Is there a way, a reliable source to find the interest rate for your credit score?

I'm planning on buying a new car, it's been 15 years since my last car payment.

I want to see what the interest rate would be on the lone by looking at what the lending Institution (my credit union) will base it off of.

So is there a way, place to look up the interest rate by putting in your credit score?

Like say I plug in a credit score of 690 (not actual score, just example), what would the range of interest rate be?

I have so far not found anything. It all seems like black magic! I just want the best information I can, so that I know going in.

I have decided to buy a brand new car, after all these years because I'm tired of driving older cars, that in a few years become I always fixing money pit!

I have money down, I just want to see what interest rates are compared to credit scores.


Thank you for your help!


ARman

Call the credit union and ask them.

I don't know what you plan on buying, but my last 2 auto loans with Toyota credit were 0% interest..

quote:

Originally posted by 1lowlife:
Call the credit union and ask them.

I want to see what they are looking at. When they type in the number, what pops up for them.

I know what they say. I just want to see how they get there.

Thanks!

ARman

Yep, call your credit union. Get your loan approved from them and go shopping, keep it to yourself until you have made a deal. There are plenty of 0% deals out there, but you usually lose some rebate money to get the 0%

quote:

Originally posted by 1lowlife:
Call the credit union and ask them.

this. it is based on credit score, amount being borrowed, and I think other things like age/mileage of the vehicle. and it changes.

quote:

Originally posted by ARman:

I want to see what they are looking at. When they type in the number, what pops up for them.

I know what they say. I just want to see how they get there.

Thanks!

ARman

it's no fun when you know how the magician does his tricks.

quote:

Originally posted by ARman:

quote:

Originally posted by 1lowlife:
Call the credit union and ask them.

I want to see what they are looking at. When they type in the number, what pops up for them.

I know what they say. I just want to see how they get there.

Thanks!

ARman

It isn't solely based on your beacon score, depth of credit, loan to value ratio and term are other factors. If you apply they will tell you your beacon score.

1 more thing:

In 2011 the wife bought a demo Volvo from a Volvo dealership.
It was a 2011 with 5K miles on it.
Volvo gave her their 'best' interest rate.
When we called State Farm to tell them we got the car, State Farm offered to refinance the loan for 1% less and included 'free' GAP insurance.

I bought a new 2005 Tundra in October of 2004 and they gave me 0%.
Traded it in December of 2014 for 2014 Tundra and got 0%.
On the second one they were trying to get rid of the 2014s so I got my rebates as well.

I agree with YellowJacket & BigSwede, there are many factors determining an interest rate for auto loan other than the credit score itself.

quote:

Originally posted by 1lowlife:
I don't know what you plan on buying, but my last 2 auto loans with Toyota credit were 0% interest..

Not sure about Toyota, but I know a few others make you practically forfeit rebates/incentives to get 0%

When we bought our Flex & F150, the best rates were via credit union.

Generally, rebates, etc are nowhere near what interest will run you. If you want to "know how they got there," ask. My credit union loan officer went over a worksheet thing with me when I asked. If they refuse, take your money elsewhere.

I financed a car thru Enterprise used sales twice. They beat my CU rate, and offered a great value.

There is no single source or simple answer because credit score is but one metric.

Every lender will tier out their rates differently. If your score is above 720 and you have decent debt to income ratios then you will qualify for the best rate from just about any lender but that rate could vary lender to lender. Keep in mind that when you use the dealer financing they are making money on the rate. They will get approval at 2.75%, contract the deal at 3.25% and get a check from the lender for the difference. As stated, go to your local bank or credit union unless you plan to take advantage of a manufacturer sponsored 0% promotion.

I was hoping for something like a payment calculator. Punch in some known numbers, get a close general idea of the going interest rate.


My credit union worked some numbers. They gave me their rate, payment. They also advised me how to bump up my credit score is a short period, which has helped. My problem is I have paid for everything with cash, heck I saved for years and paid cash for my house.

I just can't wait long enough to do it with a new car, as the two I have now needs expensive repairs, and almost every time I drive one (the Crown Vic) it cost me $50.00 and/or a tow.

My 20 year old Toyota Corolla needs an $850.00 repair and last month was a $150.00. it's time for a NEW car, I know about what it will cost roughly, and in 3 to 4 mouths hope to have a $5,000.00 to $8,000.00 down payment, and doing what my credit union said to bump up my credit score, which isn't bad, but isn't great.

Not using credit has hurt me. I have thought about this and I rather put $5,000.00 or $8,000.00 down on a $30,000.00 car and make payments, then buy another old car that has milage, no warranty and NOT have what I want.

I make a good income, and would like once again 1) love the car I'm in. 2) get what I want (not what the dealership has on lot, or what someone else ordered.

I tend to keep my cars a long time, and take care of them. It's time for a NEW car.

My credit union offers Gap insurance, extended warranty, car ordering service (with discounts) and other things my other bank don't offer. So I can get what I want, with better rates.


I was just wondering if there was any way to find how they come up with the numbers, and be able to do some figuring myself.

Thanks for the help.


ARman

If you want to temporarily boost your credit score, and know someone you trust, and they trust you, they can add you as an authorized user to their credit card. They don't have to give you access to the card, just add you as an authorized user. There's a whole market out there called "selling trade lines".

The folks that do this charge a pretty penny, but if you know someone who will do it, you can avoid a third party taking a substantial fee.

You will need to do your own research on this topic, but if you have strong Googl-fu, you can figure it out. It's perfectly legal.

Find a certified preowned vehicle or buy from CarMax and get their warranty.
When I was looking I could get a 5 year/150,000 mile warranty on a 2 Old Sienna for $1600.
Easily saved 10k off the price of something brand new with a better warranty.
I ended up with a factory CPO that ended up being a better deal, kind of.
Buying brand new is nothing but tossing money away.

If you are putting 8k down on a 30k vehicle there is no need for Gap insurance.

I have 2 CUs. I play off each other. They offer 1-3% to refinance with them once or twice a year so I swap back and forth. They only charge a $20 lien filing fee so I make a few hundred bucks each year by doing it.
One time one offered 3% back if you refinanced with them and $500 if they did not beat your current rate by a half percent.
I had a rate of 1.99% already. They could only get me down to 1.89%. I said sounds good I'll refinance. So they did the paper work and gave me my 3% of course I just threw it at the loan.
I then reminded them about the $500 for not beating my old rate by a half percent. They were quite miffed said they had never had to pay out both before and did not know how to do the paperwork. I said that was none of my concern figure it out later I'll take my $500 now.
Of course that went at the loan too. That was a nice quick way to take nearly $1500 off a loan I had just taken out a couple weeks prior.
Needless to say that offer ended sooner than advertised and it has not been offered since.

Your credit score only determines which credit market you buy in.

If you have pretty bad credit score, then that market will stick it to you. Pretty much everyone sticks to their guns because they know they have you over the barrel.

If you have good credit score, then it's finding the creditor who is needing business. And usually, Credit Unions do offer the lowest rates. You'll also get dealer financing that may be lower BUT nothing's ever free; I'm sure you're paying for the gap some other way.

There are different scores generated from different algorithms even from the same reporting company.

credit karma

My mortgage service holding my Freddy mac mortgage.

The bank I do business with

all have different scores.

50 point spread.

Usually a credit union has the best rate, but last time the dealers bank beat it.

use a free service to get your approximate score and shop rates.

I had a 4 point spread from best to worst rate last time.

todays spread on advertised rates is 2.59 to 7.38.

48 month loan.

happy shopping

Go to www.annualcreditreport.com and get the only legit free report from one of the three reporting agency's. I would use Equifax first since that's the most used by lenders.
At the end you can purchase your fair issac (the real one, and only one worth having) credit score. It's cheap, something like $8 last time I did it.
Then use a spread sheet or online loan calculator, there are lots of them online, punch in the numbers. Amount borrowed, rate, term (months), and you'll get a payment. That will get you a good idea within a few dollars.

Do you homework thoroughly before you step foot onto any car dealers lot. Don't be afraid to walk. You will be under intense pressure to not leave until you buy because they know once you leave they may never see you again. Shop and research online as much as possible.

For a used car, call some credit unions for a ballpark quote. If you are over 700, odds are you will get the best rate they often advertise online. Sometimes the car dealership finance guy can beat them too.

On our last, the credit union was 2.99 and the finance guy came back with 2.4 (after originally going for 5%)

When shopping for a loan, I heard the same as quoted above. 719 (or close) was one notch from their best rate, and 720 (or was it 725?) got the best rate.

Of course, 800+ is no help without income to service the loan

I closely monitor two people's rates, both of which have their credit frozen. It does fluctuate.