Credit Check Facts

Question by mateo500: Can people with bad credit "buy" better auto financing rates?
Suppose someone's credit was ruined from a bankruptcy...if they could get auto financing at all, then the interest rate would be terrible I'm sure. But what if they had a large sum of money to put down on the vehicle? If you buy a new $ 20,000 automobile, and put $ 10,000 down, would you be justified to demand the same low interest rates offered to people who have excellent credit but put virtually no money down?

Best answer:

Answer by james a
the bankruptcy would have cleared you from debt but still a risk....with half down your interest rate would drop there risk has just been lower...if they were to repo it they would get there money back plus all repo and resale expenses
what ever was left you would get a check for it ...so to answer question yes you would get a better rate...some where between the max interest rate allowed in your state and the lowest advertised rate for a new car purchase with perfect credit

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Question by imthefuter: Where in Arizona can I get a "No credit" auto loan?
Im a student I dont really have a credit history yet and I need a car loan now.

Best answer:

Answer by Common Sense
Most dealers have 1st time buyer programs.

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Question by IRE: What was the final disposition of the class action lawsuit of shareholders against "National Auto Credit" ?
It was judiciated in New York and/or Delaware around 2004.

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Answer by Ron Mexico
NAO won this battle

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Question by SUVCURIOUS: Is there a general fico score "table" lenders use to decipher interest rates for auto loans/leases?
I've requested the credit bureaus to remove/fix parts of my credit report so that hopefully my fico will go up. I want to get my fico as high as i can before applying for a car loan/lease. I usually put less than10k miles on my vehicles per year. I own a 2001 toyota mr2 with less than 40k miles. I plan on selling it and putting the money down on a purchase if i don't qualify for a lease.

Best answer:

Answer by rob1963man
They have no "tables" per se. But, 720 Fico Score IS the magic number. If you're over that, you're going to get premium interest rates for ANY loan, not only auto loans.

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Question by SUVCURIOUS: Is there a general fico score "table" lenders use to decipher interest rates for auto loans/leases?
I've requested the credit bureaus to remove/fix parts of my credit report so that hopefully my fico will go up. I want to get my fico as high as i can before applying for a car loan/lease. I usually put less than10k miles on my vehicles per year. I own a 2001 toyota mr2 with less than 40k miles. I plan on selling it and putting the money down on a purchase if i don't qualify for a lease.

Best answer:

Answer by rob1963man
They have no "tables" per se. But, 720 Fico Score IS the magic number. If you're over that, you're going to get premium interest rates for ANY loan, not only auto loans.

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