AboutRay Paulsen Expertise confused buying new or used...buy with confidence from dealer or private...consumer fears...paying to much...getting a lemon...accident car...fair value for trade...negotiation process...etc...you simply want a fair deal...
Experience over 30 years in automotive industry, management, retail, wholesale, appraisals, auctions, vintage
Question I have a credit score of 600 at this time and I am trying to get a vehicle financed. I have been offered interests from 12% up to 25%. What is a reasonable interest for me to expect with this credit rating?
Answer Hi Jacqueline
It's very important you understand how the process works before you start to phone or visit dealers, each inquiry will show on your credit bureau and the more inquisitions on your report card the less likely the current lender will approve you, having a blemished credit rating or no credit rating spells the same " high Interest "
It's important you understand how dealers work with blemished credit and how you should deal with it, go to this link on my website for an understanding http://www.usedcartips.org/CREDI.html
A credit score around 600 is considered just a notch below fair, for a further explanation check this link http://www.usedcartips.org/INST.html 12 to 15% I would considered excellent with a 600 score, anything higher it becomes buyers beware big time as you could be digging a hole you will never recover from.
