What kind of interest rate can I expect on a new (or used) car purchase with a credit score of 660?

We had not expected to buy a car for another 2 years or so, but my car was stolen a few months ago. It was an older car and wasn%26#039;t worth much but still ran great. We got a little from insurance but not nearly enough to buy a new car. We have put off buying a car because we didn%26#039;t want a car payment (our other car is paid off, has been for a while) but now my husband is working on the opposite side of town and we can%26#039;t carpool anymore. We are considering a new car buy but know we won%26#039;t qualify for good financing. What can I expect? New vs. used?

What kind of interest rate can I expect on a new (or used) car purchase with a credit score of 660?

Auto finance is what I do for a living and auto loans are based on the following factors;

1. LTV (loan to value).

2. Term requested.

3. Age of vehicle.

4. Miles on vehicle.

5. Down payment.

6. Time on job.

7. Time at residence.

8. Monthly income before taxes.

9. Credit score/profile.

10. Total debt to income ratio.

Without seeing what makes up the 660 score you talked about, it%26#039;s impossible to tell what rate you might get.

I look at credit every day and see people every month with scores of 700 that can not buy a car because their score is made up of 1 credit card with a $500.00 limit paid 15-times and a couple of student loans.

While this profile generates a great score it does not show the ability or the willingness to actually pay anybody.

On the other hand if your score is based on 3 credit card accounts (revolving) paid as agreed with balances below 30% of your limit and at least 2 cars, boats, homes, furniture or personal loans (installment) all with good long pay history%26#039;s then you can look for a rate between 11.95% to 16.95% for used and 8.95% to 10.95% for new.

I would not recommend a new car to anyone. I have been in the car business for over 7-years and see our used car manager buy 1-year old cars with 15,000 miles on them for half of what they sold for new.

What kind of interest rate can I expect on a new (or used) car purchase with a credit score of 660?

Car finance are the biggest rip off artists on earth.

My guys actually lied to me about my score. All 3 of my scores are in the mid 700s. They told me my scores were int he mid 600s. When I confronted them and proved to them they were in 700s they said they use some other source but would be willing to waive the extra fee. What BS. I almost went to another company.

My point is that they will get you any way they can. But remember you are the client. They are going to try to charge you high rates, but just tell them another company has alreayd offered you good rates and you are going to go with them.