Edmunds Answers

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  • avatar atlantabenny 04/11/09 4:23 pm PST

    Based on what I've read, your credit score is 2 levels below the top tier and using mortgages as a scoring model, you'll probably get an APR that's 0.5% to 1.0% higher.  There are two caveats, however, possibly in your favor.  One is that if 691 is just one credit bureau's score, there are 2 other bureaus contributing their scores.  Those may result in a higher combined score ("FICO"). Second, regardless of credit score (unless it's say below 620), a dealer that needs a sale will can probably work a monthly payment price under a top or 2nd tier credit score.  The strategy would be to shop at month-end when dealers are trying to hit quota, and giving you a below-profit deal still gets them some back-end bonuses, unit allocations, etc.  Your credit score - even if it's not top tier - is not bad at all imo.  You can still get the deal you want at near-tripe A rates with end-of-month shopping and maybe some sleuthing on the dealers' inventory turnover (full lot means they need sales).

Answers

  • atlantabenny 04/11/09 4:23 pm PST

    Based on what I've read, your credit score is 2 levels below the top tier and using mortgages as a scoring model, you'll probably get an APR that's 0.5% to 1.0% higher.  There are two caveats, however, possibly in your favor.  One is that if 691 is just one credit bureau's score, there are 2 other bureaus contributing their scores.  Those may result in a higher combined score ("FICO"). Second, regardless of credit score (unless it's say below 620), a dealer that needs a sale will can probably work a monthly payment price under a top or 2nd tier credit score.  The strategy would be to shop at month-end when dealers are trying to hit quota, and giving you a below-profit deal still gets them some back-end bonuses, unit allocations, etc.  Your credit score - even if it's not top tier - is not bad at all imo.  You can still get the deal you want at near-tripe A rates with end-of-month shopping and maybe some sleuthing on the dealers' inventory turnover (full lot means they need sales).

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