Buying a new or used car with a 724 credit score?
Well I am looking to buy a new or used car (Lexus). And well I have a credit score of 724, but with the credit freeze I am not sure if I can qualify for a reasonable interest rate. Would I need a co-signer or could they in house finance me with a good rate. I need help ASAP because I have someone that is ready to buy the current car that I have.
Public Comments
- yeah youll be alright... my cousin just bought a new honda accord and honda gave her 1% shes probably around there 724... toyota (lexus) should do the same.... make them compete youll always come out on top and cut 20% off the price youll get what you want, nobodys buyin cars so make them work for your business.. i just bought a new used acura its a 20000 dollar car for 15000 from a toyota dealer
- A score of 724 is considered "prime" and you'll be able to qualify for the best rates without a co-signer. You could get rates as low as 0%, 1%, or 3% if you can find manufacturer's promotions. Rates this low are not generally available, even for people like you with a great credit score. The rates are only available during short promotional periods. Of course, credit score is not the only factor in qualifying for a loan. You must also have sufficient income for the loan you want, and no excessive debt.
- Hey Juana, it's kind of hard to give you a specific answer here. These days we talk a lot about FICO score. I am not very sure if you are using the same score system. Generally speaking, a 760 FICO score will get you the very best rates at the very best loan terms. Anything higher really will not change what an auto lender can offer you since you will likely already qualify for the very best deal. Suppose your FICO score is 724, you should still be able to get a pretty good rate on your auto loan and not have any trouble getting approved. Hope it helps, and good luck.
