Posted on: 20th Sep, 2011 11:58 pm
I'm planning to buy a new vehicle in a month or two. I have a okay credit score - middle score of 686. I have been approved for a car loan for a loan term of 60 months with an interest rate of 4.5%. This was 2 months back when I had a credit score of 650. Now that my credit score has raised to 686, should I try to qualify for a better rate? Will this difference in credit score matter?
Hi Troy,
I will suggest you to contact your lender and have a word with him regarding your improved credit score. You can contact that lender for a better interest rate. If you wish, then you can even contact other lenders for better interest rates. Shopping with other lenders will let you know what type of rates they will be offering you and then you can chose the best options accordingly.
Take care
I will suggest you to contact your lender and have a word with him regarding your improved credit score. You can contact that lender for a better interest rate. If you wish, then you can even contact other lenders for better interest rates. Shopping with other lenders will let you know what type of rates they will be offering you and then you can chose the best options accordingly.
Take care
Yes, it's definitely worth looking into. Auto rates have bee dropping recently as well, so I have a good feeling you'll find a better rate.
This is a forum to ask questions about mortgages. We know what credit scores do for mortgages.
We have no idea what credit scores do for car loans other than if your score is better, it never hurts to ask the auto dealer.
We have no idea what credit scores do for car loans other than if your score is better, it never hurts to ask the auto dealer.
