credit Score Loan with no credit history

Question: Car Loans - can I get one w/ a 580 Credit Score, what will the interest rate be?

I am not that familiar with the current rates - I know that on my last auto loan that I took out back in 2004 my interest rate was around 9% which I was told was not very good. At that time, my credit was somewhat bruised, but I still was approved for the loan I wanted. Now, I need to get financing for another vehicle and am having a hard time getting financing. My Credit Score is 580, which I know is not good. BUT, I have already been approved through a couple dealerships, one I was not approved for enough and the other they sold the car I wanted before I got approved. Now, I want a car from a different dealership that is smaller and they might not be able to get me financed. So, a friend told me that I should just "shop around" and try and get approved on my own. I know that everytime someone pulls my Credit Report, that lowers my score, but she told me I shouldnt worry about it because they will know that I have been checking around. What interest rate can I expect?

Answer: Auto finance is what I do for a living and auto loans are based on the following factors;

1. Loan to value.
2. Term.
3. Age of vehicle.
4. miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit Score/profile.
10. Total debt to income ratio.

Based on how the above is submitted to the lender your rate could be anywhere from 8.95% to 18.95%.

It all dependes on the level of risk the lender has.

Getting A Low Rate Auto Loan

Question: With A Credit Score of 698 what kind of interest rate should I expect for a used car loan?

I am looking at a 1999, 4x4 truck for a winter vehicle. It's selling for $6000, it has 89,000 miles on it. Would a bank even approve a loan of this sort?

Answer: I am a car dealer ... you might be better off with a personal loan, since rates are very high for older cars ... maybe 14% or so for a used car loan - sub 700 score.

Getting A Car Loan With Bad Credit