Is 0 percent financing based on your credit score and if so how high does the score need to be?
740 or better beacon score however dealer can set higher standards on this if it is a higher priced vehicle.
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Working for a mortgage company myself, there are lenders that will lend to a 565 middle - just expect to not get the greatest program. Your interest rates will be high, and yo…u will likely have a pre-payment penalty. You will have 2 loans - an adjustable 1st and a fixed second. Your first will likely be around 7% (possibly slightly higher), with a 2nd around 11 - 12%. Max loan amount on those will likely be around $250,000, but possibly lower. The lowest FICO I have ever had to do 100& financing for was 580. Hope this helps!
Amounts of debt in relation to available credit (the credit limit) is one of the factors used in establishing credit scores. Scoring software does not factor in the interest r…ates on the accounts. Here is an interesting website with general information about credit scores. http://www.moneycentral.msn.com/content/Banking/Yourcreditrating/P38053.asp
High Credit Scores . \nAnything above 680 is considered a high credit score.\n679 to 620 are considered good scores and within Fannie Mae/Freddie Mac quidelines for a conve…ntional rate.\n619 to 615--"certain" lenders may still consider your credit good but in order to get a conventional rate you may have to pay anywhere's up to a point to get that good rate.\nOr \nwith other lenders 620 is the cutoff and anything under won't be considered as A paper. If that is the case, 619 and under is considered a sub-prime loan and will need a different type of lender.
usually over 680
Having a credit score below 680 will make it difficult to finance a$30,000 car, as you will most likely have to purchase premiuminsurance. This can range from 6.5-12.9%. If yo…ur credit score isbetween 680 and 739, you'll probably pay about a 4.5% rate.However, if your credit score is between 740 and 850, you'll have amuch better chance of financing your car and paying a much lowerrate. With a high credit score, you're likely to pay about a 3.9%interest rate.
Perhaps you should be considering PAYG phones? If not, try www.badcreditmobiles.com for a list of retailers who be able to help. good luck.
Yes you can normally... Right now with the economy the way it is they are not so generous. The norm to even get considered for a home loan I believe right now is 700. Prefera…bly 720. There are banks out there that may take you however. I know prior to the economy I had a friend that was about 625 and got a home loan. Just remember as with any loan the higher your credit the better your rate and terms of the loan. I would work on getting the score up because with a home loan being so large 1/2 of a point an cost you 50 more in payments a month and thousands in the end. just think what a 2 point hike can do!!
Yes, you can have a 0 credit score, at least in the United States. This answer only pertains to credit scoring in the US, but other countries may have similar processes. Your …credit score, also called your FICO score, is generated by the three credit reporting agencies, TransUnion, Experian, and Equifax. Normally, an individual's score ranges from 350-850, and is based on the following formula: . Payment history (35% of the rating) . Length of credit history (15%) . New credit (10%) . Types of credit used (10%) . Debt (30%) Source: Fair Issac Corporation As you can see by the breakdown of how the score is calculated, 100% of the score is based on how you interact with credit and debt. Factors like income, employment history, cash savings, and good history with monthly bills to landlords and utilities has NO bearing on the credit score. That being said, there are generally three reasons why your credit score is 0: . You have many outstanding and delinquent or old debts that have caused your score to drop below 300, which usually then defaults to 0. . You have little or no credit history at all. You have done very little no borrowing on a credit card, school loan, car, house, etc., and therefore the FICO formula has nothing to base your score on. . You have borrowed money in the past, but have since closed all your accounts with no outstanding balance, and no longer use credit cards or own any debts. You score has slowly eroded over time and all accounts have fallen off the report. Pulling a copy of your credit report from the three reporting agencies will generally tell you if your 0 score is due to the first reason. If this is the case, you should clean up or settle your old debts, and this will likely raise your score over time. Some things, like bankruptcy or a foreclosure, will stay on your report for many years before falling off. If you fall under the second or third reason, and have never borrowed money, or have not borrowed any money in at least a year, CONGRATULATIONS. You have been living within your means and have not needed to borrow money, which is very difficult to do this culture that promotes the idea that you must have a great credit score to survive. Do not go out and open a credit card just because people tell you to "build your credit." If you don't borrow money, then why do you need credit? Sometimes having no credit score will make things like renting an apartment, renting a car, or getting good rates on insurance a little more difficult. That's because most people and companies equate a credit score with being a financially responsible person, and that simply is not always the case. But if you have MONEY, and can put down a larger deposit for things like an apartment or car rental, and people will usually work with you. You can even get a mortgage with no credit score if you find a company that does manual underwriting. This means they will actually look at factors like income and rental history in granting you a mortgage, instead of just a FICO score. In summary, having a 0 credit score isn't a bad thing, unless you have old outstanding debt that needs to be cleaned up. Your life doesn't need to revolve around credit and debt, which is what a credit score is calculated on. If you live on less than you make and save money to pay cash for things like cars, you won't need a credit score.
Currently, it is tough to get a mortgage even with very good credit. 730 is about average so a score close to 800 has a good chance of getting approved.
If I have 75 percent for a downpayment on a car will my credit score affect the remaining amount to be financed?
no you should be fine with the 75%
Credit scores allow a business to determine in advance if you are more or less likely to and able to pay back a loan or credit card debt.
It varies according to the dealer.
As you already know, when you pay for something on your credit card, you eventually have to pay the bill off with real money. So your credit score is based on if you pay back …that bill, and if you pay it back on time. And say you own a house you have to pay mortgage, if you don't pay your bills on time, then you credit score will be bad as well. But be careful because have a bad credit score can ruin a lot of things for you. Like buying a good car or house. Because having a bad credit score tells people that you are unreliable to sell something to that involves a monthly payment. So if you expect to buy a house or car with bad credit, you would have to bu it using a check or cash. This is why I suggest using a debit card for everyday using like grocery shopping, because it only allows you to use the money that you have in the bank therefore you cannot go over. Hope I helped, sorry for such a long response.
A high credit score rating means someone is in good standing credit wise. They are prompt in payments and always pay payments in full. A good credit score is sought after by m…any people, because its a mark of a responsible person.
An 808 credit score is very good, any score in the 800 range will qualify you for most financing. According to credit experts, you do not want to let your score fall below th…e 700 range.
First, credit scores don't go down to zero. The only way to improve credit score is to obtain credit, use itwisely, pay it on schedule.