What kind of auto loan do I get with a 685 score?

I have 680, 685, and 689 FICO scores based on the 3 bureaus. What kind of auto loan (interest, max amount etc) can I get?

...asked on June 17th, 2011 @ 1:00 am in Loan - Auto

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Ask your nearest Auto Dealer and the Bank also.

...answered by Bhatta on June 17, 2011 @ 1:14 am

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Auto finance is what I do for a living and you can not go by score alone.

Auto loans are based on the following factors;

1. LTV (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.
9. Credit score/profile.
10. Total debt to income ratio.

Depending on the above your rate could be anywhere from 0% to 14.95%.

...answered by SPIFIMAN1 on June 17, 2011 @ 1:50 am

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You’ll have to ask the lender you plan to use.

When I bought a car last December, at the dealership I used, the top tier (lowest) of interest rates were for 700+, second tier were for 600+. Your lender may or may not use the same criteria.

...answered by Stacy on June 17, 2011 @ 2:22 am

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Unless you buy one of those “special deals”, 0.00 down on a new car. A conventional loan will be about 6% for 2008 thru 2003. 2002 and down will be close to 9.5

...answered by don b on June 17, 2011 @ 2:40 am

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Be careful about accepting a loan you are quoted by dealership “finance managers.” In the fine print, there will be language stating that the contract is subject to the lender’s underwriting – which means they’ll let you drive the car off the lot and a week or two later, you’ll get a letter stating that the agreed upon interest rate was not accepted by the lender and you must pay a higher rate. Happens frequently.

...answered by engineer50 on June 17, 2011 @ 3:37 am

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Your scores aren’t that bad, but there are other factors a loan officer considers. They will evaluate how much unpaid debt you have open in relationship to your income. If you have your credit report take a look at you late payment history, 30, 60, 90 days. That is a big factor. You might consider opening an account with a credit union. Sometimes they can offer better rates to borrowers.

...answered by sallyseemoney on June 17, 2011 @ 4:02 am

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You’re right on the bubble between being considered Prime and Near-Prime by most auto finance companies. It also depends on whether you’re buying a new or used car.

You should first check with your banking institution or credit union since they’re most likely to give you the benefit of the doubt and put you in the Prime category where you’ll get the lowest rates. Also check rates online with auto loan providers like Capital One Auto Finance.

...answered by Brian P on June 17, 2011 @ 4:15 am

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