Credit score question? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

kammrk · 01-11-2010, 05:49 PM

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.

shawn18 · 01-11-2010, 05:52 PM

You should still get financed but you will probably have a higher intrest rate

Iwantone2 · 01-11-2010, 05:55 PM

Quote:

Originally Posted by kammrk

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.

Iwantone2 · 01-11-2010, 05:55 PM

it also helps to have a "big" down payment

mjlash22 · 01-11-2010, 05:58 PM

Quote:

Originally Posted by Iwantone2

it also helps to have a "big" down payment

A score in the 600's will require a pretty substantial down payment IMHO

*mlee* · 01-11-2010, 06:00 PM

Those 3 times might cost you 4pts... now if you've had others it could be as much as 7 or 8 max

TommyTSquared · 01-11-2010, 06:02 PM

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.

mjlash22 · 01-11-2010, 06:02 PM

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.

Cmaro214 · 01-11-2010, 06:30 PM

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.

ffrcobra_65 · 01-11-2010, 06:31 PM

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.

tom692010 · 01-11-2010, 06:34 PM

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.

lcmc · 01-11-2010, 06:55 PM

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.

mjlash22 · 01-11-2010, 08:13 PM

Quote:

Originally Posted by lcmc

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.

lcmc · 01-11-2010, 08:36 PM

Quote:

Originally Posted by mjlash22

What were your rates though. If they were low, you are definitely the exception to the rule.

5.9 and 6.9

01-11-2010, 05:49 PM	#1
kammrk Drives: 2007 crown vic Join Date: Aug 2009 Location: vero bch. fla. Posts: 58	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.

01-11-2010, 05:52 PM	#2
shawn18 OWTATIME Drives: 1969 CaRaMo Join Date: May 2009 Location: North Carolina Posts: 3,082	You should still get financed but you will probably have a higher intrest rate __________________

01-11-2010, 05:55 PM	#4
Iwantone2 Voice Of The Voiceless Drives: CGM 1SS RS Join Date: Feb 2009 Location: OC Cali Posts: 9,617 View My Garage	it also helps to have a "big" down payment __________________

01-11-2010, 06:00 PM	#6
mlee CamaroFans.com Drives: ZLE & ZR2 Join Date: Oct 2008 Location: Conroe, TX Posts: 37,490 View My Garage	Those 3 times might cost you 4pts... now if you've had others it could be as much as 7 or 8 max __________________

01-11-2010, 06:02 PM	#8
mjlash22 Drives: 2007 Ford Fusion SE Join Date: Sep 2009 Location: Metro Detroit Posts: 1,440	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. __________________ Ordered: 2LT/RS CGM, A6 1100 = Preliminary Order 10/1/09 2000 = Accepted By GM 12/31/09 3000 = Accepted By Production Control 1/7/10 (TPW: 2/1/10) 3400 = Broadcast 1/23/10 3800 = Produced 2/2/10 (2G1FC1EV6A9189068) 4150 = Invoiced 2/5/10 4200 = Shipped 5000 = Delivered To Dealer 6000 = Delivered To Customer

01-11-2010, 06:02 PM	#7
TommyTSquared Drives: RSSS Join Date: Dec 2009 Location: DFW Posts: 2,492	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.

01-11-2010, 06:30 PM	#9
Cmaro214 Drives: 2010 ABM 1LT/RS Camaro "Blu Bruzr" Join Date: Oct 2009 Location: SouthWest Florida Posts: 596	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. __________________ VIN: 2G1FB1EV6A9178865

01-11-2010, 06:31 PM	#10
ffrcobra_65 Account Suspended Drives: SuperCharged 2SS/RS IOM MN6 Join Date: May 2009 Location: CA Posts: 5,094	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.

01-11-2010, 06:34 PM	#11
tom692010 Account Suspended Drives: 4 wheels Join Date: Mar 2009 Location: Here Posts: 1,404	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.

01-11-2010, 06:55 PM	#12
lcmc Drives: 1987 IROC Z convertible Join Date: Aug 2009 Location: Ohio Posts: 103	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.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Financing with excellent credit, but short history	cwm8718	Camaro Price \| Ordering \| Tracking \| Dealers Discussions	13	12-24-2009 01:24 PM
Wanting a new Camaro, question about financing.	Bryan	Camaro Price \| Ordering \| Tracking \| Dealers Discussions	18	10-28-2009 06:27 PM
Stripe Issue...dealer wants to give me credit, should I?	lostinvt	5th Gen Camaro SS LS LT General Discussions	15	09-25-2009 11:48 AM
Financing a Camaro, no credit history	FFMaro	Camaro Price \| Ordering \| Tracking \| Dealers Discussions	71	08-31-2009 07:44 PM
I'm an idiot	Bumble Bee '77	General Automotive + Other Cars Discussion	15	06-30-2008 06:30 PM