What credit score should I obtain before buying a new car?
By Cars & Motorcycles on Apr 14, 2009 with Comments 2
rwestmore7 asked: I am working on my credit and should have it up enough in a couple of months to buy a new car. What should my goal be to get my score up to before I actually go to the lot and have Honda or GM run my credit? I am wanting to spend about 25,000 after my trade in. My gross pay per month is about 3,000 – 4,000.
Filed Under: Buying New Car
About the Author:
Your credit score will need to be way past 700 in order to get a good interest rate. But I wouldn’t let GM or Honda finance my car. I’d go to a local bank or Credit Union for my loan.
Your car payment should be NO MORE than 20% of your TAKE HOME pay.
Today, scores above 720 are almost necessary for a good rate. Shop around for financing. Credit unions are sometimes best.