Credit Reports & Buying a new car

Discussion in 'Archived Threads 2001-2004' started by Moe Maishlish, Oct 17, 2002.

  1. Moe Maishlish

    Moe Maishlish Supporting Actor

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    A friend of mine is in the process of buying a new car, and just got turned down for the special 0% financing rate that was being offered. According to him, it turned out that his credit history wasn't good enough for him to be eligible for the 0% special, and now he's in trouble, as he's already sold his car, and was expecting to have the new car ASAP.

    This got me thinking - I'm planning on buying a new car in the next year or so, and expect to take advantage of the same kind of 0% deal (I'd like to buy a Tiburon, and get 0% financing for 48 months... just like the deal they have on in Toronto right now). Of course, I don't want to get stuck in the same kind of jam that my buddy is in, so I'm going to run a credit-report on myself to find out what my rating is. I know that credit ratings can be affected if you cough the wrong way, so I want to make sure everything is above-board before venturing into new-car (or mortgage) territory.

    Does anyone know what kind of credit-rating score is needed to qualify for the 0% financing? Are there any other specifics with credit-ratings that should be known?

    Moe.
     
  2. Zen Butler

    Zen Butler Producer

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    First of all, unless you have a FICO of 750+, O% is highly unlikely.

    Also remember, they like short term pay-off for 0%, not 48-60 mos.

    680+ FICO score should get you a good APR% on a 36-60 mo loan.

    Take your credit reports with you to the dealership/when purchasing. (To avoid scam)

    Most likely if do not own a home, your not at 750+

    Don't move right before you go in to buy a car.

    Keep your CC balances down.
     
  3. Ryan Wright

    Ryan Wright Screenwriter

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  4. Zen Butler

    Zen Butler Producer

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  5. Micah Lloyd

    Micah Lloyd Stunt Coordinator

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    Ryan, Could you clarify? They were trying to get you to sign a new contract?!? What nerve! They're just as bound to the one you both signed as you are. You had nothing to gain and everything to lose by signing a new one. Or am I missing something?
     
  6. Dave E H

    Dave E H Supporting Actor

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    Man, I bet they do trick people with that bait and switch. What b*stards!
     
  7. Ryan Wright

    Ryan Wright Screenwriter

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  8. Todd Hochard

    Todd Hochard Cinematographer

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