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CreditJunky

Auto Loan Rate ?

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What kind of rate can I get with these scores? I have an extremely low Debt to Income ratio and have FICO's and FAKO's in the 670's. I am looking for a $45k loan(60-72 months) and earn about $4,600/month gross. The only thing that is keeping my scores a bit low are some late pays about a year ago......the worst one being 120 days late exactly a year and one month ago, since then I have paid over $15,000 dollars worth of credit card debt, and am now only about $1500 in the hole(revolving).

What kind of rate can I expect? And will the lates affect the credit decision.? All accounts are in good standing and current.

TU 665

EXP 670

EQ 672

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Call ALL your local credit unions... and pull your MYFICO scores... your FAKOS can be off by as much as 40 (my TU FAKO IS OFF BY 40).

680 will normally get you the best rates at credit unions... call them all.

Locally there is one still offering 4.9 for 72 months.

Good luck

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What kind of rate would one normally see with 670 scores, no charge-offs, no BK, no collections, all accounts current, no lates for about a year, 60 month auto loan for about $45,000. No other payments except the car and about $250/month student loans. Income is ~$4750/month gross, not including overtime. Someone has to at least give me an idea????

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My opinion would be: best case scenario, 0%, worse case scenario, 7 to 9%. I got 10% with alot more bad stuff.

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There are many variables. The age of the car (new or used), the type of car, the type of financing (credit union, dealership, bank?), previous dealings with lender, etc.

At 7%, you are looking at over $900/month for 60 months without insurance costs. Add insurance into the mix and you may be looking at $1200/month for a vehicle to get you around town.

Rates have been on the rise over the past two years, so don't be surprised if you start hearing 7-9% again on vehicle loans. The overnight fed lending rate is 4.5%, so 7% isn't bad at all.

The rates below are for super prime at my credit union- so you'd probably have to tack at least a point or two onto the quote.

Effective Date:2/1/2006

Rates as low as APR* APR

0 to 60 months* 6.95 7.20

61 to 66 months* 7.45 7.70

67 to 72 months* 7.95 8.20

73 to 84 months* 8.95 9.20

Used Auto Loan

Effective Date:2/1/2006

Rates as low as APR* APR

Model Year 2006-2003 6.95 7.20

(60 month loan)

Model Year 2002 7.55 7.80

(60 month loan)

Model Year 2001-1999 8.50 8.75

(48 month loan)

Model Year 1998-1997 14.00 14.25

(36 month loan)

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WOW. THose rates are not too bad. I was thinking upper 10's.

The $900 car payment is fine with me as I am a young Engineer, have no other bills, and am looking into an '06 Corvette. Dare to dream

24 yrs old....always played it safe in college, now I am looking to have a little fun!!

Most credit unions tell me 680+ will get me 5.9%. Anything below that will be about one or two more points. Below 620, and forget about it.

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