Can a 659 credit score make me a qualified buyer to purchase a vehicle for 0% APR?

Question

Im looking for a vehicle to purchase. I currently have a 659 credit score. I was wondering if that would make me a qualified buyer for the 0% APR. If not, what would the most likely APR given to me.

Answer 1

Nope that's not high enough.There's too many other factors to judge what interest rate they will offer you.They look at things like how much debt your carrying and your payment hiistory.

Answer 2

Ummmmmm...

Depending on the manufacturer, the answer maybe yes. Most manufacturers (as the bank) will go deeper than traditional banks. Believe it or not, they sometimes use what's called an "auto weighted score". What this means is that they want to know if you are/have been strong on your car payments. So even if you've had a few hiccups (who hasn't these days) if your car loan is on time, you may have a shot.

You can always ask the finance mgr. to show you the tier sheet  (score vs. rate). If they don't, buy it somewhere else. Remember, just because they don't offer you 0%, doesn't mean you don't qualify for it.

Again, just because they don't offer you 0%, doesn't mean you don't qualify for it. The Finance Manager makes their money on the spread. Therefore, you paying 2.9 percent makes him a tidy little profit!

Call them and tell them that the deal is contingent on you getting the 0%. When they tell you that its not possible, tell that "the MegaStore up on Route 66" will do the deal. The dealer will scramble to see if the MegaStore has run your credit, when they find that they haven't, just reply that they used the approval already in "the system". Nice huh?

Happy Shopping!

Answer 3

No, you'd have to be 720 or better to be considered for zero down.  659 is the top of the fair range, one more point to get into the bottom of the good range.