Credit score

dex · ‎03-09-2010

How does this work.My son has a great credit rating but when he went to purchase a new vehicle he was told that if his credit rating was lower he could get a better deal...huh?anyone have an explanation that makes sense for that?

trenet · ‎03-26-2017

Bewildering. I hope someone can explain it.

Bri36 · ‎02-20-2017

Did he ask the person who told him what it meant?

Carmie · ‎10-25-2010

Who told him this? The dealer?

most people can get better financing rates if they go to their bank or credit union and get approval for a loan first, then go vehicle hunting.

the dealers can secure loans for people with bad credit who are considered high risk. The dealers make money by securing a loan for their clients and sometimes take a risk to sell a car. They tend to make more money than they lose in the long run.

dex · ‎03-09-2010

They said you had to have a credit score below620 to get the advertised deal

dex · ‎03-09-2010

@Carmiethis was got a no interest 5 year loan.He owns his vehicle and boat.He also has a home and no other debts besides the mortgage.

dex · ‎03-09-2010

The dealerships in Oklahoma are advertising these vehicles with no interest loans but who knew that they weren't for people with a good credit score.They said nothing about that in the ads.

Carmie · ‎10-25-2010

I wonder if they are selling the vehicles at a higher price. Often that is the case with no interest deals.

maybe he can negotiate a lower price and get a good financing on his own. There is no way anyone will put a deal out there where they lose money... no way.