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Old 01-27-2009, 06:15 PM   #1
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Auto Loan Question For Those in the "Know"

So, I have seen a lot of auto loan questions flying around lately and to be honest never really gave it a second thought, but with the economy the way it is I figured I would as those in the "know".

So I have a 799 credit score and took out a 15K HELOC last summer. Little to no credit card debt [under 2K per month]. Mortage, and no other bills.

What kind of rate will I be looking at for a 60 month loan?

Thanks in advance.
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1100 = Preliminary Order: 2/26/09 ..............................3800 = Produced: 6/29 VIN: 2G1FC1EV9A9122433
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Old 01-27-2009, 06:41 PM   #2
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Average Loan Rates by Score 60 month loan

Interest Rates as of 12/12/2008

FICOŽ Score Avg Rates

720-850 6.745%

690-719 8.302%

660-689 9.549%

620-659 12.246%

590-619 15.463%

500-589 16.484%

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Old 01-27-2009, 06:42 PM   #3
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once you past 750 its concerned perfect credit, you can get the lowest the company offers
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Old 01-27-2009, 06:53 PM   #4
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What kind of rates for people with credit scores of 900 or higher? I hope I get better rates than that! I have a credit rating of 939. Hope to get financing under 5%.. Damn economy stinks..
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Old 01-27-2009, 06:58 PM   #5
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Quote:
Originally Posted by camaroguy View Post
What kind of rates for people with credit scores of 900 or higher? I hope I get better rates than that! I have a credit rating of 939. Hope to get financing under 5%.. Damn economy stinks..
939? how did ya manage that?
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Old 01-27-2009, 09:21 PM   #6
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Originally Posted by BLACK SUNSHINE View Post
So I have a 799 credit score and took out a 15K HELOC last summer. Little to no credit card debt [under 2K per month]. Mortage, and no other bills.

What kind of rate will I be looking at for a 60 month loan?
Based on how much equity you have built up on your mortgage, You might want to look into getting another HELOC . I've been looking and they have been hoovering around 5% or so. Another bonus of doing it that way is so you can write off all the interest that you paid on it when you do your taxes the following years.
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Old 01-27-2009, 09:32 PM   #7
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939? how did ya manage that?
My credit rating was crap 10 years ago. It was around 580 or something like that. Ended up getting married, paying off credit cards every month, paying off both car loans that we had, buying a house and then paying additional principal on it... All without any late payment in the last 1O years. Also having lots of equtiy built up on the house which helps also. We also had lots and lots of different credit lines that we have had in the past, some still open, others closed without any defaults or late payments.
I need to shut up now, knowing my luck, I'll get laid off of work tomorrow and will have to sell everything.. lol
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Old 01-27-2009, 09:58 PM   #8
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Quote:
Originally Posted by camaroguy View Post
What kind of rates for people with credit scores of 900 or higher? I hope I get better rates than that! I have a credit rating of 939. Hope to get financing under 5%.. Damn economy stinks..
Wow you better let FICO know about your score because I believe the highest is 850 and that is really unheard of. Sure it isn't 839 which is likely?

Now of course unless they changed the high end in the last week.
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Old 01-27-2009, 10:05 PM   #9
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Well, I am sure it is different between the three credit bureaus, but Trans Union gave me 939 and that my rating is 94% better that the U.S. population. My wife checked her rating later that night with a different bureau, I think it was equifax? Her rating was at 917.
So, if fico only goes to 850, I dunno, I suppose I am just special.. lol
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Old 01-27-2009, 10:13 PM   #10
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Well, I am sure it is different between the three credit bureaus, but Trans Union gave me 939 and that my rating is 94% better that the U.S. population. My wife checked her rating later that night with a different bureau, I think it was equifax? Her rating was at 917.
So, if fico only goes to 850, I dunno, I suppose I am just special.. lol
Not sure where you are checking your scores, but 850 is the highest score you can get. I have been pulling peoples credit for over 20 years, and the highest score I've seen is 834.
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Old 01-27-2009, 10:18 PM   #11
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There are many different "scores." I have personally seen 1 score over 900 in 20+ years of doing financing, so yes that is very possible.

It varies by location, but I would think that you could get low 5's for an interest rate, with your score of 799. There is one credit union in our area doing 4% apr until 02/02/2010.
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Old 01-27-2009, 10:29 PM   #12
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Quote:
Originally Posted by camaroguy View Post
Based on how much equity you have built up on your mortgage, You might want to look into getting another HELOC . I've been looking and they have been hoovering around 5% or so. Another bonus of doing it that way is so you can write off all the interest that you paid on it when you do your taxes the following years.
I thought about that too, but tying that to prime,,,,, bit risky for me. Now, if I went with the fixed, different story. Its worth looking into. Thanks.

So, what's the word from GM on financing? What's the scuttle butt on financing options for the Camaro?

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1100 = Preliminary Order: 2/26/09 ..............................3800 = Produced: 6/29 VIN: 2G1FC1EV9A9122433
2000 = Accepted By GM: 5/19/09 ...............................4000 = Available to Ship: 7/1/09
3000 = Accepted By Production Control: ? ..........4200 = Shipped: 7/03/09
3300 = Scheduled For Production:6/6/09.......................5000 = Delivered To Dealer: 7/14/09
3400 = Broadcast:6/16/09............................... 6000 = Delivered To Customer: 7/15/09
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Old 01-27-2009, 10:31 PM   #13
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I dont know what my credit score is, but I have paid each and every bill on time and I always pay off my credit cars and I have no debt.
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Old 01-27-2009, 10:33 PM   #14
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So, what's the word from GM on financing? What's the scuttle butt on financing options for the Camaro?

I don't believe there will be any special apr on the Camaro when it debuts, but only gm/gmac knows for sure. The subvented interest rates are usually used to help sell cars that aren't moving. No worries for the Camaro for now, so probably no incentives.
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Old 01-27-2009, 10:43 PM   #15
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There are many different types of credit scores out there. Not everyone uses FICO.

Got this from wiki.
Quote:
The credit bureaus all have their own credit scores: Equifax's ScorePower, Experian's PLUS score, and TransUnion's credit score, and each also sells the VantageScore credit score. In addition, many large lenders, including the major credit card issuers, have developed their own proprietary scoring models.
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The FICO credit score ranges between 300 and 850. The VantageScore score ranges from 501-990
Camaroguy, Transunion and Equifax both use the VantageScore unless you specifically request the FICO score. A 939 VantageScore would be about a 750-775 FICO.

This is the only place that I would ever trust to get my score. http://www.myfico.com/Default.aspx All the other sites that can give you your score don't get all the information and can use their own scoring system. They do not have to use FICO. That site is 100% completely owned and controlled by Fair Isaac Corporation and by federal mandate all lenders have to report all information directly to Fair Isaac.
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Old 01-27-2009, 10:44 PM   #16
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What's GM's standard financing sitting today?
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1100 = Preliminary Order: 2/26/09 ..............................3800 = Produced: 6/29 VIN: 2G1FC1EV9A9122433
2000 = Accepted By GM: 5/19/09 ...............................4000 = Available to Ship: 7/1/09
3000 = Accepted By Production Control: ? ..........4200 = Shipped: 7/03/09
3300 = Scheduled For Production:6/6/09.......................5000 = Delivered To Dealer: 7/14/09
3400 = Broadcast:6/16/09............................... 6000 = Delivered To Customer: 7/15/09
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Old 01-28-2009, 05:50 AM   #17
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Quote:
Originally Posted by Mr_Draco View Post
There are many different types of credit scores out there. Not everyone uses FICO.

Camaroguy, Transunion and Equifax both use the VantageScore unless you specifically request the FICO score. A 939 VantageScore would be about a 750-775 FICO.

This is the only place that I would ever trust to get my score. http://www.myfico.com/Default.aspx All the other sites that can give you your score don't get all the information and can use their own scoring system. They do not have to use FICO. That site is 100% completely owned and controlled by Fair Isaac Corporation and by federal mandate all lenders have to report all information directly to Fair Isaac.
Mr Draco for the win
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Old 01-28-2009, 10:50 AM   #18
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Quote:
Originally Posted by Mr_Draco View Post
There are many different types of credit scores out there. Not everyone uses FICO.

Got this from wiki.




Camaroguy, Transunion and Equifax both use the VantageScore unless you specifically request the FICO score. A 939 VantageScore would be about a 750-775 FICO.

This is the only place that I would ever trust to get my score. http://www.myfico.com/Default.aspx All the other sites that can give you your score don't get all the information and can use their own scoring system. They do not have to use FICO. That site is 100% completely owned and controlled by Fair Isaac Corporation and by federal mandate all lenders have to report all information directly to Fair Isaac.
Wow...didn't realize there were so many. Thanks Mr. Draco.

Something to remember, possibly, is that a high score in one doesn't necessarily equate to a high score in another since, I would think, they all use different criteria for scoring.
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Old 01-28-2009, 11:26 AM   #19
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Quote:
Originally Posted by camaroguy View Post
Well, I am sure it is different between the three credit bureaus, but Trans Union gave me 939 and that my rating is 94% better that the U.S. population. My wife checked her rating later that night with a different bureau, I think it was equifax? Her rating was at 917.
So, if fico only goes to 850, I dunno, I suppose I am just special.. lol
I don't know.........do you ride a short bus?


Edit: I went to Chase and the VP of the bank advised me their current rate was 7%. I will be looking elsewhere.
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Old 01-28-2009, 02:39 PM   #20
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Our current rates for scores 680+ are 5.75% for 60 months and 5.25% for 48 months. If you have enough funds saved, consider a share secured loan. Credit Unions like the one I run offer these at a rate of 4%. Your money stays put earning interest while you pay your loan back monthly.
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Old 01-28-2009, 03:35 PM   #21
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Quote:
Originally Posted by Mr_Draco View Post
There are many different types of credit scores out there. Not everyone uses FICO.

Got this from wiki.




Camaroguy, Transunion and Equifax both use the VantageScore unless you specifically request the FICO score. A 939 VantageScore would be about a 750-775 FICO.

This is the only place that I would ever trust to get my score. http://www.myfico.com/Default.aspx All the other sites that can give you your score don't get all the information and can use their own scoring system. They do not have to use FICO. That site is 100% completely owned and controlled by Fair Isaac Corporation and by federal mandate all lenders have to report all information directly to Fair Isaac.
Sure hope your right, my FICO sits @ 742. If it could be over 900 and all I have is 742, I'm getting screwed.
I use different cards for all of my bills and pay them off every month. Rewards points.
My only debt is mortgage and wifes car. Drop 1500.00 per month on car.
742 BETTER be at least considered a good FICO score.
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Old 01-28-2009, 03:55 PM   #22
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Originally Posted by irpq11 View Post
Sure hope your right, my FICO sits @ 742. If it could be over 900 and all I have is 742, I'm getting screwed.
I use different cards for all of my bills and pay them off every month. Rewards points.
My only debt is mortgage and wifes car. Drop 1500.00 per month on car.
742 BETTER be at least considered a good FICO score.
FICO score 742 rocks! You have absolutely nothing to worry about....nada!
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Old 01-28-2009, 04:11 PM   #23
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Originally Posted by GOLDDOG View Post
Our current rates for scores 680+ are 5.75% for 60 months and 5.25% for 48 months. If you have enough funds saved, consider a share secured loan. Credit Unions like the one I run offer these at a rate of 4%. Your money stays put earning interest while you pay your loan back monthly.
I have a score of 767. Who can I contact at one of these credit unions to get these 4% loans?
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Old 01-28-2009, 04:15 PM   #24
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Quote:
Originally Posted by BLACK SUNSHINE View Post
So, I have seen a lot of auto loan questions flying around lately and to be honest never really gave it a second thought, but with the economy the way it is I figured I would as those in the "know".

So I have a 799 credit score and took out a 15K HELOC last summer. Little to no credit card debt [under 2K per month]. Mortage, and no other bills.

What kind of rate will I be looking at for a 60 month loan?

Thanks in advance.
Anything over 720 and you will get the lowest rate that is offered. I know when I bought my Lexus 720 and above was considered tier 1 I had a 757 so i was good to go. When i bought my toyota tier 1 i believe was 680 and above. I dont know the exact number i just know it was lower than lexus was. At a 799 credit score and assuming your debt to income ratio is not pushing 70% you will be straight
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Old 01-28-2009, 04:20 PM   #25
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Guys any score 750 and higher is Godly, you guys have ZERO worries on getting the lowest possible rate. The question for you guys will be, what is the lowest rate at the time the Camaro comes out?

Cuz of the economy my score of 700 is considered good if not very good. Years back I thought I would never get past 650 cuz of my poor handling of my credit. I hope the rates for my range won't be 7% or higher, that would crush me. I'm hoping for 6% and would be jumping for anything in the 5% range.
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