Auto Loan Interest Rate Bad Credit

I was summoned to 18.99% with a credit rating of 630. Is this something I should wait and suck it up and deal?

Auto financing is what I do for a living and not a score 630 is not considered good when it comes to financing a vehicle.

Plus much of it is what makes your score, you can have a thin file, not in the office long enough or simply not enough lines of credit.

I've seen people with scores of 700 not be able to finance a car because their score is based on 1 credit card with a limit of $ 500.00 paid 12-times.

So if your getting 18.99% of them cited a reason. You can always make a big enough cash and get a lower rate.

If this is not an option, you have to live with for a few years until your score and the profile is better and then refinance with your bank or credit union.

And believe it or not 18.99% is not so bad that I used to work in Iowa and I contracted people every day in 27% and they were happy to get it.

Hate to be discouraging, but with a 630, you're unlikely to get a loan anywhere desirable. However, with a credit score is damaged, I advise you not to take loans at all until you can do a little. Otherwise, you'll A. filed to pay more, and the risk of entering into B. not worth extra credit if something happens and you are unable to align the interest rates abnormally high.

If waiting is not an option, I think you just have to suck it and cope. But with bad credit, seriously, I would put a new car or other major expenses until you're in better shape.

For advice and tips on repairing your credit score, I recommend websites like http://www.onlinecreditscoring.com/credi ... they are where I get most of my information and they are very useful.

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