jeffescortlx

She went through Bankruptcy 6 years ago on credit cards/medical bills, around 20k worth. But she did continue to pay off her old car.
Since then she has had no other loans untill now.

McBoost

18% = fail

I only have about 18 months credit history and about a 705 credit score. That got me a 8.25% rate for my new car, which I thought was kind of shitty... but I guess you gotta start somewhere.

Sinner

update: I got some new numbers %13 for hsbc when I filed jointly. Also I'm retrying my credit union filing jointly... So at least I'm heading in the correct direction!

Wank.a.lot

i sell used cars at carmax and i see finance decisions all day.
with used cars, the vehicle has a lot to do with the interest rate. no bank want's to finance a 96 ford ranger with 145k miles.
the average interest rate i see on the cars i sell is around 12%
18% on a used vehicle with no credit history depending on the money down is just a little high. i would say 15% would be normal on that situation with no money down.
also you need to look at how much 1% changes your payment. it's not that much. now if you are talking 15% down to 8% that is a big chunk of money.
but i get people complaining about a 8% rate saying they could probably get a 6.9% through their credit union.

these are not 30 year home loans we are talking about. it's a 5 year loan.

but yeah 18% is a little higher then i would expect.

Toysrme

Credit Union > Student Loan > Citibank > other bullshit.

Smith-02

wells fargo ususally is pretty good with financing lower credit scored people

MustangC.

i used to have a personal loan with citi financial, they charged me 19% interest rate on 10K and on a 36 month loan it was 369/MO it ended up being 3500 in interest.

Dr.Boost

Your "score" looks good, but your credit history SUCKS. Lenders want to see a decent amount of time of payment history to see how well you do in the long run. My credit was PERFECT for the first couple of years. Then they gave my dumbass too much credit and I fucked myself and maxed out my credit cards on Honda parts. :1 Then I got smart and kept my credit clear.....then I bought an expensive truck(stupid)that got repoed, then I got smart AGAIN and am now on my way to rebuilding my credit. They can see my patterns and they know I'm a pretty high risk, but have been doing good for a few years now. Credit is the best thing in the world, but it's also the devil.

They dropped it 2%. They're pretty much expecting you to ---- up. I would avoid HSBC if you have the option. If you want to learn more about credit and loans and who gives what for how much, visit www.creditboards.com . They are the place to go with financing questions.

It's nice to see so many people on here who know what's up with loans and financing.
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AMkrew

I just went through a local credit union for my new truck. I purchased a used 2007 isuzu i-370(chevy colorado twin). It was a rental truck and had 7000 miles. The credit union offered me a 4.75% rate for 60 months. It turns out, if you schedule automatic payments with them, they knock off .25%. Our loan for a total of 19,200ish for 60 months was 308 per month. They told me my credit score was 809. I haven't even done anything special. I plan on refinancing in a few more months for a quick boost in the credit score as well.

One secret that most people know is that if you've got only one credit card and it's pretty maxxed, it hurts your credit. If you have the same ammount of money spent ------ over a few different credit cards, it actually boosts your credit a decent ammount. They look at the percentage of money you have financed versus the ammount you could have financed.

I couldn't believe the loan we were able to get. We currently pay an extra 40 a month, but I'm thinking about dumping a bit more on it.

Dr.Boost

Why the ---- would you refinance a loan that's already at less than 5%?? For a used vehicle, that's about as good as it gets.

Credit is weird when it comes to available credit on credit cards. They like to see a low balance(less than 50% of the available credit), but they worry about a high limit card because that means you could go crazy and spend a ---- load of money overnight and sink into major debt. It's hard to say what will look the best as far as credit cards go. A high limit with a low balance means you have the ability to stop yourself from spending your total available credit, but you have the ability to sink into major debt in a hurry while I low limit means you don't have the experience of a high limit to know what you would do with it, BUT you also don't have the means to put yourself into major debt. It can work for you or against you.
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