Comments on: What is the standard credit score to purchase a used car? http://creditconnectpro.com/what-is-the-standard-credit-score-to-purchase-a-used-car/269/ Free Credit and Debt Information Mon, 21 May 2012 23:06:22 +0000 http://wordpress.org/?v=2.7 hourly 1 By: mccoyblues http://creditconnectpro.com/what-is-the-standard-credit-score-to-purchase-a-used-car/269/comment-page-1/#comment-668 mccoyblues Thu, 11 Sep 2008 06:48:27 +0000 http://creditconnectpro.com/what-is-the-standard-credit-score-to-purchase-a-used-car/269/#comment-668 your "score" is only a small part of what goes into determining if you are worthy of obtaining credit. Your job history, your income, how much debt you have. What type of car you want to buy are all factors. your “score” is only a small part of what goes into determining if you are worthy of obtaining credit.

Your job history, your income, how much debt you have. What type of car you want to buy are all factors.

]]> By: MKE Bike Beginner http://creditconnectpro.com/what-is-the-standard-credit-score-to-purchase-a-used-car/269/comment-page-1/#comment-667 MKE Bike Beginner Thu, 11 Sep 2008 04:24:45 +0000 http://creditconnectpro.com/what-is-the-standard-credit-score-to-purchase-a-used-car/269/#comment-667 As I understand it, the car loan market is typically lumped into 3 categories: - The sub-prime market. These are individuals who have credit scores less than 620. Bank financing is usually difficult (or impossible) - When it is provided, it's usually contingent on substantial money down. - The mid-prime market. These are individuals between 620 and 680 who can probably obtain financing (potentially without money down), but most likely will have to accept an interest rate well above 10%. - The prime market. These are individuals with credit scores above 680 and will command a respectable rate between 5% and 9%, depending on the term of their loan and other factors. Loans with no money down are usually not a problem, given the fact that risk of defaulting is percieved to be low. If you want easily get financing from a bank with little money down, you'll probably have to bring your credit rating at least up to 650 or more. As I understand it, the car loan market is typically lumped into 3 categories:

- The sub-prime market. These are individuals who have credit scores less than 620. Bank financing is usually difficult (or impossible) - When it is provided, it’s usually contingent on substantial money down.

- The mid-prime market. These are individuals between 620 and 680 who can probably obtain financing (potentially without money down), but most likely will have to accept an interest rate well above 10%.

- The prime market. These are individuals with credit scores above 680 and will command a respectable rate between 5% and 9%, depending on the term of their loan and other factors. Loans with no money down are usually not a problem, given the fact that risk of defaulting is percieved to be low.

If you want easily get financing from a bank with little money down, you’ll probably have to bring your credit rating at least up to 650 or more.

]]> By: randysoby http://creditconnectpro.com/what-is-the-standard-credit-score-to-purchase-a-used-car/269/comment-page-1/#comment-666 randysoby Sun, 07 Sep 2008 22:50:34 +0000 http://creditconnectpro.com/what-is-the-standard-credit-score-to-purchase-a-used-car/269/#comment-666 Different banks use different scores. I would say that equifax is the most common in the car biz. Good luck. Different banks use different scores. I would say that equifax is the most common in the car biz. Good luck.

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