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Old 06-28-2010, 05:55 PM   #1
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Credit Score 690 and 8.5% GMAC financing??? BS

Finance 35K and the best I can get is 8.5 through GMAC???? NO WAY. Credit Score is 690??? Help!!

Does this sound right? I think I'm getting hosed...........
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Old 06-28-2010, 05:56 PM   #2
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It depends on more factors than your credit score. A longer term is going to come with a higher rate. If you don't put much money down, you may also get hurt. Your income also plays a role.
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Old 06-28-2010, 05:58 PM   #3
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A 690 is fair. Try your bank for a lower rate.
How long are the terms of the loan?
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Old 06-28-2010, 05:59 PM   #4
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http://www.capitalone.com/autoloans/

Don't let the dealer screw you over on the loan. Mine couldn't get me anything close to what I brought in from Capital One.
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Old 06-28-2010, 06:13 PM   #5
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Finance 35K and the best I can get is 8.5 through GMAC???? NO WAY. Credit Score is 690??? Help!!

Does this sound right? I think I'm getting hosed...........
Wow! I got 6.69% thru GMAC. My credit score was in the low 700s thru Experian but my dealer used TransUnion which dragged my score down to 670.:( My only choice was GMAC since I got turned down by the 5 banks they plugged my name into. My problem was having 2 car loans outstanding since I co-signed on my mom's car loan to help her out
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Old 06-28-2010, 06:16 PM   #6
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bank of america has nice rates right now. %3.69 for 72mo and better for 60 month.
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Old 06-28-2010, 06:16 PM   #7
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Wow! I got 6.69% thru GMAC. My credit score was in the low 700s thru Experian but my dealer used TransUnion which dragged my score down to 670.:( My only choice was GMAC since I got turned down by the 5 banks they plugged my name into. My problem was having 2 car loans outstanding since I co-signed on my mom's car loan to help her out


72 Months, Nothing down. I make 6 figures in the Midwest. Trans Union is 704. We have amost exactly the same score......What gives???
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Old 06-28-2010, 06:17 PM   #8
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mine was at 6 something threw gmac with a mid 700s credit score and nothing down, my credit union wouldnt do the loan they said it was a bad loan or something, i think im gonna refinance soon with someone else
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Old 06-28-2010, 06:18 PM   #9
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72 Months, Nothing down. I make 6 figures in the Midwest. Trans Union is 704. We have amost exactly the same score......What gives???
whats the ?
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Old 06-28-2010, 06:20 PM   #10
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whats the ?
I need a loan....Is 7-8% to high? I think I'm getting hosed....!!!
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Old 06-28-2010, 06:25 PM   #11
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I need a loan....Is 7-8% to high? I think I'm getting hosed....!!!
i got %6 and i feel like im getting hosed, its the highest intrest rate ive ever had on a car
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Old 06-28-2010, 06:34 PM   #12
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72 Months, Nothing down. I make 6 figures in the Midwest. Trans Union is 704. We have amost exactly the same score......What gives???
I did 72 months with $1,000 down plus $100 for my 08 G6GXP Then my gmcard and the USAA rebate.

I have had several car loans out since I went thru 7 cars. My 08 G6 GXP was fianced thru Chase Auto Finance for 6.44% and my 06 G6 GTP was financed thru GMAC for 3.9% I bought my first brand new car when I was 20 a 2003 Pontiac Grand AM GT and my loan rate was 5.99% but my dad co-signed since I had no credit history established yet. My loan I have out with my mom for the G5 is 4.74%. I wanted to fiance thru Chase again but they denied me so I don't care about giving them business anymore It's pretty sad when your rockin two car loans thru a bank never have one late payment with them but they still deny you credit
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Old 06-28-2010, 06:49 PM   #13
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Don't go through GMAC, their standard rates are terrble. Go through a local bank or credit union.
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Old 06-28-2010, 06:59 PM   #14
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I got 4.74% for 72 month with BB+T. I dont have an account with them either.
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Old 06-28-2010, 07:06 PM   #15
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The Viz needs to re-VIZ-it GMAC again. Got 3.59% through GMAC just a couple of weeks ago on the new truck. The credit union's best was 4.75. Look around, you can get a good rate. 7-8% is AVERAGE right now.

Many factors go into it. How much down, your credit score and history. Credit score don't mean jack if you have a spotty history.

Shop around. But do it within a few days time otherwise it could come up as multiple hits on your credit report which can hurt your score.

The credit union told me last year that if you didn't have at LEAST a 620 score, you wouldn't even be considered for a loan and to get the better rates, it had to be over 720. 690-700 isn't all that spectacular as it pertains to how banks look at scores today. But keep checking other places. There's better rates out there.
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Old 06-28-2010, 07:17 PM   #16
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With the credit crunch scores are scrutinized more. A 690 is just slightly over average. You are never going to get a top tier rate with a 690. Sorry. :(
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Old 06-28-2010, 07:32 PM   #17
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With the credit crunch scores are scrutinized more. A 690 is just slightly over average. You are never going to get a top tier rate with a 690. Sorry. :(
Ya but 8%? Damn.
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Old 06-28-2010, 07:43 PM   #18
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Finance 35K and the best I can get is 8.5 through GMAC???? NO WAY. Credit Score is 690??? Help!!

Does this sound right? I think I'm getting hosed...........
690 is pretty low - that's about hat mine was one month after bankruptcy. Try capital one auto I got 3.04 percent with a credit score just over 800.
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Old 06-28-2010, 07:46 PM   #19
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Ya but 8%? Damn.
That I don't know about. All I can say is call at least 2-3 other banks and see what the offer is. DON'T let them pull your credit, just tell them your score and which bureau it is from and ask them what they can offer you with your needed terms.

Did you say you had a down payment? If no then that is hurting you too. Banks want you to have some skin in the game.
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Old 06-28-2010, 10:52 PM   #20
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Also, keep in mind that APR isn't the only thing to consider. Many credit unions offer teaser rates of 4.79% 72 months, but they aren't simple interet loans, they're front loaded. Also they usually require GAP, Credit Life, and or Warranty.

If the 8% is a simple interest loan, and that's is the best you're getting, take it, put as much down as you can, and pay the car off early.
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Old 06-28-2010, 10:55 PM   #21
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im 22 my credit score is 683, not much prior credit history, i got 3.9% on a 60 month financing 25k. id say do some searching.
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Old 06-28-2010, 10:59 PM   #22
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go to edumds.com
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Old 06-28-2010, 11:04 PM   #23
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Quote:
Originally Posted by el ess X View Post
The Viz needs to re-VIZ-it GMAC again. Got 3.59% through GMAC just a couple of weeks ago on the new truck. The credit union's best was 4.75. Look around, you can get a good rate. 7-8% is AVERAGE right now.

Many factors go into it. How much down, your credit score and history. Credit score don't mean jack if you have a spotty history.

Shop around. But do it within a few days time otherwise it could come up as multiple hits on your credit report which can hurt your score.

The credit union told me last year that if you didn't have at LEAST a 620 score, you wouldn't even be considered for a loan and to get the better rates, it had to be over 720. 690-700 isn't all that spectacular as it pertains to how banks look at scores today. But keep checking other places. There's better rates out there.
You got the promotional rate that came with your thousands of dollars in rebates. The Camaro does not have any financial incentives from GMAC.
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Old 06-28-2010, 11:11 PM   #24
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Look at it from their pov: you make 6 figures yet you have nothing to put down and you're looking to finance the car for 6 years, possibly indicating that you're over extended and are looking for the lowest payment. (not saying that's the case, just presenting a possibility.)
Try with your bank or credit union if you have a decent payment history.
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Old 06-29-2010, 03:08 AM   #25
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Wow. From a banks's perspective that's a pretty moderate credit score I could see a higher interest rate but that? I'm glad I'm not you. Lol.

Mine is 3 something. But I have excellent credit 784. I got denied by 2 banks when they put my stuff out there. When I inquires why, bc my score is stupid high for being 28, they said my addresses didn't match. I moved from japan less than a week before. Their lose.
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