I want to trade in my new car to downsize to something a little less to cut my payment down some. My credit score is 624 will i be able to seek financing at this time. Does anyone know and at what interest if so.
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you can still probably get the car loan, but the interest rate you get may not be the best. i got mine thru Capital One Auto Financing – before you step into the car dealership, perhaps you should try and apply w/ them and see what kind of rate you get?
the articles below are a bit outdated in terms of rates because it fluctuates day to day and also depends on where you life. Go to the bankrate.com website and type in how much you want to borrow and where you live and it should spit back today’s rates for you.
http://www.bankrate.com/brm/news/Financi… or http://www.myfico.com/Default.aspx — these are for determining mortgage interest, and what scores will get you what tier of interest rates, better to get your score higher first if you want a better interest rate.
I think there’s a good chance with that score. I think most importantly is how recent any negative credit behavior has been reported. They also don’t like anything negative currently ACTIVE. (i.e. repossession, late payments, etc.)
yes you have a good score.
trading in new car might be a bit hard – you should shop around because car dealers wanted their cars bought. and since a lot of people don’t want what you also don’t, that’s where you might get stuck.
but, try a lot of car dealers, you might get lucky.