Anyone know what GMAC's will give you for a rate witha 560 credit score?
Its not posted so I figure the dealership is going to screw with the rate.

Wife's trying to get the car on her own but i can cosign if i have to, I have a 720 if anyone knows what that rate would be with both of us on the loan?

Thanks all

 

her credit doesnt suck but its not great. she will get eaten by gmac. you are golden tho. youll get the best rate they offer. but why go gmac??? most banks have lower rates. my bank beat gmac by 2%. they saw what they gave me on my new truck and my car and both said nvm. 720 puts you in prime lender status. thats what my credit score was. i got 5.6% on the truck i bought in sept. and 4.6% on my cobalt. GMAC was going to give me 6.9% which was the best they could do at the time. no big rebate or finance events going on at the time.

 

i was given 2.4% on my 2007 Cobalt SS/SC (purchased last week) my 2006 Cobalt LT (purchased in september) was 2.9% through GMAC and i have a crap credit rating.... not sure of the exact score though.

 

Yeah thats hat I have too.

I did not know GM gave diffferent rates then what they post...? They want to get you in a car no matter what!

Fiirst Cobalt I got 1.4%---the rate they post---this one is 2.4% rate they post. I have never miised any payments--don't see how my score could have went down. And I make more money the I did before.

 

560 is a bad credit score. best to put it under your name only

 

Not necesarrily bad she may just have credit for less than 3 years which would explain the score

 

i have had credit for one year, and my score is 691, which is middle of the road...

 

A 560 score probably won't get bought by GMAC, If it does I would have to guess at a 10% or higher rate. But more goes into an approval than just score, they really factor in past car credit history.

A 560 isn't horrible, it's buyable at a bank most likely a sub-prime, The last dealership I worked at we saw a ton of bad credit, I'm talking sub 400 scores, now thats bad.

 

have her purchase as you being co-signer. once car is paided off or has a history of on time payments the credit will go thru the roof!

 

We will see tomorrow.
She was already approved by GMAC and flat denied by her bank and a another. We cant have her credit take any more rejections and i am REALLY trying to stay off of this loan as the mortgage is fully on me.

Supposedly the deal we were looking for is worked out and ready to go though the sales guy was being kind of leariry in giving me the exact numbers but I restated them and he confirmed. We will see. She ended up wanting a G5 by the way.

Thanks guys

 

She'll need at least a 620 for GMAC by her self, If your on there it'll go on your credit not hers.

 

honestly open a small checkings or savings account at a credit union and get the loan through them....not only do they have lowerrates but they have lower standards on loan approvals. I highly sugguest this. I used to have crap credit (560's) but good income..... the credit union recognized that and i was approved...compared to a bank which highlt focus on fica scores

 

they already approved her. I have the letter from GM
The deal is set but she has to get the speficis tomorrow

NO good, the loan was already rejected at both of our credit unions/banks.
As we should all know a credit rejections is VERY bad on a credit report so we cant just keep shopping this. Especialy where GMAC has already said OK.

 

My mom has a 820 credit score If I cosign, will my credit rating go up a lot? If i make my mom cosign, will i get the same interest rate because i have almost no credit history? I am gonna be makin all the payments. Maybe i wont have to wait for 0% APR, maybe jus the 1k rebate so i should go order my car cuz it takes 7-8 weeks

 

Wow, interesting.... Raise the amount of the down payment... anyone with a resonable down payment can almost get a car

 

make yourself the MAIN person... make your mother the co-signer... after a year you're fully established

 

But will i get the rate my mom would or close to because she's cosigning? And what kinda credit score is fully established?

 

her rate does not affect yours. People work hard for their rate, these arent something they just throw around. But if you are just starting to get credit and have nothing against you yet, your score will rise very rapidly. Just dont be dumb like me and get an R9 with a $0 balance! DOH! haha oh well, its comin back up now

 

you will get a better rate than you would by yourself, but worse than what she will get by herself... by fully established, i mean you will have credit. Right now, you don't. If you make all your payments on time, you should be somewhere in the 600's from finance alone. that's not great, but it's not horrible. I would take out a credit card, and use it ONLY for getting your credit score up. make all of your payments on time for your car, don't ever be late, because that will affect it. i have a $300 credit limit on my card, and it's great. use it just to get the credit up, buy little stuff