Currently have a credit score of 629(FICO score).
no money down.
live in california
thanks!
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eloan is really good take the paymt out of checking every month and really good intrest rates try them http://www.eloan.com
No money down is tough. They like to see some cash invested before they’ll cut you a break.
I’d shop around. Call a few banks or go online. They’ll be reluctant to give you an answer until you tell them your credit score, but after that, they should be able to give you a quote. Once you get, say, 3 quotes, you’ll get an idea of the best rate you can get.
Good luck.
P.S. DON’T commit to any kind of fluxuating rate. Get a commitment for a fixed rate. Interest rates will be going up soon (way up) and you don’t want that to strangle you financially.
Go directly to a bank or your local credit union. The dealers often sell your loan and mark in their cut.
I got an 8% in 2004 with around a 630. But back then lenders were more…..fearless. Today i wouldn’t leave all the work to the dealership. A nice sit down with your friendly local banker will give you a good comparo to what the dealers can do.
And, definitly a good (500-1500) down pay will make youlook more attractive
get er done
A score of 629 is not bad, but not great either. To get the best rates, most lenders require about 700 or higher. You’ll have to pay about 2% higher than someone with better credit. I would say, right now, that’s going to be in the 8%-9% range.
A large down payment can lower your rate. Also getting a co-signer who has a better credit score can lower your rate. Here’s an article with more details:
http://www.leaseguide.com/Articles/bad-credit.htm
.
The best way is to go to a credit union bank. They give out the best loan rate because they are the peoples union which citizens build. I’ve been in nothing but credit unions bank and they’ve done well, my last car i bought was last year. A 2003 Honda Accord for 16,900. They gave me a interest rate of 5.75% with my FICO score at 647.