FICO Scores and car loans

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Just wondering here, my wife and I are possibly going to get her a new car soon, maybe a Nissan Rogue. Does anyone here know what range your FICO credit score needs to be to qualify for Nissan's top tier financing? They have some zero and 1.5% deals going, we have been approved by Nissan Motor Credit if we go that way with it, but they did not give any specifics on rates yet. I am sure we will hear back soon but I am trying to get as much info as possible before we hit the dealership so we don't get a bad deal. I don't trust car dealers any further than I can throw a cheesecake underwater. Thanks.
 
Typically anything over 770/780 gets you the best rates, above that doesn't matter so much.

But a credit report is more than a score, it depends on a number of factors. IE kinds of credit on the account, length of time you have ha credit, etc.

Ask Nissan.
 
Just a moment of advice, I recently purchased a new vehicle. Try this go to the credit department first before even making a deal, don't assume you agree on a deal and magically you get the financing you expected when you go to the back room.

I could have almost been given a better deal if I sourced financing independently through a bank.

The price of the car doesn't matter much, they get you in the back room with extra fees, warranties, service agreements, under coating, snake oil paint sealant etc you can buck the process by having the credit worked out first.
 
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According to myFico, anything above 720 will get you the best rates. Additionally, from the simpledollar:
-Anything under 640 is considered a poor score: You’re likely to be considered a high-risk borrower, and that means your credit card interest rates will be much higher than average and you won’t qualify for a typical loan.
-A credit score of 641-680 is fair: You may qualify for that loan or credit card, but your rate will be relatively high.
-A credit score of 681-720 is good: You’re in the pocket. With a score in this range, you’ll get plenty of credit card offers, qualify for loans with good rates, and pay lower insurance premiums.
-A credit score of 720-850 is excellent: At this level you get the best rates on credit cards, car loans, and home mortgages. Above 720 is generally considered a “perfect” score.
 
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Thanks..we are working with the credit union and also Nissan Financing. We/she wants to have financing already approved and a rate locked in before we set foot on the dealership lot. My wife is doing all the research here, wants the loan in her name only and I will only be on the loan if absolutely necessary. This is not something I am looking forward to because I hate car dealers, slick, shady and pushy sales people and most of all I hate the back and forth haggling with the "Sales Manager". The F&I office is its own little slice of misery and deception and we hope to avoid as much hassle as possible. I have not bought a vehicle in nearly 8 years but I doubt say of the $tealership practices have changed much since then. Thanks for the info.
 
Originally Posted By: Fraser434
Just a moment of advice, I recently purchased a new vehicle. Try this go to the credit department first before even making a deal, don't assume you agree on a deal and magically you get the financing you expected when you go to the back room.

I could have almost been given a better deal if I sourced financing independently through a bank.

The price of the car doesn't matter much, they get you in the back room with extra fees, warranties, service agreements, under coating, snake oil paint sealant etc you can buck the process by having the credit worked out first.


THIS +1000. Secure your loan first, THEN make the deal on the vehicle. The salesperson will try to make it a package deal, but each thing (price, interest, etc) is a separate negotiation. To answer your question, 740 and higher indicates a very reliable borrower.

Also make sure to shop around (Credit Unions, Banks, etc) first, and you may be able to play one institution against the other.

Overall, be prepared to walk away, even if you intend to buy the vehicle - make them come after you. Getting up and walking out of the office is one of the most powerful persuasive tools you can use when negotiating a new car sale. There is more than one dealership, and "your car" can be found at many places, not just the one you are sitting in. Since it is your wife's vehicle it may be tough to keep emotion out of it, but in the end this is a business transaction.


edit: and of course I just read your post just above after posting.....
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Originally Posted By: Jimmy9190
This is not something I am looking forward to because I hate car dealers, slick, shady and pushy sales people and most of all I hate the back and forth haggling with the "Sales Manager".


On many car brands (don't know about Nissan) you can completely avoid dealership headaches. Do all your research on the internet.
-Choose the EXACT model you want.
-Determine the most you will pay "out the door", tax, title, everything.
-Get on the phone and tell the dealers what you want. Even try sites like TrueCar to get prices established in your head.
Call dealers as far as you are willing to drive. The hungriest dealer will meet YOUR demands.

Wait for the car to show up (if not on the lot). Show up and sign the papers. Done.
 
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