650 credit score with 16% APR? Bulls**t!!!!! Finance Manager?

Yes he did try to get one over on you but that's how he gets paid. He gets an approval rate and then marks it up as much as is possible to make a big profit. His pay plan depends on it. It's referred to in the industry as backside profit. This differs from the profit made off the price of the car and accessories which is called the frontside profit. He also makes money when he marks up the roadside assistance, the extended warranty, the simonize, the vin etching and etc... All are negotiable but no one will tell you that. When I do the math $23,000 at 15.95% for 60 months is only $558.70 and in order to get 618 the amount financed would have to be $25441. That's a 10% difference which to me is a lot of money to just put in someones pocket. The average tier one rate now is about 6.86% so I would assume that you might have to pay more than that since your score (according to him is 650). The average credit score is 675 and tier one is over 720. So let's say you have to pay 11% for 60 months on 23000 that is only $500.08 a month which is 20% less than you would have been stuck with if you stayed there.

I just bought a car and you can be sure that I brought my ipaq with excel with me just to be sure his math wasn't "fuzzy".

I love the new Camrys but I really love my Yaris. Good luck with the purchase. I'm pretty sure you can do a lot better.

Well, maybe yes. Usually they will approve a loan for around 30 percent of your yearly income, for lower incomes is might be 20%.

With your score you can also try this: http://solutionsarticles.com/personal-financial-he...

Interest rate will depend on your credit score as well as the loan circumstances. In addition, certified pre-owned vehicles will tend to have the best rates.

Hope this was precisely what you asked for, good luck

RE:

650 credit score with 16% APR? Bulls**t!!!!! Finance Manager?

I went to Toyota dealer yesterday to buy a 2007 camry. After taxes and adding a sunroof the car totalled 23000. The finance manager tried to give me a APR of 15.95% and the car note would be 618. Was heout his rabbit a** mind.

He told me my score was 650, so why was the APR that high and the payment that high. I told him to kiss my a**, and I left. I know he tried to get over.

Agree.....

Apr Credit Score

I'll say this, Toyota has AAA credit and probably the lowest capital cost of any auto mfg. In SoCal, there are usually offering 5Y promotions of <5% APR, but that is for "outstanding" credit, which often times means >700. At 650 though, you certainly are not high-risk. Try calling another Toyota dealership (getting 2nd opinion) and ask to speak with the Finance Manager. Also, talk to your bank and check there rates on automobile loans as well as a Home Equity Line of Credit (if you own a house). Check bankrate.com for comparable rates. You have to find the hungry lender.

Well I am really sorry to tell you that 650 it's not exactly a perfect score.... and car notes are for those with perfect credit, which can be considered starting at about 715 (score) up to 810. Still an 15.95 APR for a car is really high, if I were you, I would look around in other banks and ask for pre-approved loans terms and compare them.

Typically, if you pay the balance each month, you don't pay any interest at all. Secondly, on low balances, the APR doesn't matter much. For example, most home loans have an APR in the low 7% range but the interest amounts to thousands of dollars a year. My advice is to pay the balance in full each month if you're going to use the card at all. However, if you're not going to use the card, don't close the account. If you do, you'll lose the credit history from that card which could actually lower your score.

Since you are looking at a brand new camry go around the finance department and go to your bank or even maybe look at Lending Tree or CitiFinancial. I have a lower credit score than yours and just got refinanced on my car at 11% with CitiFinancial. Go to the dealer or a different dealer with your financing in place. Also look at what the invoice price is on the vehicle and if you really are getting a good deal or not. A lot of the times you can get a new car at or close to invoice.

The absolutely free reverse vin check sites generally provide fake information. To get real information, money will have to be paid. The free searches provide fake information so they can get your email address to send spam.

Stay away from shady reverse vin check sites, most likely you won't get any information after you make the payment. Not to mention you won't get a report and you won't get an answer if you try to call for a refund. Stick with a reputable reverse vin check site like http://www.reversevincheck.net/ that has been around since 1995.

Try Capital One Auto. I applied online and was approved. My score was 627 with a few cards but no car loan. What may have helped me was the fact that my income/debt ratio was really low (which they surprisingly never asked me to verify). I got a used car with an 8% rate which I know is not the greatest but at least single digit for a first car. They send you a check to take to the car lot and that's it.

Good Luck!

The price of an automobile and financing are flexible...and negotiable...simply tell him u want a better rate...you CAN also seek financing on your own..with your bank, credit union, insurance company, etc...you are NOT required to go thru their finance company.

go to www.myfico.com to see an explanation regarding yoru scores....per FICO 723 is the average score in America..so therefore, you are considered below average and that is why the finance company is charging you such interest.