What kind of loan can I get with my credit score?
July 29th, 2010 | by admin |
Hello,
I am leasing a car which I will have the option to buy out in March of this year. Since it’s a very good car, I’d definitely like to buy it out – The buy out is something like $8,000. I checked my credit score, and it’s about 762 with Experian and Equifax, and 777 with Transunion. The only thing is that I am currently not working, so I’m sure that “that” would come into play as well. As a small side note, I almost have enough capital to buyout the car outright, but I would like to keep my cash liquid if I can get a good rate.
1. First of all, why do I get different scores for my credit score (signed up for a free trial for one of those free report things that gives you 3 different scores)
2. Also, what kind of interest would I likely be paying here?
Thanks.
Lol wow, at first I was pissed off at how many spam answers I was getting on my question, but now I just laugh. I will report all of you spammers – please stay OFF my question!
Brent
Tags: Credit Score, Equifax, Experian, Free Trial, Good Car, Hello, Laugh, Leasing A Car, Spam, Transunion, Wow
8 Responses to “What kind of loan can I get with my credit score?”
By tina m on Jul 30, 2010 | Reply
Shawn
better go to suzy orman
By Mrs on Jul 31, 2010 | Reply
Terry
The reason why you are inclined to receive different scores is because each credit company doesn’t report all of the same information. If you carefully go over the accounts listed with each bear eau you will find that one report may or may not include the same information. You should have a really low interest rate with your credit score being so high.
By Reena on Aug 3, 2010 | Reply
Samantha
Unless you bought your score at myfico.com…. you do not have your real fico score in front of you.
Experian uses their own score… which looks good but actually goes up into the 900’s… so you can see where you are in comparison with the real FICO score.
The only way to get to your real score is to apply for a loan and ask the lender to provide you with a copy of the score they pulled. (I know they have to give it to you if they deny you…)
But even your not so real Experian score is actually good enough for a loan but only if you have a job. Don’t bother trying unless you want to outright lie and put your previous employer down.
Turn the leased vehicle in…. and look for a $5000 used car. Take your time and buy from a private party that agrees to these terms:
1. Seller pays for Smog Certificate
2. Seller allows prospective buyer to take the car to a reputable garage to have it checked out.
Put that car on the ramp and first of all check for any leaks around the transmission and oil pan, check CV joints and get the service records from seller that show what repairs and “normal” maintenance has been done to the car.
Let the mechanic take it for a ride… and then pay him for his evaluation. You will never be wrong with that expense.
Here is what you are looking for:
Low mileage and an owner that is somewhat older ( no, I am not discriminating against young people… fact is: older people tend to take their cars in to get the oil change done when it is due… because they can afford it… and because they feel it needs to be done).
Clean engine compartment. spark plug wires have been replaced at least once in the cars life time.
Timing belt maintenance done on the specified mileage turns. 60K 90K… etc.
If you are lucky… all oil changes have been done on time. (Every 3000 miles).
I just bought my daughter a 96 Honda Accord… it cost me $2300… The dealer would have wanted a lot more than that. It’s her first… and I am not wasting money… chances are she will put dents into this one…. 100%. With any luck… she will drive it until she is done with college and makes enough to buy her next car on her own. Since she has never seen her mother make a car payment… she will not find it “normal” to do so. – by the way… my daughter is 16 1/2 and just passed her permit test. (god help me… I have to try and teach her how to drive… and yes, it costs an arm and a leg to get a teenager insured).
I don’t lease or finance my vehicles… but save up to buy a decent used car that I maintain to the highest standard. Saves me a lot of money. You would be amazed how long a car can last.
You seem to have plenty of money to buy your first car outright… maintain it and keep it, even after you get that new job and make a lot of money again.
Good Luck
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