getoesouljah

hey everyone im goin to be gettin an evo x soon, I am putting down 10k n probably loaning 22-23k. I am 20 years old and have a lot of bills that i am paying but never had late payments or anything, the bills are manageable stable money income and car is affordable. I was curious what you guys think my interest rate will be? parents wont co-sign so thats outta the question im hoping for less than 8%. Let me know what you guys think.

Thanks in advance.

alloutDSM

iTrader: (12)

depends on your credit score and bank from wich you get a loan

93HardTopTurbo

iTrader: (1)

Your interest rate is going to depend on your credit score. If you have a credit score of 720 or higher (some banks require 760 or higher) you could get down into the high 4% - low 5% range.

Have you found out what your insurance rates are going to be? The Evo is not a cheap car to insure. With Geico, the Evo X is actually $800 more a year than a 2008 M3 for me.

Good luck and I hope you know what you're doing financially.

spdracerut

iTrader: (2)

I hope you already took into account insurance rates, gas, maintaince, and replacing tires and brakes pretty often..... driving an Evo ain't cheap! Since you're only 20, I'd really hate to know how much you're insurance will be.... I wouldn't be surprised if it were 75% of your car payment.

striderx88

iTrader: (4)

wow

Tunerhead

iTrader: (2)

+1

getoesouljah

I'm not worried bout anything else I got it covered just interest rate . I have been wanting an evo for like years n decided to save up so I know maintenance cost, ins, gas etc thanks for the responses guys
but like I thought u need like good 5 yr credit to get good loan I'm just asking to see if any of u had similar experience, also i dunno which bank cuz im doing it from dealer is that a good idea?

antics22

iTrader: (1)

best thing you could do is to check your fico score so you know EXACTLY what you're walking into...

Check it here: www.myfico.com

You can pull all three of your credit scores. Why is this important? Knowing your score will help you determine if you are getting a competitive rate. Having the dealer find the bank for you is not an issue as long as you know they are giving you a good rate. A good rate will mostly be determined by your credit score and your income.

Anything above 720 is considered Tier 1 credit meaning you should get the BEST rates available... (low 5%'s) Keep in mind that other factors will come into play such as a steady reportable income. Start with that, then let the dealer shop the best rate for you. Dont settle for just any rate... if you know you have a good score, you can typically negotiate with the dealer since they get "commission" depending on which bank they send you to, etc....

good luck!

getoesouljah

o really they get commission?? well if i check my score wouldnt it get lowered everytime the dealer or a bank checks it after i check or can they base it off what I give them, also i mean like i just cant imagine gettin 5% interest but if its doable i totally wouldnt mind lol. alright ima go get my scores first. is free credit report.com reputable?

antics22

iTrader: (1)

freecreditreport.com is reputable but I dont think they will actually generate your fico score, you need to get the FICO score.

Yes everytime you inquire on your credit, it can affect your score. However, if you are going to be obtaining financing for a car, lenders typically will take note that you are rate shopping and it wont affect you as much. In addition, keep in mind that you are not applying for an open line of credit, so a car loan is actually easier to obtain in lenders' eyes because its collateralized (with the lien of the car).

MYFICO will require a fee... but I think its a small price to pay to knowing your credit worthiness... use this coupon for 25% off.... enter MW01 during checkout and check all three scores since they will vary and depending on which agency the dealer pulls, you could get different results.

In summary:

If your score comes in well above 700, and you have a steady income (that you can prove via paychecks, etc... and not cash under the table from uncle VITO), along with your 10k down, you should be GOLDEN.

Check with local credit unions because they will have the best rates out there... anywhere from 4.99 to 5.75 for Tier 1. The dealer will typically be able to MATCH that...

However, if your credit score is in the 600's then your rate will increase to as much as 7.99% ~9% depending...

If your credit score is in the 500's, then you're pretty much assed out. Find a co-signer, or pay cash for that X.

getoesouljah

hey thanks so much lol wait so like last time i checked my score was 690 in 2006 im sure it has gone up but not sure. ill see how it goes. thanks so much.

CC16

I'm 21 and my insurance is only 150. Down from 200 for my Jeep. Just thought I'd see if that helps you any.

slvrr

iTrader: (16)

Personally I wouldn't put 10 grand down on a car. Start up an investament plan and start using your money to make more money. A car is a seriously bad investment. As far as your intrest rate, check with what Mitsubishi Motors is currently running as this will often be your best bet. Most car rates start around 5%. As long as your over a 650 you are going to be ok and will be able to negotiate with the Finance guy at the dealer. What you need to ask him is what your "buy rate" is. Make him show ou on paper and the computer. This is the rate the bank is loaning you the money at not what the dealer is trying to get you to pay. It might take a bit of persuading but he will. Also never take the first payment they give you but always let them make the first move. Just sit there as long as it takes and tell him where you need your payments to be. Make him come down without putting any more money down. Lastly do not be affraid to get up and walk away, don't be unrealistic or get upset stay calm and collected. If you think you are at a stale mate then stand up and thank him for his time and tell him you belive you can do better at another place. Then thank him again and walk out. If he doesn't stop you or your saleman doesn't call you back immediately then he was more than likely at the end of the road. Stick to your guns and don't give up but be realistic. I was a finance manager for 2 years and a finance director for 3 1/2 years at one of the largest Chevy dealers in Central Teaxs. Best of luck and I hope you get what you are looking for!!

starmax

iTrader: (1)

my credit score was 806, and I got 5.75%... Not a great rate, but it was late on a Saturday night and didn't feel like spending a couple days shopping around for interest rates. Honestly the difference between 5% and 6% is not a ton on a 5 year loan for $25k. My loan was 24k and my payments are something like $465/month.

stanrc

iTrader: (1)

i agree, don't put 10k down on a car. thats money you will never get back. the average rule is that you pay $20 a month per $1000 you finance, so figure out how much you can afford to pay a month and then only put down what you need to.