✅If you are between a 300-500 Credit Score, DO NOT BUY a Car. If you are between a 501-600, moving into the 600s could be drastic improvement to the rate you may receive.
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– Because of tightening approval requirements, more applications in the subprime and deep subprime category are being rejected because of your risk factors previously being dismissed.
– Know and understand your score and that dealers aren’t using Karma. Dealers are largely using the FICO Score8 and having it handy can spare you from having to run your credit at every dealership further decreasing your score
– Don’t fall into the trap that big lenders like to use. Big name lenders using their names to legitimize charging high rates, or worse, giving moderate rates to the dealer and allowing them to mark it up as they please.
– Know that rates are always subject to negotiation and never take what the dealership is doing for you as being a favor to you in any way because they are approving you when another didn’t. Their job is to get you approved and in a car.
– A good example of a normal rate for each credit score bracket
– If you are between a 300-500, DO NOT BUY and focus on spending some months or a year on rebuilding your credit via secured credit cards and credit reporting savings programs.
– If you are between a 501-600, moving into the 600s could be drastic.
– The avg rate in the 500s is about 17% as opposed to 11% in the 600s, not to mention 3-4% in the 700s.
– How much a $20k loan will cost you altogether
– Shoot for new cars at $20k whenever possible even if it means less equipment
– Not only will banks lend at a lower percentage, but the manufacturer will extend a promotional APR rate reduction of the normal rate.
– Have a job for at least 3 months paying you at least $20k per year or $1,500/mo at a minimum, and be getting paid roughly 4x the monthly payment you are being quoted.
– Put down 20%. Why? Because most banks don’t want to loan out more than 80% of the vehicles Value. Otherwise known as Loan to Value or LTV.

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