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List of scores and what type of interest rate to expect with that score?


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I tried a few searches but wasn't sure which keywords to use...Does anyone know where (if anywhere) I could see a list of interest rates to expect based on certain scores? I am mainly looking for car loan rates...Is there a list of interest rates people have received and what their scores were at the time?

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I don't believe there is such a list and, if there were, it would probably be useless with the current banking and credit environment.

Got a dart board? Throw a dart and multiply the reult by 10. I am sure that's the current method.

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I can give you some anecdotal evidence. I have a score of about 666 (eek! That's what I saw on MyFico the other day before I cancelled the service. The score dropped to that point two months ago and has sat there ever since.)

I just applied for a USAA World Mastercard and got approved with a rate of 15.9%. I was shocked! $5,000 worth.

Not shocked at the rate - that's probably about right - but shocked at the amount, since I have two other cards with them ($5,000 and $2,500 and they're both pretty much charged up and whenever I ask for CLIs, they say no.)

*oops, sorry - I just now saw that you are looking for car loan rates.

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Hey Goalie,

I just read this info today from fico for new car loans:

48 month auto loans - Interest rates based on FICO scores

720-850: 5.961%

690-719: 7.444%

660-689: 8.824%

620-659: 11.685%

590-619: 15.462%

500-589: 16.181%

You should expect interest rates to be a few percent higher for USED auto loans, but it doesn't give a table for me to pass on.

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Hey Goalie,

I just read this info today from fico for new car loans:

48 month auto loans - Interest rates based on FICO scores

720-850: 5.961%

690-719: 7.444%

660-689: 8.824%

620-659: 11.685%

590-619: 15.462%

500-589: 16.181%

You should expect interest rates to be a few percent higher for USED auto loans, but it doesn't give a table for me to pass on.

Thanks! :)

I know it varies, expecially right now, but I did work at a dealership in the past and they went by certain variances and each score would fall into a different category and determine the interest rate, give or take a few percentages.

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...plus, different institutions have their own %'s. I checked out my local credit union, bank, and the dealership. I just went with the best interest rate since I already knew my FICO score.

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Hey Goalie,

I just read this info today from fico for new car loans:

48 month auto loans - Interest rates based on FICO scores

720-850: 5.961%

690-719: 7.444%

660-689: 8.824%

620-659: 11.685%

590-619: 15.462%

500-589: 16.181%

You should expect interest rates to be a few percent higher for USED auto loans, but it doesn't give a table for me to pass on.

Keep in mind each lender has the ability to manipulate a Credit Score in any way they wish, and obviously they have a profit motive in depressing your score. The score you see probably will not be the score the lender tells you that you have.

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  • 3 weeks later...
Thanks! :)

I know it varies, expecially right now, but I did work at a dealership in the past and they went by certain variances and each score would fall into a different category and determine the interest rate, give or take a few percentages.

I'm looking for a car right now and I would say, if you worked for a dealership, you should find as many people that you knew and try to work with them. I know sales guy move around so see if they are at lots you have an interest in shopping at.

I say this because my fiancee has been in sales for years and now travels to lots as a manager doing "sales events". When I got my Honda Accord 2 years ago I was approved at one dealership for "special financing" at 18% with RoadLoans for a used car. We went to a dealership with a finance guy and manager we knew and they worked for about 8 hours on the phones and I left with a brand new Honda Accord at 7.9% through Honda finance. My scores then were in the high 400s low 500s so your scores DONT matter that much. Both these dealership were owned by the same people but on different sides of town.

Currently I was approved for Capital One blank check and for the year vehicle I want (2006 Cadillac SRX) they wanted 18% also. I also applied for Chase online and they declined the loan. We went to another friend at a Cadillac dealership and his finance people were able to get Chase to approve the loan at 13% (My current scores are in my signature.) They obviously didn't have as much "pull" as the guys at Honda, but 13 is better than 18 ANY day. My fiancee says all the time that a talented salesmen and finance person can make it happen if they want too. They make more money on "special financing" so if they don't care about you they will throw you right into that catagory. They love to see someone coming in with bad credit, who already things they can't get ANYTHING, and all they care about is how much the monthly payment will be. It's a gold mine, sadly.

Find someone you know...trust me!

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There are alot of factors. The longer the loan the higher the interest rate. New or used? Automated payments? The list goes on.

Most banks have a rate sheet... they look at your score and find the current corresponding rate. Its that simple.

I recently got 5.5% for 84 months through a local credit union with a 701, though I have no baddies. My score is low because I have a few new accounts less than a year old. When my score was mid-low 600's I got 11.25 percent on a new vehicle.

What is good about some credit unions is that as your credit gets better, they will lower your rate, all you have to do is ask. I had one loan that started at 12 and by the time I traded the vehicle in I was down to 6.5%. Your payment doesn't decrease, but it cuts out a few payments from the term of the loan. Ask your credit unions if they do this.

Eddie

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There are alot of factors. The longer the loan the higher the interest rate. New or used? Automated payments? The list goes on.

Most banks have a rate sheet... they look at your score and find the current corresponding rate. Its that simple.

I recently got 5.5% for 84 months through a local credit union with a 701, though I have no baddies. My score is low because I have a few new accounts less than a year old. When my score was mid-low 600's I got 11.25 percent on a new vehicle.

What is good about some credit unions is that as your credit gets better, they will lower your rate, all you have to do is ask. I had one loan that started at 12 and by the time I traded the vehicle in I was down to 6.5%. Your payment doesn't decrease, but it cuts out a few payments from the term of the loan. Ask your credit unions if they do this.

Eddie

Thanks for the hot tip, Ed! I'm going to call my credit union tomorrow!

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