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Sunday, March 14, 2010

What does my credit score need to be in order to get an Auto loan?

I live in California and I would like to know what my credit Score needs to be in order to get an used Auto loan?

What does my credit score need to be in order to get an Auto loan?
Save up and get a cash car. It'll get better gas mileage if it's not dragging a payment book behind it.





A comparison to whats available is good too..





http://www.surveyland.org/jump.php?link=...





Good Luck.
Reply:Bo Majors posted good information but I wanted to note one thing not noted by the others:





There are some car lots where you can get a loan if your FICO/Beacon is under 650. Sometimes they call these predatory lenders but they have something you want and you are willing to pay for it and they are willing to charge for it within the confines of the law.





You might not get the best car, it might be more expensive than other used cars, you may have a high interest rate, you may have to put 10-30% down, and you may have to deal with "other things" you normally would not have to deal with in a normal deal. These may be items such as an ignition disablement device (for non-payment) and a GPS tracker (or two) in an unknown location on the car (in case you remove the disablement device and find a GPS tracker and remove it. It will have reported the last known location of the car and the other tracker will report the current location), and a set of car keys maintained by the dealer. In some cases they make you pay a fee for the GPS tracker (they use the cellular network to communicate and are about $9 per month in addition to a few hundred for the device).





You could pay 50% of the car's sales value and have it reposessed because you missed a payment. If you don't cure the default and repo fees (usually $500-ish if the lot lizard does the repo) it gets cleaned up goes back out on the lot for retail blue book value.





Once it's paid off they may offer a trade-up or will remove the ignition and GPS devices. They may even offer to loan you money against it as part of a title pawn. You get 30% of the value in a "loan" and they get to pop the car if you can't re-pay the pawn ticket. At 10% per month for the juice this can be a 285% per annum "loan". Eventually they get the car back and you still owe the pawn fee even though they recieved a car for 30% of the car's value.
Reply:it isnt about the crcedit score, it is about what you have on there, you will get a lower interest if it is over 710 and above.


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