What is the best rate with 638 trasunion score ? Need Advice

[Kuilan23]

Las week I ran the annual credit score from equifax and says that I have 683 and its seen as an Average/Good credit score. So yesterday I went to a dealer to buy a Nissan CPO and they run a fico score and I obtained a 638 score. they approve me for an amount $19,500 an interest rate of 8.49 for 60 months. I believe that interest will match with a 72 months term intead of the 60 months term, but they said that the problem is my "poor" trasunion credit score. I need Advice please.... 8.9% APR is a good rate for a CPO car ???

[crabu2]

8.9% good? Not sure, but it doesn't look bad for a FICO of 638. At least to me.... especially with not knowing anything other than a score.

I'm saying this because in the mortgage world, many lenders won't give to a mortgage till you had a mid score of 640. And even then, depending on what's on your report, they will deny.

 

Can you get a better rate? Probably so, but you're going to need to shop your financing... Check with different credit unions to see what they might offer you.. A face to face with a local CU might be best. Check with Nissan financing to see if they're running any specials on CPO vehicles. I know Toyota is...

 

BTW, if that's the 1st number the dealer threw at you, they can probably do better... Dealers get wholesale rates, that they can mark up.

[Kuilan23]

The first APR rate that they gave to me was 9.9% (60 months). The thing is that with equifax I have a score of 683. Does other companies use Equifax insted of TransUnion ?

 

How much will be the rate with those scores if I buy a new car insted of a used one ?

 

 

[BRBiz]

Doesn't seem out of line.. Did you try a Credit Union at all?

[JPerry115]

8.9% for a 638 is good! I used to sale cars for Honda, but there is always a better rate waiting and whether you qualify for it or not is what matters. You can always alter the rate by paying more per month or putting more money down.

[BRBiz]

/>The first APR rate that they gave to me was 9.9% (60 months). The thing is that with equifax I have a score of 683. Does other companies use Equifax insted of TransUnion ?

 

How much will be the rate with those scores if I buy a new car insted of a used one ?

 

 

The thing is you really never know what your score is and they are probably pulling a auto enhanced score which is generally lower then your actual score.

 

A new car may be a few points less but you could possibly get a 0% with some dealers.

[Kuilan23]

^{Well today I will go to a Dealer and see how much will be the rate for a new car. I will let you know.}

^{Thanks for the information}