I like this thread and have a question. I am looking into buying a car. Will go through BOA for the financing. Now my scores are between 700 and 720 and I have some credit issues in the past because of being laid off but once I found a job I paid thse debts off. I have also financed a car in the past. BOA says they will give reduced rates for current customers. I have no debt i.e., Mortgage, auto loan, student loans, revolving credit other than my BOA CC which is paid in full every month. My income combined with my wife is in the neighborhood of $115k. Her scores are not as good as mine but I will use her income as "additional" income when applying for the loan. I will not apply jointly to take her credit scores out of the equation. Based on all that is given here, I am looking for a loan around $33k, does it seem feasible that I can get an apr between 5 and 7% ? I feel that anything greater than 7% and I'm being thrown under the bus.

That makes sense, Meya.

I should also let everyone know that FICO has a different formula when figuring the eligibility for auto loan buyers. For Equifax, it is called the Beacon score.

This score is partly weighted on how well you have paid auto loans in the past.

Therefore, my Beacon score was lower than my FICO score because I had good-standing student loans, good-standing recent revolving lines with low utilization, but I had been 120 days late on a past car payment. If I had had the sense to pay my bills on time years back, I would have received a lower interest rate based on my Beacon score.

Anyway, Wachovia financed my sister and I. Very nice people to work with.

They use "Stips" for first time buyers with bad credit. They put you through banks for first time buyers, make you pay a higher down payment (if lower you will pay more), and look for banks that accept people with bad credit. These banks will then pull your credit and you will have a ton of inquiries during the process. That is why I am so glad that the 3cb's will reconize what is going on and make them as one within 30 days.

If you have bad credit, you are required to put some type of down payment although you will be financed with a high interest rate.

Hope everything works well, this is where the fall outs starts. Glad to hear that you are strong enough to cosign

I had to cosign for my sister today and I can't believe my credit is strong enough to do so. My Experian is 648 and my Equifax is 616.

Anyway, Wachovia financed my sister with me as a cosigner. The loan was $13,000.00 and they forced us to put $2,200.00 down because she has no credit, and I have somewhat derelict credit.

This is the best way smcc. You are so correct. Cap 1 sends me out preapproved offers constantly and that is probably who I will take advantage of, or a cu.

Maybe you should shop for you loan as opposed to letting the dealer help you finance the auto.

Meya is right, you have to sell your car or find someone else to take over the payments.

Nope, I know in California you do not have a cooling off period. He is stuck with the loan unless he find someone to take of payments. Or better yet, if the car is totaled out, or burned up:innocent:

hi all my friend took an auto loan and due to some reasons he wants to cancel it.Is it possible through any means?
can he get the refund on what he has paid?

If your credit score is that good, then you're likely to get a good interest in most cases. As previously mentioned, credit unions are better than banks as far as the interest rates they offer and it's better to get pre-approved before shopping. Other things that determine your interest rate, in addition to credit score, are the year and mileage on the vehicle you choose. Remember finance companies have a vest interest in the vehicle. So, newer vehicles with better mileage get better interest rates. Also, the amount of your down payment helps as well.

I hope you can get a good deal with what you have because you did pay it off. This should give you some type of lead way. But, since it is a judgement, regardless, they may try to up your finance charge. You know what smcc, if I were you, I would pull all 3 of my cr, print it out, and walk it into the dealer of your choice. Sit down with them and just flat out ask '"What type of finance can you offer me with a credit report like this? If you can not offer me what I am looking for, I will move on to the next"

If they can work with you in yoru favor, then you let them go ahead and pull your report. This way you can save the inq on your cr. I know they are going to want to pull it themselves, but at least you will get some type of "Yes, or No's" beforehand.

See that's just it Meya, I have two tax liens that I paid off but are on my report. So although I have a decent score and no debt those liens might be held against me. That's why I'm hoping that a middle score of 720 will help when its time to buy a car,

I think 720 is an excellent score, but is it 720 with no derogs, bk's, lates, co's, and all that bad stuff....lol. If not, I will say "Go for it." It basically all about your mouth piece and what you will not tolerate. You go in there with your demands higher than what they are thinking of a profit from you, and I bet you will win. When I purcahsed my last car which is a Toyota Camary, I walked straight in the lot and told the dealer, " I dont know what I want, but I know that i do not want a car that does not have
1. Electric Windows
2. Power seats
3. am/fm cassetee and cd player
4. Air conditioning
5. Rims
6. Sunroof
7. Four doors
8. Electric door locks
9. Alarm
10. 6 cylinder

I go what I asked for and a better price than what I was paying for the last one. I hate when they start drawing those squares and runnin back-n-forth to that fake person they are (so-called) trying to cut you a deal with. I made him sit down and don't even think that he is playing me for a fool. The secnd time he tired to get up and say "Let me see what my manager will do in your favor", I got right up with and said, "Oh no baby, we can go see this manager together since you can't seem to get it down". There is no manager he or she is running to, they are just out to get the bonus from selling you the car, for you paying it off.