Car loans, credit scores & interest rates How do you compare?

[@StephanieHatfield8]

Everyone should watch this channel. SO THANKFUL FOR YOU 🙌

[@commoncentsmike7733]

Stephanie Hatfield thanks Stephanie, much appreciated! Definitely wouldn’t mind if you shared the video!

[@bennybronco76]

This was a gift from God thank you sir

[@commoncentsmike7733]

Glad it helped and thanks for taking the time to leave a comment. That stuff really makes my day!

[@bennybronco76]

@@commoncentsmike7733, well you definitely deserve it! You're empowering ppl! I forwarded this info on my Instagram and fb and also sent it to some friends

[@jackgentry5603]

This was very helpful thank you very much!👍🏼

[@CeeCashback149]

I would like to know if I’m using a co signer and they have A credit I understand the interest rates but do I have to put a down payment how do they factor that part in or is that optional??

[@luissonoma6255]

I have a couple of questions. ,I'm sure that most of us get our scores from free services like Credit Karma. I'm at 752 but just how reliable are those numbers? I heard that most creditors go off your FICO score. When I tried seeing that number through an App it wanted to charge me a recurring membership fee. I also heard that a way to get around that is by having a Discover Card. They will disclose your FICO once a month I believe so I'll be opening one next month along with a balance transfer since they usually run a promotion rate of 3% transfer balance fee at Zero Apr for 18 months. That way I can kill two birds with one stone. Ill pay everything off by Mid October though so I will reflect my Credit profile by December which I heard is the best time to buy a New or Certified Preowned vehicle.

[@commoncentsmike7733]

Yeah, I did a credit karma review video in the past. Your Vantage Score is almost always going to be different than your FICO score which most banks use. I've not done any research on the discover card, but if it benefits your current situation then I don't see why you shouldn't take advantage of it.

[@MrHerks]

Great video!! I'm at 589 and was offered 21% at the dealership, of course i walked. I'm new to my credit union how long should i wait to apply for a car loan with them? great video!!

[@Tommylee1242ATGMAILDOTcom]

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[@shivagameon]

hi Mike , im in dallas , which is the best credit union can i go for an auto loan and which is your institution?

[@Tommylee1242ATGMAILDOTcom]

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[@nadirmonroy]

Thank you for your Video I have financed a car loan from dealership brand new car the cheapest version 0 miles, 3,000 thousand on packages and applied “2000 discount” as monthly promotion, 2,500 thousand downpayment the actual price of that car is 34,000 and the “discounts” applied will be 29,000 as loan, they approved me so far the interest rate is 12% is a lot from the dealer I understand they can apply whatever percent they want the monthly payment will be 667 a month just for the vehicle with 72 months is crazy to think that but no one is your friend selling you a car. I’ll refinance and negotiate that car and looking forward to get that interest low with 48 months term I hope you could make a video for that as my petition. I’d be Grateful.

[@commoncentsmike7733]

Thanks for the comment Alejandro. Feel free to email anytime and I'll do my best to help out. [e-mail]

[@hagios9691]

Hi there,i have a question my mom have 772 credit score and i have 594 credit score my concern is if i use her credit and be my cosigner to get my car loan whats gonna be my interest rate?am i getting the lowest interest rate since my mom have a excellent credit score?or its gonna pull my moms credit?since i have a low score.Please let me know and thanks a lot.

[@commoncentsmike7733]

If she cosigns it will definitely pull her credit AND go on her credit report. As to what rate you will get, I would ask the lender. Sometimes they use the cosigners score just to get approval, but the interest rate is based off the primary borrowers score. Does that make sense?

[@hagios9691]

COMMON CENTS MIKE so you mean my cosigner is just for approval but the interest rate is from my score?or how about can my mom buy the car for me even she dont have a license?is that possible?i live here in Maryland

[@casinopremotv]

Thank you for this valuable information

[@commoncentsmike7733]

Most welcome. Thanks for the comment

[@FirstnameLastname-bp5cm]

Curious. I am about to pay off my car loan I’ve had for 2 years. My credit has increased in that time and I’m concerned that ending the loan will end up as a closed account and end up lowering my score. Is this true and, if so, is there anything I can do to prevent that? I asked the credit union that has the loan if I could convert the loan to a credit line and keep the history on my file and they gave me a look... so what can a person do or is there even an issue here. I’m doing my best to improve my score this year. Thanks, love the channel!

[@commoncentsmike7733]

Micah Deffries congrats on paying it off, that’s a great thing! It may ding the score just a bit to not have that consistent payment on a secured loan, but it’s really nothing to worry about. I would see if you can get a credit card that you use/pay off each month to keep the score high. Grats again!

[@a-10warthogbooyahbigbabbyb32]

Pay it off and stop wasting money paying interest. Your credit score will initially drop but it will recover really quickly and it will be increased because your debt to income ratio will decrease. which means you have more money to SAVE or spend on something else

[@amandahamilton5262]

What is the current rate for A+ credit? I got preapproved through a major credit card for 5-8% but I'm feeling like that's not worth it . Especially if I can get 2-3 through a credit union. Thanks Mike!

[@commoncentsmike7733]

Wait is it for a credit card or a car loan? 5-8% isn't bad for a credit card, but then again I don't want anyone paying credit card interest at all. Just pay it in full each month and you won't pay a penny in interest.

[@bahromhushorov3882]

You the man bro thanks a lot

[@commoncentsmike7733]

Most welcome, glad it helped in some way.

[@littlemiss8867]

Thank you so much

[@commoncentsmike7733]

No worries! Hopefully this helps you lower your interest rates in some way! Also, please make sure to share if you found it helpful as it helps the channel to grow!

[@jimridolfi5339]

Since this video was made have the interest rates changed? I am looking to purchase a new vehicle in the next month. Thanks!

[@commoncentsmike7733]

Yeah, I'm sure they've crept up a little bit. Not too much though.

[@lujohnson4903]

Is this only for new car loans? I got a loan for a used car and it is higher than what you said, but I heard used cars have higher interest rates.

[@commoncentsmike7733]

No, most places offer the same rates for new and used. Keep in mind this video is a little older so rates have probably raised a bit.

[@Eltartaro_2050]

Awesome video, which is your email ? How do you go around comparing interest rate without running my credit score ?

[@keyzsotelo5228]

Can I refinance with your company if I'm in California? I just learned a lot Thanx!

[@commoncentsmike7733]

Unfortunately most Credit Unions can only do "in state" loans and mine is based in Texas. However, if you want to email me, maybe we can find a CU nearby who has good rates. Can't promise anything but I always try my best!

[@keyzsotelo5228]

Hey Mike. I would appreciate any help. I can't find your email address anywhere?

[@UnknownX2i]

Great video! Does being a first time car buyer affect the amount of loan amount you can obtain?

[@commoncentsmike7733]

Yes and no. More than likely a bank is going to lend less for a first time buyer because there is less payment history to evaluate, but then again if you've got a solid credit score, a strong down payment, and a good income- then they might lend you MORE than they would a second or third time purchaser.

[@PRAYIVDEATH]

I want a 55k car and I gross 7k with a 650 credit score should I get approved?

[@luissonoma6255]

Probably not....

[@AllEyezOnRod]

Luis Sonoma why. If he can come with 20% down payment and already make 7K a month?

[@romariosmith422]

What institution do you use?

[@commoncentsmike7733]

I use a local credit union here in Austin

[@irma562mart5]

I have a 777 credit and I got a 4.4

[@luissonoma6255]

How much was your total debt, how much percent of the value of the vehicle did you put down, did you get your score from a free place like Credit Karma or was it a FICO score? New or Certified Preowned? How many months did you take out the loan for and what state was the loan taken out at, do you think those factors affected your APR?

[@commoncentsmike7733]

Not a bad rate, but I bet you could get lower. Did you go with a credit union?

[@SeventhSonMusic]

Are you Black if so that's why !!!!

[@michellejones883]

Does this apply for a mortgage???

[@commoncentsmike7733]

This was just the parameters at my old credit union. Every institution is going to have different credit criteria.

[@misterliquidcity]

Do credit unions offer leasing or just straight financing

[@commoncentsmike7733]

Tayshawn Price it's going to vary from place to place, but in general- no. Usually they only do financing. Thanks for the comment!

[@misterliquidcity]

COMMONCENTSMIKE ah ok ty for the reply

[@marcusqsilvaa]

Great information wish I knew before I financed my vehicle! I owe 11k its work 4k... ugh

[@commoncentsmike7733]

Hey, its no fun but eventually it will be paid off and I bet its something you never do again. Most of the time our best learned lessons were due to mistakes.

[@victornazario9606]

Im on the same boat as you. Onwards!!! And a Toast to reversing bad decisions.