|
|
| *Loan,banking and credit>>>credit report |
Auto dealerships..Credit reports...I'm confused? |
Years ago(my teenage years) i messed up my credit....I pay everything on time and try to rebuild it now 5 years later. I went to a dealership to see if I could get appoved for a car...The guy told me I could but my payments were way too high...He told me my credit score was a 620 and 610..i was so happy because the last time I checked it was only in the 500's....However, I got a copy of all 3 credit reports and they are still in the high 500's...NO 620 OR 610!!! I don't know if he lied or what...Why would he say that if it was not true? I got my hopes up and its wrong!! Auto finance is what I do for a living and the reason there is a difference is that auto dealers pull whats called a "Auto enhanced" bureau and not the regular bureau that you get from the various web sites. Auto enhanced bureaus are slanted in your favor based on your installment credit. This is why the scores are higher. With a 610/620 score there is no reason that you should not be approved. You will fall into the sub-prime finance department and your interest rate will be slightly higher then a prime rate. Find a dealer near you that advertises Special Finance and go see the Manager, they will be able to help you. Source(s): Finance Manager for a car dealer for over 7-years. The difference could have been from having multiple reports run very close together. A lot of things can affect your credit, and if you had a bunch of reports run at one time, it can drag your score down a bit. When it comes to buying a car and your credit, don't let them play games with you. I had a mediocre score when I bought a new car (650ish) and I still got a 5 year loan at like 2 and a half percent. Things to keep in mind when buying a car: 1. Don't think that you have to have THIS car. Otherwise the dealer can pretty much dictate what you're going to pay and for how long. 2. Do your homework on how much the car actually costs. I was able to get 10 percent knocked off the sticker on my car. I saw what they paid for the car in cost, and took into account that they were handling the financing, so all the interest I would pay was straight profit for them. There's no reason they need to make a whole lot more than the cost of the car. The interest is where they make the bulk of the money. 3. Be persistant, stand your ground. Go in there with the ammount your willing to pay. Don't go above that price. If they act like they can't match you, walk out. Odds are they'll come running after you to say "well I'll see what we can do". Remember, you're a consumer, and this isn't the only car dealer in town. 4. Make sure you understand the total cost of the car. Price insurance, gas, and any maintenance fees like oil changes so you know what you can afford. Hope this helps and good luck Next time you go to a dealership for a test drive DO NOT let them make a copy of your driver's license. If they know your credit score then they gouge you with the payments. Good luck hun. |
| Tags |
| credit check credit counseling credit debt credit line credit repair credit report credit score credit card online bad credit loan bank of american |
SiteMap--Copyright/IP Policy--Contact Webmaster--Resource of HR For personal non-commercial use only. |