Quote:
Originally Posted by Jfheisenberg
Income is decent, credit utilization is less than 15%, i have 4 credit cards. The only thing that might give problems is that my credit history is only about 6 months.
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tldr; Scores aren't everything, "free" scores arent always accurate. You'll probably get the loan you need, but the interest rate might suck (6%+)
Not to be a pessimistic ass, but where did you get your score from? Free credit score places (like creditkarma) use their best guesstimate of the official score calculation algorithms. Sometimes they come close to your real scores, but sometimes they could differ by a lot.
I pay for monitoring through myFICO to get my real scores and the difference between that and CreditKarma ranges from 5 to 50 points sometimes. CreditKarma gives you a good ballpark value and some helpful advice though, so its not totally useless.
Also, it's not all about the score, they'll see the length of your credit history as well and consider it on its own.
I just bought my BRZ last week, so here was my situation:
(I'm making my numbers here a bit more vague so I dont give out a ton of personal info)
Scores: 720-760
Total credit age: 4-5 years
Average credit age: 1-2 years
Debt: 15-30k in student loans
Credit utilization: <15% across quite a few cards
And I was pegged as a "Tier 3" borrower by Chase (the actual lender behind Subaru financing). That got me the loan I needed, but the rate was like 5.7%.
The financier at the dealer called the bank for me and managed to get me bumped up to "Tier 2." She put the phone on speaker so I could hear it all happen, so unless they orchestrated this from the beginning, it wasnt just a sales trick. Anyway, this got me down to 4.09%.
The next part was sketchy, the woman said she could drop me down to 2.9% if I agreed to buy some additional theft insurance for 1.5k (it would give me up to $10k in addition to what my normal insurance would pay out if I needed to replace a stolen car). Refused to give me anything lower than 4.09% without it. She admitted that this was because they needed to make some money off me since the car itself was so cheap. And that my "tier" gives them a range of interest rates to choose from and give to me on their own discretion.
So in the end I ended up buying the insurance and getting 2.9% rate, monthly payments of 500 over 60 months after 2.5k down payment.
EDIT: Didn't realize you lived in the same area as me. AFAIK only the Ramsey NJ dealer has a Series.Blue car right now. I personally didn't find it worth the extra price, cause if you think about it, you could use that price difference and just make similar mods to the car but to your own tastes. Unless you're seriously in love with that blue stitched interior, the rest can be added to a normal BRZ afterwards.