Well Qualified Buyer?

[bkaren96]

I went to recommended site...now what specifically is a well-qualified buyer? What FICO scores do you need? Mine are TU 737, Exp 798 and Eqx 799 (as of June 2005)...my utilization has gone from about 8 to 13% since so they may have gone down a tad...any ideas?

[hoapres]

If you need a more definitive answer regarding financing options then you can fill out MarvBear's credit application. Perhaps a brisk answer, but with scores of 737, 798, 799 from TU, EX, EQ or anywhere close to those with a minor increase in utilization then I suspect you can get the best of financing options.

[bkaren96]

Thanks hoapres, you have been helpful today

I was going to do applic. but I knew I would qualify for something...I didn't know Marv would be able to tell me how good a financing deal I could possibly get...thought he just let you know whether he thought you could or couldn't get financing so thanks for info.

[MarvBear]

If an auto enhanced FICO score is the SOLE determining factor for "well qualified", then IMO would be 740+.

[hurricanesfans27]

750 gets best lease/finance rates at Toyota/Lexus. but anything over 675 gets great rates anywhere else for the most part.

[bkaren96]

Marv, can I ask them to pull all 3 (TU is only 737) I would miss the 740 zone by a few points..reason I am asking on nissan site says

 

 

2005 Sentra - 1.0% financing for well-qualified buyers for up to 36 months with $1,500 cash back OR* $2,500 cash back**

click here for more info

 

wondering if I might qualify for this offer...

 

Also...Financing is subject to NMAC Tier I and Tier II credit approval

does this mean FICO auto enhanced (not sure of terminology)

Edited July 25, 2005 by bkaren96

[MarvBear]

If with NMAC, they will likely have a preferred bureau by zip.

 

You can ask, probably wont do any good though, since NMAC will pull whomever is their primary bureau for your zip.

 

Betcha do qualify though.

[bkaren96]

Thanks all...there's hope!

[hoapres]

Marv, can I ask them to pull all 3 (TU is only 737) I would miss the 740 zone by a few points..reason I am asking on nissan site says

 

 

At the risk of paraphrasing Shakespeare, "me doth think you worry too much!".

 

If needed, F&I can bureau surf and pick the best of your CR's.

 

If scores were the SOLE criteria -(and scores are NOT the sole criteria)- for determining an auto loan then your scores are more than adequate for the best financing options.

 

The only -(possibly remote)-way that I could conceive that you would have any trouble at all getting the best terms is the event that you had a thin credit file with only 1 or 2 TL's.

 

 

 

 

2005 Sentra - 1.0% financing for well-qualified buyers for up to 36 months with $1,500 cash back OR* $2,500 cash back**

click here for more info

 

wondering if I might qualify for this offer...

 

Also...Financing is subject to NMAC Tier I and Tier II credit approval

does this mean FICO auto enhanced (not sure of terminology)

 

 

Most likely, credit scores will refer to the auto enhanced. 

 

It is unlikely that you would not be considered "well qualified", but if you need more details then you could fill out MarvBear's credit app.

 

 

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[mk_378]

2005 Sentra - 1.0% financing for well-qualified buyers for up to 36 months with $1,500 cash back OR* $2,500 cash back**

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If the amount financed (after the $1500 rebate) is less than about $14,000 it is outright a better deal to take the $2500 rebate and finance at 6.0%. Even if it ends up a couple of dollars more per month I'd still take the larger rebate because it immediately gives you $1000 more equity. There will be a lower payoff if for whatever reason you needed to get out of the loan early.

[bkaren96]

Thank you all for the pearls of wisdom...I feel a little more comfortable walking into the dealership w/this info.

[MarvBear]

Karen; read mk's advice seriously. It is not always the lowest APR that makes the best deal. There is always a trade off point in special subvened rate and whatever regular APR you would qualify for.

 

I tend to agree in most cases you should take all the available cash back and finance with another lender at the lowest possible rate you can qualify for.

 

I do assure you that with your scores, you should have a very low low rate.

 

Do not let them make you rush the decision. The same deal will generally be available tomorrow. Best best IMO is to run the numbers with the lower apr with whatever combination of rebate is offered and then to take all the rebate as down payment and see what the payment is with regular rates.

 

You will probably find that even if the payment is slightly higher that way you will be financing less money overall. THAT IS THE MOST IMPORTANT THING. You always want to finance the least possible amount.

 

mk_378 made a very good observation for you. Very astute.

[hoapres]

Karen; read mk's advice seriously.  It is not always the lowest APR that makes the best deal.  There is always a trade off point in special subvened rate and whatever regular APR you would qualify for.

 

 

mk as MarvBear pointed out gave EXCELLENT advice.  The best financial course of action may NOT be to take the lowest apr particularly so when the phrase "in lieu of rebates...".

 

 

 

I tend to agree in most cases you should take all the available cash back and finance with another lender at the lowest possible rate you can qualify for.

 

 

Total agreement with MarvBear on the above!!

 

 

 

I do assure you that with your scores, you should have a very low low rate.

 

 

From a credit point of view, you should be a "walk on water".  "cookie cutter loan".  Even the most incompetent F&I person with your scores can "get you bought" - You will get a loan at favorable rates and terms.

 

I would suggest that if you have a long term relationship with a financial institution to discretly inquire without pulling a CR your financing options.

 

All your CR's have FICO's over 720+ and with two near 800 you should be "golden" - i.e. easy finanancing at attractive terms.

 

 

 

Do not let them make you rush the decision.  The same deal will generally be available tomorrow.  Best best IMO is to run the numbers with the lower apr with whatever combination of rebate is offered and then to take all the rebate as down payment and see what the payment is with regular rates.

 

 

The above is good advice.

 

 

 

You will probably find that even if the payment is slightly higher that way you will be financing less money overall.  THAT IS THE MOST IMPORTANT THING.  You always want to finance the least possible amount.

 

 

The above is quite accurate.

 

 

 

mk_378  made a very good observation for you.  Very astute.

 

 

No dispute with the above!

 

 

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