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Old 01-11-2010, 05:49 PM   #1
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Credit score question?

Dealer pulled my credit score three times today how much will this lower my score? also with a score in the low 600's with a good amount down financing around 33,000 will it be possible to get financed? thanks for all advice.
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Old 01-11-2010, 05:52 PM   #2
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You should still get financed but you will probably have a higher intrest rate
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Old 01-11-2010, 05:55 PM   #3
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Dealer pulled my credit score three times today how much will this lower my score? also with a score in the low 600's with a good amount down financing around 33,000 will it be possible to get financed? thanks for all advice.
an inquiry will lower your score about 7 points. however, when the bureaus see multiple inquiries within a week (<-- i think) and they are car inquiries, they should only count it as one inquiry. i think the reasoning is that they understand you are car shopping and they cut you a break during that time.
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Old 01-11-2010, 05:55 PM   #4
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it also helps to have a "big" down payment
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Old 01-11-2010, 05:58 PM   #5
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it also helps to have a "big" down payment


A score in the 600's will require a pretty substantial down payment IMHO
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Old 01-11-2010, 06:00 PM   #6
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Those 3 times might cost you 4pts... now if you've had others it could be as much as 7 or 8 max
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Old 01-11-2010, 06:02 PM   #7
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When I had multiple dealers pulling mine, I was told that there is a couple weeks grace period and that it wont go down so long as you purchase during this period after it was pulled. Again, what I was told, could have just been the dealer blowing smoke.
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Old 01-11-2010, 06:02 PM   #8
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the inquiries will definitely hurt your score a little up front, but you will gain so much more credit in the long run if you pay your monthly statement on time.
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Old 01-11-2010, 06:30 PM   #9
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i had a 720ish and it took a 10k down payment for them to approve. then again i have very limited history so that was the biggest issue.
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Old 01-11-2010, 06:31 PM   #10
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but the bottom line is, with a score in the 600's, you are going to need a big down payment to offset the depreciated value of the car once you drive off and the car is then considered USED.

For instance, if the car you are buying is $38k, and you put down $10k, the residual is $28k, you will likely get financed because the car will still have a value of at least $28k after drive off. You might still get financed with lower down payment depending on your job history but your APR will very likely be quite high so the finance co can make up the difference in the shortest period of time in case you get in financial trouble.
I would imagine your APR would be high based on your score alone.

Good luck.
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Old 01-11-2010, 06:34 PM   #11
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I'm mid 700 and put down 1000 first to get things going the the trade in of my other vehicle so 4k max. Got the best rate of any of the banks/credit unions so...also I'm 49 with yrs of good credit.
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Old 01-11-2010, 06:55 PM   #12
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My score was 650 and got the car 100% financed for $40K. I bought another car 3 months later with the same score putting down $18k and financing $17K.
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Old 01-11-2010, 08:13 PM   #13
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My score was 650 and got the car 100% financed for $40K. I bought another car 3 months later with the same score putting down $18k and financing $17K.
What were your rates though. If they were low, you are definitely the exception to the rule.
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Old 01-11-2010, 08:36 PM   #14
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What were your rates though. If they were low, you are definitely the exception to the rule.
5.9 and 6.9
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Old 01-12-2010, 04:16 PM   #15
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My score was 650 and got the car 100% financed for $40K. I bought another car 3 months later with the same score putting down $18k and financing $17K.
that's nice but you probably have a nice income, job history, and not 18 years old. Or maybe you got a co-signer At this present time, it is hard to believe a lender would fiance $40k for someone with 650 score unless the lender feels confident the borrower will not have trouble making payments (good paying job, collateral, co-signer, etc) I have over 900 score, no issues for me.
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Old 01-14-2010, 01:43 AM   #16
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that's nice but you probably have a nice income, job history, and not 18 years old. Or maybe you got a co-signer At this present time, it is hard to believe a lender would fiance $40k for someone with 650 score unless the lender feels confident the borrower will not have trouble making payments (good paying job, collateral, co-signer, etc) I have over 900 score, no issues for me.

make sure youre referring to the same credit score type ;-)

fico max is 850
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Old 01-14-2010, 09:45 AM   #17
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there is alittle more to it than just a FICO score.

Debt to Income ratio is a huge part of it.

FICO doesn't calculate this, because they don't know your income when they assign you a score.
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Old 01-14-2010, 11:11 PM   #18
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ok so i have this issue....

ordered my car and gave a $500 dollar deposit. finally came, almost exploded with joy when i saw it. everything was cool until im trying to finance the car. they said its really hard becaue i've never borrowed such a big loan before ($40K) and my fico is just below 600. i got a down payment covered, which is not much but better than something. i got a steady job at the bank and i make $30k a year (just got a raise and about to be promoted to supervisor... =D). any thoughts on whether i'll get financed, even at a high (kick-in-the-nut) rate? ....or will i'll be forced to see someone make off with 'victoria' (yes, i named my camaro victoria) ??? ='(
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Old 01-15-2010, 01:19 AM   #19
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ok so i have this issue....

ordered my car and gave a $500 dollar deposit. finally came, almost exploded with joy when i saw it. everything was cool until im trying to finance the car. they said its really hard because I've never borrowed such a big loan before ($40K) and my fico is just below 600. i got a down payment covered, which is not much but better than something. i got a steady job at the bank and i make $30k a year (just got a raise and about to be promoted to supervisor... =D). any thoughts on whether i'll get financed, even at a high (kick-in-the-nut) rate? ....or will i'll be forced to see someone make off with 'victoria' (yes, i named my camaro victoria) ??? ='(
a score below 600- and you make 30K a year, and you are trying to finance 40K.. Good luck..

How much down will you have?-- If you put 20% down, maybe.. GMAC might be your best bet, they are hurting, and seem pretty flexible to who they loan to. Expect a rate of 10%+ Maybe upwards of 15%- which would make it such a rip off it wouldn't be worth it.


Not to rain on your parade, but a score below 600 is bad, and it didn't get that way with just lack of credit, it got that way with late payments, or accounts in default. This scares banks away from wanting to loan to you. To them it is pretty much a forecast of what is to come. Sure the weather man can be wrong, but we all still plan our wadrobe based off what the weather guy says.

Bottom line-- It is going to be tough. Co-signer might be your best bet.

Good luck!
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Old 01-15-2010, 01:36 AM   #20
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a score below 600- and you make 30K a year, and you are trying to finance 40K.. Good luck..

How much down will you have?-- If you put 20% down, maybe.. GMAC might be your best bet, they are hurting, and seem pretty flexible to who they loan to. Expect a rate of 10%+ Maybe upwards of 15%- which would make it such a rip off it wouldn't be worth it.


Not to rain on your parade, but a score below 600 is bad, and it didn't get that way with just lack of credit, it got that way with late payments, or accounts in default. This scares banks away from wanting to loan to you. To them it is pretty much a forecast of what is to come. Sure the weather man can be wrong, but we all still plan our wadrobe based off what the weather guy says.

Bottom line-- It is going to be tough. Co-signer might be your best bet.

Good luck!
My father just bought a new 2010 Silverado last week and financed it. GMAC wasn't even an option for financing according to the dealer and their leases were stupid expensive.
Credit score around 800, 48 years old, self employed, 75K a year, he financed personally 32K for 72 months and got 4.9% with Wacovia. Also, 2010 truck, he got 5K off sticker and a free "Obama" tool box, bed liner and bed cap rails setup just for buying a Chevy and being a business.

It's a good time to buy Chevy if you have the credit, but I doubt it will be so easy with a worse credit score.
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Old 01-15-2010, 05:39 AM   #21
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5 Camaro's sitting at my dealership that people ordered but no one had a FICO over 700 so no car. Of coarse unemployement in my area is almost 20% so that may have something to do with it also.

I had 820 when I got my car with only 2K down on 37,000.00 total. Got 5.5 interest rate.
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Old 01-15-2010, 10:05 AM   #22
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My father just bought a new 2010 Silverado last week and financed it. GMAC wasn't even an option for financing according to the dealer and their leases were stupid expensive.
Credit score around 800, 48 years old, self employed, 75K a year, he financed personally 32K for 72 months and got 4.9% with Wacovia. Also, 2010 truck, he got 5K off sticker and a free "Obama" tool box, bed liner and bed cap rails setup just for buying a Chevy and being a business.

It's a good time to buy Chevy if you have the credit, but I doubt it will be so easy with a worse credit score.

There is MORE to that story,, has to be..

I can promise you someone with 800 score and 75K income will get approved by GMAC, especially not financing the full price of the truck (5K rebate)

But I agree with the "credit crisis" it is harder to get approved for financing these days.
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Old 01-15-2010, 10:45 AM   #23
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My father just bought a new 2010 Silverado last week and financed it. GMAC wasn't even an option for financing according to the dealer and their leases were stupid expensive.
Credit score around 800, 48 years old, self employed, 75K a year, he financed personally 32K for 72 months and got 4.9% with Wacovia. Also, 2010 truck, he got 5K off sticker and a free "Obama" tool box, bed liner and bed cap rails setup just for buying a Chevy and being a business.

It's a good time to buy Chevy if you have the credit, but I doubt it will be so easy with a worse credit score.
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There is MORE to that story,, has to be..

I can promise you someone with 800 score and 75K income will get approved by GMAC, especially not financing the full price of the truck (5K rebate)
he probably misspoke a bit...

GMAC would have financed his dad...no questions asked, but wachovia gave a great rate for 72 months that GMAC wouldnt touch.

currently bank of america and wachovia are both serious about lending money. anyone who is very strong and has a good downpay can get in the 3s and 4s with either bank.
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Old 01-15-2010, 01:01 PM   #24
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My score was 824, had $9500 as a down payment, but debt to income ratio was bad (they took my families mortgage and put it all under my name ) Got a rate of 8.0, but eff that!!! I'm making higher payments than what they ask for. My last required payment was $41
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Old 01-15-2010, 01:11 PM   #25
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My score was 824, had $9500 as a down payment, but debt to income ratio was bad (they took my families mortgage and put it all under my name ) Got a rate of 8.0, but eff that!!! I'm making higher payments than what they ask for. My last required payment was $41
Something doesn't add up here...

they mistakenly had you with a high debt to income ratio, but you have a credit score of 824...
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