Good morning,
We are looking to purchase a new XC60 this month. Currently waiting for my credit to rise some after paying down some cards.
I saw on our local volvo dealer and others they have 5.99% financing for up to 72mo. This shows even when i select thr 580-629 credit score.
Current score Fico regular V8 around Experian 608, Transunion 611, and Equifax 630.
I qualify for the costco and military discount discount and will be putting down about 20k.
Is this an accurate portrayal of the apr for the credit range or just a way to get leads? If i select the highest credit score option it is 4.99%.
Can i go in and realistically expect to get 5.99% ?
Dealership can markup rates - and right now interest rates are so high I would shop around - if you’re not prime credit it makes things a bit harder too.
I figured that. I was checking to see what changed from May and if the car was still showing on the site. Noticed the Volvo Financing option.
I am going to shop around in person locally in a few weeks to see what I can get. I think that may bear more fruit than applying online. Unfortunately I don’t expect much success with credit score in the low 600s.
So I am correct thinking the dealership will mark up the apr some to get profit off it?
My thinking is asking for 10%(threshold is 8%) off the car before incentives if i Finance through Volvo. Other wise my goal is 6%. Is that idea possible or am I just being crazy? Lol.
Unfortunately i expect to pay 8-10% interest on a car due to my credit.
If you’re paying 8-10% interest is a xc60 really the car you want to get?
Not easy to take care out of warranty.
We will have a means to completely pay it off hopefully within 6 months. Unfortunately we can’t go 6 months with just 1 car.
My wife’s car was totaled otherwise we would kept her paid off car.
Yeah your scores are Tier-3 ish, do you have a credit union you can lineup financing with?
There are brokers here over 10%. I’d line up financing and then consider hiring one of them to get you the best discount you can.
Even if your CU loan is a higher rate than you’d like, you could always refinance down the line.
I am going to apply at 2 local credit unions in person and bring my income documents too for them. Income is about $140k atm.
I got pre qualified from Capitol One(up to 55k) today so there is hope there. Last time when i got my truck after saying I was prequal with them i ended up with 0% from Ford. Lost most incentives but overall paid less.
