# Car loan 6.75% for 748 fico score. Good or Bad?



## EaglesFan (Mar 10, 2015)

So I'm buying a car and have never taken a car loan before (always bought cash) so I want to know if this is a good rate or if I should keep looking. I applied on the USAA website and all it asked me for was how much I want to borrow. How much I make. And what my rent/mortgage was and it gave me an instant approval for 6.75%. I should mention I have my car insurance and credit card with them for a long long time also so that might make a difference.

Here's my stats:

748 fico score 692 vantage score
never had a car loan before
never late on bills
I have significant credit card debt but I've paid it down a lot the last 6 months
borrowing $9,500 for a slightly used card. Car will cost about 11,200 but with taxes fee etc... about 12k

Income:

I do freelance jobs as computer programmer. If I'm not busy with that I make money either doing Lyft or playing poker (I'm a very profitable player and I keep meticulous records on every session).

I'm thinking most banks are going to be freaked out by the last 2 income sources so although the offer I got seems high for my credit score I'm not sure I'll do any better anywhere else if they ask for details on my income.


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## Tysmith95 (Jan 30, 2017)

That's on the high side for your credit score.


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## OGT (Mar 6, 2017)

Lol, very profitable in poker but wants to uber...... hahahahah


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## Erika G. (Mar 10, 2018)

That seems a bit high for your score, yes. Most dealerships will offer better rates to keep the financing in house. That's what Toyota did for me with a similar score.


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## Over/Uber (Jan 2, 2017)

Key words: never, had, a, car, loan, and before.

Oh and: freelance, jobs, poker and player.

That rate is a bit high but since you’ve not bought a larger ticket item on loan, such as a car, there may be a correlation.

Try a credit union or local bank (do such things exist anymore?) and see if you can get a better rate.


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## EaglesFan (Mar 10, 2015)

OGT said:


> Lol, very profitable in poker but wants to uber...... hahahahah


Since I started playing at casinos in mid 2015 I'm up 50k playing part time. Considering probably 85% of players lose money and probably 10% break even or are marginal winners I'd say that's very profitable. Wasn't trying to imply I'm on TV or living a baller lifestyle. And even those guys aren't as financial well off as it seems at first glance.

Actually there's lots of good reasons why I drive:

1) If you only drive 10 hours a week it's actually a pretty good job. It's fun and since I cherry pick the best hours I make about $25 hour profit.
2) The money is a million times more predictable than poker. Even winning cash players can have losing month(s).
3) I feel like I'm being a lot more useful to society giving people rides than just moving money around on a poker table
4) It helps to have provable income if you need to rent or get a loan
5) And believe it or not poker actually gets boring if you play it 40 hours a week every week. And I've found my hourly is higher the months I play fewer hours probably cause I find it easier to concentrate and really study my opponents.
6) I use destination mode when I go to/from the casinos so instead of losing money on the trip I make money.



Over/Uber said:


> Key words: never, had, a, car, loan, and before.
> 
> Oh and: freelance, jobs, poker and player.
> 
> ...


Yeah that's my thinking too.


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## UberDez (Mar 28, 2017)

For your credit score it's high but on car loans they also look at auto loan history since you don't have any that's why you're paying a higher amount but it's not bad 
Im at 6% but my score is about 100 pts less however my car loan history is perfect


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## Roadmasta (Aug 4, 2017)

I get better rates on credit card loans 3%


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## chico020 (Mar 20, 2018)

As far as I know, there are many low car loan rates that are being offered by loan companies. I appreciate all your comments guys coz I am currently looking for a car loan as well. 

So, your card now still on active? And that's gonna be a useful one. By the way, I was also a freelancer and I love working at home but for now I am currently working as office based, and i do love too, indeed. Thus, in order to get a better rates for credit card loans, you have to make sure that you have a better credit score.


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## Joshua J (Aug 1, 2017)

Try a credit union for a loan. 

I went from an 18.5% from the DEALER to a 2% at my credit union after 3 weeks. Dropped idiot 3rd party warranties also(they were invalid from using ride sharing in the ToS)


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## EaglesFan (Mar 10, 2015)

Roadmasta said:


> I get better rates on credit card loans 3%


3% on a credit card ????? There must be some fine print there.


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## Roadmasta (Aug 4, 2017)

I used my JetBlue barkley MasterCard check to purchase a car last year. I transferred it to American Express just last month, 3% is good for the next 18 months. Both rates were 3%, got a two year loan at 3%, No other fees. Chase is another company that lets you get this rate.


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## Adieu (Feb 21, 2016)

Please tell me you're not borrowing $12k to buy a friggin Mazda3...


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## EaglesFan (Mar 10, 2015)

Adieu said:


> Please tell me you're not borrowing $12k to buy a friggin Mazda3...


$11k although 6% pennsylvania sales tax takes it closer to $12k. It's a 2016. I agree it would be too much if this was not a pretty new vehicle. New goes for 18 or 19k before sales tax and this is only 2 years old. Was that your objection or are you not a fan of the Mazda3?


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## UberDez (Mar 28, 2017)

EaglesFan said:


> $11k although 6% pennsylvania sales tax takes it closer to $12k. It's a 2016. I agree it would be too much if this was not a pretty new vehicle. New goes for 18 or 19k before sales tax and this is only 2 years old. Was that your objection or are you not a fan of the Mazda3?


Adieu is apparently a car buying master everything is always a rip off


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## Adieu (Feb 21, 2016)

Compact sedan for Uber with no extra vehicle classes should be $3-4k tops

A $12k car with few creature comforts that doesn't even get good MPGs is a pretty odd choice

Old auction Prius for pennies, old cheap minivan, cheapie newer Lincoln with vehicle classes, or cheap Infiniti with all Lyft classes and Select and/or XL on Fuber is where it's at these days



EaglesFan said:


> $11k although 6% pennsylvania sales tax takes it closer to $12k. It's a 2016. I agree it would be too much if this was not a pretty new vehicle. New goes for 18 or 19k before sales tax and this is only 2 years old. Was that your objection or are you not a fan of the Mazda3?


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## FIdel Cashflow (Feb 23, 2018)

Dude you can get a better interest rate than that. Your credit score is excellent. Apply to a few other lenders that do Soft Inquiries on your credit to see what else you can get. My credit score is trash and I qualified for a 7% interest rate.


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## EaglesFan (Mar 10, 2015)

Adieu said:


> Compact sedan for Uber with no extra vehicle classes should be $3-4k tops
> 
> A $12k car with few creature comforts that doesn't even get good MPGs is a pretty odd choice
> 
> Old auction Prius for pennies, old cheap minivan, cheapie newer Lincoln with vehicle classes, or cheap Infiniti with all Lyft classes and Select and/or XL on Fuber is where it's at these days


2016 Mazda3 mpg is 41 highway 30 city. Unless you go with a hybrid you aren't going to find anything better than that on gas. In any case if this was my primary source of income I might be inclined to agree with you but it's not. I already own one of those cars, a 2005 Hyundai. I've gotten to know my mechanic very well the last couple years and I'm not looking to repeat that any time soon. Not just cause of the cost of repairs but because I can't get around for a couple days after something breaks. PS I missed out on St Patricks day because the starter quit on my Hyundai. In addition if I travel out of town I don't want to fear getting stranded there so I'm not interested in getting another beater.

If I started driving more I might be inclined to get a beater SUV or minivan for XL but I would still want to have another vehicle that I can rely on when that breaks.


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## NorCalPhil (Aug 19, 2016)

EaglesFan said:


> I have significant credit card debt


Sounds like you can't afford a car, regardless of interest rate. Borrowing money for a car to drive uber is ridiculous even in a good market. In your situation, you're better off concentrating on things that will pay you money with significantly less risk.


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## ShinyAndChrome (Aug 18, 2017)

Doesn’t seem like a great rate to me.

As an aside not that you asked but I think you should focus more on programming and get a full time job in that. It will pay way more than uber or poker.


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## Roadmasta (Aug 4, 2017)

NorCalPhil said:


> Sounds like you can't afford a car, regardless of interest rate. Borrowing money for a car to drive uber is ridiculous even in a good market. In your situation, you're better off concentrating on things that will pay you money with significantly less risk.


I don't know much about Mazdas but if you want a sure thing go with Honda or Toyota. Shop around don't take a rate, they play with interest rates via cost of car. If they say this deal expires tomorrow, laugh and walk away.


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## EaglesFan (Mar 10, 2015)

Thanks everybody for the replies. I thought the rate sounded high I'll keep looking around see if I can find something lower.



ShinyAndChrome said:


> As an aside not that you asked but I think you should focus more on programming and get a full time job in that. It will pay way more than uber or poker.





NorCalPhil said:


> Sounds like you can't afford a car, regardless of interest rate. Borrowing money for a car to drive uber is ridiculous even in a good market. In your situation, you're better off concentrating on things that will pay you money with significantly less risk.


Those are valid points but my situation is a little different than it may seem.

First I have worked full time as a programmer in the past. Here's the problem with that, I'm working on my own piece of software that's been years in development that I plan to commercialize and make my full time job one day. Part time programming jobs are virtually non existent and 9 to 5 programming jobs frequently turn into 9 to 9 7 days a week (with no overtime since it's salaried) when something is behind schedule which doesn't leave much time for my real goal in life. Since I drive about 10 hours a week, cherry pick the best hours to do Lyft and drive strategically my hourly profit is not that much lower than what I made programming although I got benefits with the programming job which counts for something. My poker hourly was low when I started cause I was buying in with the minimum at the smallest games and have since slowly cautiously moved up the ranks and so has my hourly win rate to a point where it's not bad at all.

I'm not buying this car for uber/lyft, I need a car to get around period. Keeping the one I have is no longer an option at this point. First of all the AC is broken which is going to be a problem real soon (I started Lyft 4 months ago). If I fix that then I also need to replace the timing belt, transmission fluid and a bunch of other expensive stuff (like $1k expensive) that's overdue for maintenance and could total my car if left alone. And if I pay for that I have to consider that I've spent over $3k keeping this car running in the last 2 years so it's pretty likely something else is going to break. Add to that the mpg sucks. So I'm spending on average close to a car payments worth of money to keep this going and I'd rather spend it on something that's not going to be scrap metal in 3 years.

I got the credit card debt a while ago (long story). Part of what's stopping me from paying the rest back or buying this car cash is you need to have a LARGE bankroll to play higher stakes poker games safely without risking ruin from a bad run of cards. If I eliminate all my debts it would put a nice dent in my bankroll and force me to move down in stakes and make less money at that. However, 6 months ago I decided I wanted to get my poker roll large enough to play any game I wanted and be credit card debt free and I knew my car was dying so I looked for an extra source of income (Lyft for about $1k per month) and cut my expenses about $550 a month and my poker win rate is continuously going up. So at this point to use a football term I have a lot of cap space and have paid my credit card debt down about $4k in 6 months. So I can definitely afford this and will probably have no credit card debt by the end of the year.


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## Roadmasta (Aug 4, 2017)

EaglesFan said:


> Thanks everybody for the replies. I thought the rate sounded high I'll keep looking around see if I can find something lower.
> 
> I had a big debt a few years back, don't be ashamed. Just do what you got to do to do figure it out. I'm out of debt and my credit is still above average. I think the best way to go is Honda or Toyota to be honest. Good luck what what ever you decide. I'm totally out of debt and was in the the whole $40,000
> 
> ...


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## bsliv (Mar 1, 2016)

Interest rates are at a 10 year high and going up. Used cars tend to have a higher interest rate than new cars. Pay off your credit cards! Don't rely on gambling, even poker. 

The gen 3 Mazda3's are very good cars. I bought a 2015. For 2015, Car and Driver called it the #1 compact car, one of the 10 best Cars of the Year, and the best interior for under $30,000. Kelley Blue Book called it the #1 Coolest Car under $18k, the #1 Tech-Saviest Car under $20k, and the #5 Best Sedans under $25k. ALG gave it a Residual Value Award. IIHS rated it a Top Safety Pick+.

It's not your grandmother's Corolla. Driving Matters. Zoom, Zoom.


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## UberDez (Mar 28, 2017)

Adieu said:


> Compact sedan for Uber with no extra vehicle classes should be $3-4k tops
> 
> A $12k car with few creature comforts that doesn't even get good MPGs is a pretty odd choice
> 
> Old auction Prius for pennies, old cheap minivan, cheapie newer Lincoln with vehicle classes, or cheap Infiniti with all Lyft classes and Select and/or XL on Fuber is where it's at these days


I agree but it doesn't sound like this is going to be his main gig more a side deal . More than likely it sounds like he'll move on from Uber within 4-12 months . Heck for $6k you can find a car that qualifies for Select/XL but if I were just going to do X I'd try to stay under $4k for sure . I paid $16k after taxes and fees for my SUV and it will qualify for Lux and Black for at least 2 years (not that I plan on going through the process of doing uberblack but if Idid it's there )


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## osii (Aug 21, 2014)

what year is the car?


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## NorCalPhil (Aug 19, 2016)

EaglesFan said:


> Thanks everybody for the replies. I thought the rate sounded high I'll keep looking around see if I can find something lower.
> 
> Those are valid points but my situation is a little different than it may seem.
> 
> ...


Still think borowing money at 17% interest (or whatever your CC rate is) so you can play poker is not wise. Pay off your credit cards with your bankroll then rebuild it. Adding a 7% interest car payment doesn't make sense either. But you're going to do that anyways. Good luck


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## hecubus (Feb 15, 2018)

NorCalPhil said:


> Sounds like you can't afford a car, regardless of interest rate. Borrowing money for a car to drive uber is ridiculous even in a good market. In your situation, you're better off concentrating on things that will pay you money with significantly less risk.


I am in the same boat as EaglesFan - debt laden - need to fuber for rent & my '05 2.5 SL Leather Altima crapped out - I am considering going with a 2011 Lexus IS250 so I can get into Fubar Select. About $20k/50k. Is that un-smart? probably.


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## UberDez (Mar 28, 2017)

hecubus said:


> I am in the same boat as EaglesFan - debt laden - need to fuber for rent & my '05 2.5 SL Leather Altima crapped out - I am considering going with a 2011 Lexus IS250 so I can get into Fubar Select. About $20k/50k. Is that un-smart? probably.


An is 250 should be around $12k max for a 2011 for that amount of money u should be able to get something that qualifies for select and xl


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## hecubus (Feb 15, 2018)

UberDezNutz said:


> An is 250 should be around $12k max for a 2011 for that amount of money u should be able to get something that qualifies for select and xl


Here in No Cal, salvage only at 12k.


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## UberDez (Mar 28, 2017)

hecubus said:


> Here in No Cal, salvage only at 12k.


Your right my bad, I just can't believe that car is that expensive I have a friend who has one and it feels like a cheap car. I just looked in Denver and can't find an is 250 of that year for anywhere near $12k So it's very overpriced for what u get and it's not a good car for uber. Very small and expensive.


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## Fritz Duval (Feb 4, 2017)

EaglesFan said:


> So I'm buying a car and have never taken a car loan before (always bought cash) so I want to know if this is a good rate or if I should keep looking. I applied on the USAA website and all it asked me for was how much I want to borrow. How much I make. And what my rent/mortgage was and it gave me an instant approval for 6.75%. I should mention I have my car insurance and credit card with them for a long long time also so that might make a difference.
> 
> Here's my stats:
> 
> ...


Thats way to high. 3.1 to 3.9 should be adequate. Try a Credit Union.


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## dirtylee (Sep 2, 2015)

Too high. 

I financed @ 2.7% with a 540 credit score literally the next day after I got repo'd. 

That finance guy is trying to **** you RAW.


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## Shynrix (Aug 15, 2014)

dirtylee said:


> Too high.
> 
> I financed @ 2.7% with a 540 credit score literally the next day after I got repo'd.
> 
> That finance guy is trying to &%[email protected]!* you RAW.


You must suck a mean dick~


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## Palm Beach Driver (Oct 27, 2017)

Trust me the 6.75% is the dealer buy rate. Meaning they offered you 6.75% but they got it from the bank at about 4.99% or maybe less. NEGOTIATE EVERYTHING and don't listen to anything they say about that is the rate they are getting from the bank.


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## dirtylee (Sep 2, 2015)

Shynrix said:


> You must suck a mean &%[email protected]!*~


It helps to know the guy before you get there.  it's also where I bought the repo'd car from. Dealer still got paid regardless.

Side note: that repo never appeared on my credit.


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## pismire (May 2, 2017)

Why not just shop the rate at couple of other banks to see if they can give you a better rate? I can guarantee that asking that question on this message board, is not going to change the rate. You gotta reach out to the banks, not UP.

That rate doesn’t seem to bad to me though, a little high. But not bad.


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## Juggalo9er (Dec 7, 2017)

That's horrible 
Become a member at digital credit union


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