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Credit Scores and Vehicle Financing



  • yusuf1yusuf1 Posts: 17
    Greetings all. Got a 1999 Accord with 282000 miles, a/c not working, paid off of course. Wondering what options I have if I can do no money down with a credit score in the high fives, no co-signer either. I did apply for financing at my credit union but they wanted the co-signer. Preferably payments under $250/monthly..I've been looking at cars in the $10000 range. Honda CRV is my first choice. Any tips would be greatly appreciated.
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaPosts: 58,504
    Yeah, if you could get a $10000 loan at around 10%, then $250/month would be possible on a 48 month loan with no money down.

    Question is, would you get 10% for 48 months with your score and no down payment? That's "iffy" IMO.

    Credit unions have fairly strict requirements. If a regular bank won't help you out, you might be forced to consider the financing offered by a used car dealer (the "mouse house" they use), and that might stick you with a pretty high interest rate. Last resort, that one. Be very careful what you sign.

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  • steverstever Posts: 52,683
    A reporter would like to speak with a recent buyer or current car shopper who stayed on the sidelines or was turned down for a car loan during the recession and has since returned to market or is about to buy. If you fit this description and would like to speak to a reporter, please send your daytime contact information to no later than noon PT/3 p.m. ET, Wednesday, November 7, 2012.
  • Hello everyone:

    I got a approved auto loan for $12062.00 from a local credit union ( The interest rate is 2.55% (if I have direct deposit with the union it goes down by 1%-> 1.55%

    loan amount: $12062 or $11000
    loan term: 24month
    loan rate: either 2.55 or 1.55%
    link to the calculator:

    I run the loan calculator for loan amount $12062 (1.55% APR), it showed that my monthly payment would be $510.74

    I run the same calculator again for loan $11000(1.55% APR), the monthly payment became $465.77.

    I don't understand why with extra $1000 in the loan amount, my payment went up for $46.00 per month. Could someone give me some insight on this? So I understand what factors affect the loan payment. Thanks!
  • kyfdxkyfdx Posts: 70,682
    $1062 more.... divided by 24 months to pay it back = $44.25 per month .. (plus more interest)

    Higher loan amounts result in higher payments, all else being equal...


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  • Kirstie_HKirstie_H Posts: 11,042
    A reporter would like to speak to a recent car buyer who purchased a car despite a bad credit report. If you have a ding on your credit report, but were still able to secure a car loan, and you would like to share your story, please send your daytime contact info no later than Wednesday, noon PT/3 p.m. ET to


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  • steverstever Posts: 52,683
    Another press request. :-)

    A reporter is looking for a new car buyer who is financing their car for 84 months or longer. If you have an 84-month or longer term, and you would like to share your story, please send your daytime contact to no later than Wednesday, 3/6/13 at 1 p.m. PT/4 p.m. ET.
  • autogirl87autogirl87 Posts: 1
    generally speaking, the longer the term of the loan, the higher the interest rate is going to be because of the depreciation of the vehicle. I found some good info on interest rates on this site: Car loans information articles

    this article in particular is about interest rates : What Interest Rate You Can Expect
  • karhill1karhill1 Posts: 152
    An additional amount of $1,062 in the loan spread over 24 months equals an additional payment of $44.25 each month. Plus interest gets you to about $46.
  • Kirstie_HKirstie_H Posts: 11,042
    A reporter is looking to talk with someone who recently secured a subprime car loan. If you'd able to assist, please contact by Thursday, October 24 2013


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  • snakeweaselsnakeweasel a Certified Edmunds Poster.Posts: 13,585
    Car Deal Expert helps you get pre-approved for a brand new vehicle.

    So does my bank, with no built in fees.

    it is almost impossible to pay cash for an automobile.

    It is very possible, the problem is people are either unwilling or don't have the discipline to do so.

    2008 Sebring Ragtop, 2011 Hyundai Sonata.

  • ken117ken117 Posts: 249
    Having loan information available before visiting a dealer is beneficial. However, in almost all cases it is wise to allow the dealer an opportunity to beat the loan. Dealers have resources consumers may not have which often allows the dealer to locate better financing.

    It most certainly is not impossible to pay cash for a vehicle. It just takes cash.

    Car Deal Expert provides a service. Such service is not free. Either the consumer will pay for the service or the dealer pays and passes it along via increased price. Such service providers are almost always best avoided. Anything these service providers can offer can be achieved by the consumer with minimal effort.
  • Kirstie_HKirstie_H Posts: 11,042
    Just a bit of spam, but good feedback from both of you!


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