Finance Rates
10-21-2021, 09:22 PM
#1
Instructor
Thread Starter
Finance Rates
I have a credit score of 828 with zero debt and my dealer said I was approved for my 90k C8 today with 5k down at 3.84 percent. This seems kind of high to me.
I asked him about finding other financing myself, and he said they don't do other financing that far away, since he is in MA and I'm in TX, because there are too many things that can go wrong.
Does this sound right or should I still be able to use other financing?
Also, is 3.84 percent with a score of 828, zero debt, and more than enough income, a good rate?
I asked him about finding other financing myself, and he said they don't do other financing that far away, since he is in MA and I'm in TX, because there are too many things that can go wrong.
Does this sound right or should I still be able to use other financing?
Also, is 3.84 percent with a score of 828, zero debt, and more than enough income, a good rate?
10-21-2021, 09:29 PM
#2
You're going to qualify for the best rate available anywhere you apply, just depends on what rates each place is offering. 3.84 isn't bad, but you can probably do better at a credit union or somewhere not the dealer. Just call around.
Last edited by Spamburger_Hamburger; 10-21-2021 at 09:29 PM.
10-21-2021, 09:34 PM
#3
Le Mans Master
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Seems high. What term? Just refinance through a credit union when you get home.
10-21-2021, 09:36 PM
#4
Burning Brakes
They shouldn’t have any issue taking a loan from any bank or credit union. Sounds like they just want the kickback on the loan. Just go with it, then refinance with a credit union after you get the car, I went with navy fed for my 2021 at 2.29%. If you can’t qualify for a navy fed membership, Penfed has great rates also.
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MPSmith1 (10-22-2021)
10-21-2021, 09:49 PM
#7
I have a credit score of 828 with zero debt and my dealer said I was approved for my 90k C8 today with 5k down at 3.84 percent. This seems kind of high to me.
I asked him about finding other financing myself, and he said they don't do other financing that far away, since he is in MA and I'm in TX, because there are too many things that can go wrong.
Does this sound right or should I still be able to use other financing?
Also, is 3.84 percent with a score of 828, zero debt, and more than enough income, a good rate?
I asked him about finding other financing myself, and he said they don't do other financing that far away, since he is in MA and I'm in TX, because there are too many things that can go wrong.
Does this sound right or should I still be able to use other financing?
Also, is 3.84 percent with a score of 828, zero debt, and more than enough income, a good rate?
835 credit score house mortgage only loan
1.89%
Yes, I think yours is high.
10-21-2021, 10:18 PM
#10
Drifting
Member Since: Dec 2015
Location: New Orleans, Louisiana
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I have a credit score of 828 with zero debt and my dealer said I was approved for my 90k C8 today with 5k down at 3.84 percent. This seems kind of high to me.
I asked him about finding other financing myself, and he said they don't do other financing that far away, since he is in MA and I'm in TX, because there are too many things that can go wrong.
Does this sound right or should I still be able to use other financing?
Also, is 3.84 percent with a score of 828, zero debt, and more than enough income, a good rate?
I asked him about finding other financing myself, and he said they don't do other financing that far away, since he is in MA and I'm in TX, because there are too many things that can go wrong.
Does this sound right or should I still be able to use other financing?
Also, is 3.84 percent with a score of 828, zero debt, and more than enough income, a good rate?
That rate seems through the roof, and Ive never heard of a dealer saying you can't choose other financing because of distance . Sounds like they're trying to force you to finance with the company they want you to go with.
10-21-2021, 10:18 PM
#11
An 800 plus credit score, high income and no debt is NOT a guarantee for an auto loan. If you've been paying cash for cars and had no mortgage payments in the last five years, you can be denied. Credit unions use their own criteria for calculating their own credit scores, not the credit scores you see from Experian, Transunion, or Equifax. They get their data from these reporting agencies, but run the data through their own credit worthiness algorithms.
Last edited by NextOne; 10-21-2021 at 10:25 PM.
10-22-2021, 01:24 AM
#12
Melting Slicks
An 800 plus credit score, high income and no debt is NOT a guarantee for an auto loan. If you've been paying cash for cars and had no mortgage payments in the last five years, you can be denied. Credit unions use their own criteria for calculating their own credit scores, not the credit scores you see from Experian, Transunion, or Equifax. They get their data from these reporting agencies, but run the data through their own credit worthiness algorithms.
10-22-2021, 07:25 AM
#14
This could be about right with current rates. Everyone posting their rates I'm sure financed them over month ago and not what the current rates are. I still think you should be able to get a better rate than posted so check around for sure. Credit Unions are normally the way to go.
10-22-2021, 08:03 AM
#15
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My local CU offers 1.99% on new car loans. 3.84% seems very high. Does sound like the dealer wants you to go with them when they say they don’t do financing that far away, but that doesn’t mean you can’t arrange for the financing.
10-22-2021, 08:21 AM
#17
Way too high!
10-22-2021, 08:22 AM
#18
Burning Brakes
I have a credit score of 828 with zero debt and my dealer said I was approved for my 90k C8 today with 5k down at 3.84 percent. This seems kind of high to me.
I asked him about finding other financing myself, and he said they don't do other financing that far away, since he is in MA and I'm in TX, because there are too many things that can go wrong.
Does this sound right or should I still be able to use other financing?
Also, is 3.84 percent with a score of 828, zero debt, and more than enough income, a good rate?
I asked him about finding other financing myself, and he said they don't do other financing that far away, since he is in MA and I'm in TX, because there are too many things that can go wrong.
Does this sound right or should I still be able to use other financing?
Also, is 3.84 percent with a score of 828, zero debt, and more than enough income, a good rate?
10-22-2021, 08:57 AM
#19
I have a credit score of 828 with zero debt and my dealer said I was approved for my 90k C8 today with 5k down at 3.84 percent. This seems kind of high to me.
I asked him about finding other financing myself, and he said they don't do other financing that far away, since he is in MA and I'm in TX, because there are too many things that can go wrong.
Does this sound right or should I still be able to use other financing?
Also, is 3.84 percent with a score of 828, zero debt, and more than enough income, a good rate?
I asked him about finding other financing myself, and he said they don't do other financing that far away, since he is in MA and I'm in TX, because there are too many things that can go wrong.
Does this sound right or should I still be able to use other financing?
Also, is 3.84 percent with a score of 828, zero debt, and more than enough income, a good rate?
But I agree with others to shop around. Worst is make sure there's no prepayment penalty with the higher loan and refinance it somewhere lower as soon as it closes.
