Is my credit score too low?

Is my credit score too low?

QUESTION:
Todd, We have a good friend that purchased an Optima through the dealership.  Our situation is different.  I have a credit score of 680.  Is the score too low to qualify for low rate financing on an Optima?  We will have $2,000 down with no trade.

ANSWER:

Micah, thanks for the question! I’m curious as to what source you are using to know that you have a 680 score?  What I have found in this industry is that there are several criterion that are used for purchasing.  If you are buying a house they (the lenders) have a certain list of things they think are important and will allow them the best view of you and your history to ensure repayment.When you are buying a car it is a different list.  I have people that monitor their credit from home and think that the scores they see on those reports are the same scores a lender looks at when determining their risk in a car deal.  I have found the people that come in with a score from a monitoring system appears around 100 points lower than what the lenders see. Kia finance will usually offer low financing to scores higher than 670.

Sincerely,
Todd Helmick
Royal Automotive/Lexus of Tucson
Phone 520-795-0760

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