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| Your credit rating or credit score is a measurement of risk. Low credit scores mean higher risk to lenders, which translates into higher loan rates for you. Knowing your credit rating can help you negotiate your best loan rate. To check your credit score, AutoMall.com recommends PrivacyMatters. It provides a free credit score check via a 7-day trial of its credit-monitoring program (requires a credit or debit card for a refundable $1.00 fee). When it comes to your credit score, nothing is written in stone. You can improve your credit score if you know of a mistake on your credit report. One way is to work with the bureau agencies directly via a letter-writing campaign (however, this can be time consuming and complicated if the report also involves identity theft, late payments, job loss, reporting mistakes or a divorce). For credit repair issues, AutoMall.com recommends Lexington Law. The initial consultation is free. There is a set up and monthly fee if you decide to sign up. Consider the value of your credit rating and the amount you will save in lower interest costs before making a decision. |
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| This is where it pays to think ahead before you get your loan. Long-term loans have lower payments (good from a cash flow perspective) but cost more in interest (bad, if over time, the car becomes worth less than you owe and you need to sell it). Financial experts say 12-15% of your monthly take-home pay is appropriate for a car loan payment. Use this number to gauge the highest sticker price you will pay for a car. Try working the numbers for a loan amount you can afford, and will pay off in three or four years. |
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| Credit Rating | FICO Score | Approximate APR | |
| Excellent | 720 and above | 6.15% | |
| Great | 690 - 719 | 7.89% | |
| Good | 660 - 689 | 9.58% | |
| Fair | 625 - 659 | 12.82% | |
| Bad | Below 624 | 18.55 % | |
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| How Much Car Can You Afford? |
| If an auto loan will help get you into the car you want or need, there are two ways to estimate what you can afford. |
| A common approach is to choose a loan amount, then calculate your monthly payments and see if you can afford them. Or, if you have a paycheck stub and know or can estimate your credit rating, pre-determine what you can afford, then calculate a loan amount that fits your budget. |
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