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Posted in Auto Loans
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Question By
MykkahJane

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Not much credit history. Auto loans? interest rates?
I have a 720 credit score from Experian, although Credit Karma has me at 700.

However I have limited credit history, I (unfortunately) enrolled in a rent a center program in 2012 and paid 16 months worth of payments on time to finally purchase the furniture for my first apartment. I ended up paying two grand for seven hundred dollars worth of furniture

That however is a whole other story and i did pay it off on time each month and it is reflected on my credit score as 16 months of on time payments on a rental

I also have six months of use with an unsecured credit card through capital one that I have paid off on time each month as well.

I don't want to get screwed over but i have no idea what interest rate I should expect. i have $9000 to put down on a 14-16K car and the dealer informed me i was looking at around 18%

I wont get a loan for that crazy interest rate but before i go doing hard pulls on my credit left and right i wanna know if the search is worth it or if i should buy another crappy used car

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Best to see if what rates for a Auto Loan from your Bank or Credit Union. I'm sure they will do MUCH better then the dealers 18%.

If you have 9K, then keep saving and pay Cash for the Car you want. Talk the Price down Cash will get you a better deal.

Whats wrong with a crappy car? You won't have the debt to pay off.

Top Contributor
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Pre-Qualify

Helpful to 2 out of 2 people

Go to your Credit Union or Bank and ask them to pre-qualify you for a loan, You will get a better rate and you will know up front how much you can spend on the car. (also a good negotiatiing tool )  That will also keep the number of hard inquiries on your CR down to a minimum.

If you have $9000. for a down, you could qualify for a $9000. loan you should be able to buy a nice new car for that!

Good luck!

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