Min credit score?

[Paul87]

So this is the first time in my life I've been in a position financially to buy a $50K+ car. I've spent the last two or three years building my credit and now it's sitting right around 700 I think. Is this good enough to get financing or should I work on it til it hits 750-800?

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[kz]

So this is the first time in my life I've been in a position financially to buy a $50K+ car. I've spent the last two or three years building my credit and now it's sitting right around 700 I think. Is this good enough to get financing or should I work on it til it hits 750-800?

It is high enough to get financing, question is with what APR. IMO 700 is too low to get lowest possible, personally would wait to be above 740 at least (Fico)

 

[Poppacapp]

700 is high enough to get a decent loan. You can either wait to get a higher score and lower interest rate, or buy the car now, enjoy it, and refinance later if you choose. You should qualify for a good rate at 700.

 

[cyberbro]

So this is the first time in my life I've been in a position financially to buy a $50K+ car. I've spent the last two or three years building my credit and now it's sitting right around 700 I think. Is this good enough to get financing or should I work on it til it hits 750-800?

It's good enough.

 

[Sal33n]

700 is high enough to get a decent loan. You can either wait to get a higher score and lower interest rate, or buy the car now, enjoy it, and refinance later if you choose. You should qualify for a good rate at 700.

This exactly!

If you want some actual specific advice and want to protect and leverage your credit and money, you'll need to post more info about your financial situation: total assets, total liabilities, income, time at job, time in field, life goals, other debt, all that for spouse/family if applicable, etc. But as it stands, your post as is I can only offer you this advice: wait or buy used.

The OP states he can afford a 50k plus car and has a score of 700 and you suggest buy used? It's not like he is sitting at a 600 trying to rebuild his credit while making 15 bucks an hour. Not to be overly rude but you're being a little mellow dramatic.

 

[bluebeastsrt]

Hell. 600 is good enough to get a loan.

 

[Fasstang]

If you can afford the payments ( I assume you can ) go for it.
The feds will soon raise the financing rates and you may end up looking for a higher payment, even if you had a 750 credit.

 

[S550GTDan]

I got financing with a 0 credit score.............lol

 

[m0nty55]

I got financing with a 0 credit score.............lol

what was your interest rate? lol

 

[S550GTDan]

what was your interest rate? lol

Put 15k down, financed 26,xxx K, APR is 8%.

 

[w3bb3r04]

8%? Yikes. I didn't put anything down on mine and Im somewhere is the 3% range.

 

[m0nty55]

8%? Yikes. I didn't put anything down on mine and Im somewhere is the 3% range.

yeah, 8% is decent with no credit check heh. I just bought my wife a new Accord with 1.9% APR, but I do have over 800 fico score.

 

[ARS1]

That's more than enough for an S550. We started somewhere n the low 600s when we financed my truck then got a couple more after that, We have over $2k/mo in car payments alone so I don't know if you FICO # means as much as your income # to the banks when it comes to a car loan. They're easier to get now a days but coming from someone who had a repo or 3 in my youth make damn sure you can do it before pulling the trigger. I'm fortunate to be in a much better situation now but I sure learned from my past...

 

[ARS1]

I think our S550 is somewhere around 5% but they keep trying to get us to refinance it at a lower rate with our payment history. Always pay more when you can. But a refi on the house is higher on the list for us.

 

[Paul87]

Thanks all for the replies.

To the one questioning my ability to truly afford the car as opposed to simply being able to stay afloat with a $700/mo car payment, trust me when I say I can actually afford it. What I meant by my original post is that I can comfortably afford the car now.

All the same I think I'll take the advice of all those who said waiting until my credit score is higher will help lower my interest rate. I'll keep saving towards the down payment in the meantime...

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