[SmoothSL]

As stated in other threads, I'm looking to buy in the next 6 months or so.. I'm going through some refinancing stuff right now and want to get situated with that and new payments with my 2nd mortgage.. Anyhow.. Anyone know what Dodge looks for in financing? Mainly score and debt/income? I'm in the mid to high 600's as far as score right now.. I hope once my 2nd comes through and pays off my truck and credit cards, my score would go up.. Thanks for input..

 

[a14umbra]

I'm in the same credit score range. My dealer got me a MUCH better rate at a local credit union.

 

[SmoothSL]

Did you still get the $500 even though you financed through someone other than Dodge? Not sure what else they look at, but have about $1200 surplus after 1st & 2nd mortgage and other misc. monthly bills.. Just hate going & financing stuff.. Always feel like I'm going to get denied..

 

[a14umbra]

I did get the $500. I think that's flexible.

Like I said, my score is in the same neighborhood and they made it happen.

 

[CO-Charger]

Your dealer got you a better rate with your credit union because they use a different credit scoring (usually produces higher scores) than the credit union uses themselves. I too had that happen. My credit union could only give me a 6.5% rate using their pre-approval process, yet when I got to the dealer to sign papers, they were able to get the the best rate of 5.25%. Saving me 1.25% was good.

As for the $500 rebate, at first over the phone my dealer said the Daytona was not covered by the rebate and wouldn't you know it, called DCX and she said she checked with the rebate hotline and confirmed "Daytona's do no get the rebate". So I was quite suprised that when I got to the dealer he said that I was getting it. Cool #2.

Very happy with the dealer I worked with. If you are in the Denver area, and want a fare deal, let me know and I'll point to my contact.

 

[a14umbra]

Funny thing was, I wasn't a member of the credit union. I joined when I signed the papers for my car.

 

[DAYTONA_R/T]

forget the dealer and go through costco's auto program for financing...

 

[CO-Charger]

I prefer my credit union because after I make the first payment I can change the payment to bi-weekly and have it pulled from checking on paydays. Never have to worry about missing a payment and it reduces the efective amount of interest paid going bi-weekly.

 

[a14umbra]

I prefer my credit union because after I make the first payment I can change the payment to bi-weekly and have it pulled from checking on paydays. Never have to worry about missing a payment and it reduces the efective amount of interest paid going bi-weekly.

I'm going to check into that.

 

[DrDeath]

I was allowed the $500 also for a cash purchase.

 

[plugray]

I prefer my credit union because after I make the first payment I can change the payment to bi-weekly and have it pulled from checking on paydays. Never have to worry about missing a payment and it reduces the efective amount of interest paid going bi-weekly.

I did that with my last car and plan on doing the same when I get my Charger.

 

[AZ R/T]

As stated in other threads, I'm looking to buy in the next 6 months or so.. I'm going through some refinancing stuff right now and want to get situated with that and new payments with my 2nd mortgage.. Anyhow.. Anyone know what Dodge looks for in financing? Mainly score and debt/income? I'm in the mid to high 600's as far as score right now.. I hope once my 2nd comes through and pays off my truck and credit cards, my score would go up.. Thanks for input..

SmoothSL,

One tip to raising your FICO score;

If you have any credit cards (revolving) that are above 50% of the credit limit, get them down below 50%.. By doing so, it's been known to add up to 100 points or more to your score.. Also, don't close credit cards once their paid down.. Keep at least three open... Use them every once in a while to keep them active, but don't close them.. This isn't guaranteed to work, but if your balance is above 50% of the limit, it hurts the score a lot..

Mark
AZ R/T

 

[1quick1]

^ it's true.

I got approved for arond 5% loan but I don't know exactly how good that is compared to what other people are getting. On my Jeep I get the 5 yr. 0%apr through chrysler Financial and that's awesome.

 

[Iguana]

I prefer my credit union because after I make the first payment I can change the payment to bi-weekly and have it pulled from checking on paydays. Never have to worry about missing a payment and it reduces the efective amount of interest paid going bi-weekly.

that's not a bad idea.

I also prefer my bank cause I can borrow up to 120% if i need to so I get a little flexibility if I need some extra for the taxes and plates. or if I want to pay something else off at the same time.

 

[Iguana]

SmoothSL,

One tip to raising your FICO score;

If you have any credit cards (revolving) that are above 50% of the credit limit, get them down below 50%.. By doing so, it's been known to add up to 100 points or more to your score.. Also, don't close credit cards once their paid down.. Keep at least three open... Use them every once in a while to keep them active, but don't close them.. This isn't guaranteed to work, but if your balance is above 50% of the limit, it hurts the score a lot..

Mark
AZ R/T

Good advise. How does that work with lines of credit? We got one when we bought our house to help with the down payment and isnt even close to 50%.

 

[SmoothSL]

Thanks for the advice.. That's what I'm hoping to get taken care of once the 2nd mortgage gets straight.. Pay the cards off or pay them down to about 15% depending on what else I need to pay off.. I have a truck loan that I plan on paying off with the 2nd as well.. Just want to get everything down to no revolving credit and just the 1st & 2nd mortgages... I would hope it would pick my credit score up a little, but it's funny how that stuff works sometimes.. How long would it take for the score to change one I pay the cards down? A month?
Thanks for the info!!

SmoothSL,

One tip to raising your FICO score;

If you have any credit cards (revolving) that are above 50% of the credit limit, get them down below 50%.. By doing so, it's been known to add up to 100 points or more to your score.. Also, don't close credit cards once their paid down.. Keep at least three open... Use them every once in a while to keep them active, but don't close them.. This isn't guaranteed to work, but if your balance is above 50% of the limit, it hurts the score a lot..

Mark
AZ R/T

 

[Iguana]

I think credit reports are about a month behind so I would think 2 months would be a safe bet.