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I've had two short sells this past year so my credit score is 659. I got a rate of 3.9 for any term. According to Experian, the floor of a Medium Risk person is a Fico of 626. If your wife has he higher score, try running all 3 agencies and tell the dealer to use the highest score. Also see if another dealer would do better. 17% is robbery.. also does the percentage depend on down payment?

 

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With scores around and higher interest rates, banks will usually require a down payment because of the higher risk for default. Also, we cant use just whatever score is highest. Some banks only use the Experian score or one of the other 2 to get an approval. The past few years, Honda has been terrible with low tier interest rates and other banks would be the way to go, which I suspect they did with the 11%. But the one thing you don't want to do, is go around trying to find the best rate as your score will end up alot worse than it is

You sound like you work at a dealership Jason. As far as credit goes, I believe you are not punished for rate compare. Multiple checks during a short period of time I believe only counts as one hard inquiry?

 

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Rates aren't set on credit score alone. What is your driving record, tickets. accidents.

Hi,

Can you please show me a link where rates can be linked to driving record? I've never seen any credit extensions that have or even be able to factor in your driving record.

 

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Driving record has nothing to do with interest rates

Otherwise, I'd be sitting at 0.01 interest rates on a 40 year fixed since I'm such an awesome driver.