I just bought a 2008 Saturn Outlook in October. I got dealer financing through GMAC at a rate of 8.5% for 5 years.
I just pulled my credit report today and saw that I have a fico of 801. that got me thinking that I should try for a better finance rate since I should qualify.
I am assuming that since I have left the dealership (my car now has 1800 miles on it) this would be considered an auto refinance instead of a "new car loan" or even "used car loan". Anyone have any tips on where to shop for rates? I don’t plan on applying to more than one, since I don’t want the inquiries on my credit report.
Any tips would be appreciated. I owe ,600.
thanks
Related Resources
- Understanding Your FICO (small business coaching) Score
- New Car Loans – Car Finance Low cost of ownership | Used Car Credit
- They Live!: GM Adds Saturn Outlook and Vue To Zombie Production Roster | The Truth About Cars
Mail this post
Auto finance is what I do for a living and the dealer you went to really took advantage of you.
With a score like that you should have got anywhere from 4.99% to 5.99% tops.
Anyway with some banks it will still be considered a new car loan, I would try your own local bank or better a credit union.
Do not go to lendingtree, when people go there there applications are shot all over the world.
You can check with your bank or you can call the dealership and see if there are other options.
Remember that you will have to pay ‘closing costs’ on the loan too. Nothing is free in this world.
Try lendingtree.com. I have gotten really great rates on there from Capital One. But they give quotes from multiple places so you might get a better rate from a different lender.
They do NOT send your information all over. I haven’t had any problems with my info getting out and I have used it several times!