Buying a new or used car with a 724 credit score?
By Cars & Motorcycles on Mar 29, 2009 with Comments 2
Juana L asked: Well I am looking to buy a new or used car (Lexus). And well I have a credit score of 724, but with the credit freeze I am not sure if I can qualify for a reasonable interest rate. Would I need a co-signer or could they in house finance me with a good rate. I need help ASAP because I have someone that is ready to buy the current car that I have.
Filed Under: Buying New Car
About the Author:
yeah youll be alright… my cousin just bought a new honda accord and honda gave her 1% shes probably around there 724… toyota (lexus) should do the same…. make them compete youll always come out on top and cut 20% off the price youll get what you want, nobodys buyin cars so make them work for your business.. i just bought a new used acura its a 20000 dollar car for 15000 from a toyota dealer
A score of 724 is considered “prime” and you’ll be able to qualify for the best rates without a co-signer. You could get rates as low as 0%, 1%, or 3% if you can find manufacturer’s promotions. Rates this low are not generally available, even for people like you with a great credit score. The rates are only available during short promotional periods.
Of course, credit score is not the only factor in qualifying for a loan. You must also have sufficient income for the loan you want, and no excessive debt.