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Posted in Auto Loans
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clath

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i want to buy a car with credit score 676, will i get good interest
I filed bankruptcy in 2008 and had a lien at the court.. bankruptcy is discharged and lien is paid. They still show on my credit report, lien will fall off this fall and bankruptcy next summer. These 2 things continue to hold my credit score down. I have managed to raise my score to 676 and have $25K in available credit .. I want to buy a car this spring and worried what interest will be. My score can't afford several hits I may get if dealer looks for lender. What is my best course of action?

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Most auto lenders use a version of FICO scores, so know what they are. If they are in this same range, you might expect to get an "ok rate". Not good, but not bad. You could always refinance a year or so down the road too if you wanted to if your credit gets substantially better in that time frame. If the FICO score that they use is in this range you might expect 10% give or take. With most FICO scoring systems, multiple auto inquiries done within a certain period of time (within a 2 week period to be safe) are only scored as 1 inquiry, even though you will still see them all listed on your reports. It works this way for Auto, Mortgage and Student loans only. Personally, I would rather end up with five or six inquiries and get a better rate than only having one inquiry and ending up taking a higher rate. In the end, it is all about saving money where you can.

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