what your Credit Score GETS YOU at a Car Dealership

all right get ready for this one because

it's gonna be a good one in this video

I'm not gonna be talking about what the

lowest possible auto loan rates are for

your credit score range what I am gonna

be focusing on is gonna be what the

average auto loan rate is for somebody

in your credit score range and how you

go about beating that what is happening

guys are we here with Boston automotive

consulting and as always this video is

brought to you by save on my auto calm

or you can get a head start on shopping

around for the best price if you're

shopping for a brand new or even used

car you save on my auto to leverage a

bunch of different dealers so you get

the best price and in this video today

I'm gonna get right in to the topic at

hand your credit score what it means in

terms of an interest rate what people

are paying in terms of interest rate and

payment itself if you haven't already

please consider subscribing because this

whole channel is dedicated to giving you

all the information you're gonna need so

that you can negotiate your best

possible deal on your brand-new car the

lower your credit score the higher the

odds that you're gonna get a really

really bad interest rate but it has more

to do with the lack of transparency

behind what goes behind deciding what

your auto loan interest rate is gonna be

this is largely due to the fact of

people focusing so so much on the promo

APR and what's you know being offered by

the manufacturers and not doing enough

shopping around typically at the

dealership a 720 plus FICO score a FICO

auto eight score not whatever your app

is telling you that it is that your

credit score is but the actual FICO auto

score 8 model is what they're looking at

when they're deciding can we offer you

the best possible race this I would

consider to be like the best possible

bracket to be in a 720 plus if you've

got a much higher credit score than odds

are you're gonna see the best interest

rates coming out of private or other

blending institutions on average people

in the 720 plus bracket are seeing

rates at about 4.25 percent APR on

average this is not the best that's

available and this is not the highest

that I've seen somebody with a 720 plus

credit score pay anything below a 720

down to a 660 then you're talking one

point higher about five and a quarter

percent 660 and below then we're talking

about 8% 600 and below now we're

doubling up at about 12% and anything

close to the 500s if you even get

approved you'd be talking about close to

about 15% interest if not more you guys

the real key in all of this is guys when

I'm talking about seven hundred and

twenty six hundred and sixty six hundred

you want to know what your actual FICO

auto score is and don't depend on any

other scores that are meant to encourage

you to run your credit what you want to

do is is obtain your FICO auto score

eight I've got a link in the description

below and know and don't be told what

your actual credit score is and don't go

around pulling your credit at all these

places in multiple months because that

will also damage your credit get it once

keep your credit consistent and

depending on what your FICO score is I'm

gonna try and estimate you guys a

payment right now on say a thirty

thousand dollar car at five years using

the rates that I mentioned before I'm

not gonna be assuming any sort of tax or

dealer fees or anything like that I'm

just gonna be telling you principle

which is the loan amount and interest

what that calculates to monthly and what

the overall finance charge are interest

paid is on the loan at the different

brackets so 720 plus at four and a

quarter percent we'd be talking about

roughly five hundred and fifty five

dollars a month and about thirty three

hundred and fifty dollars in total

interest that's being paid over the

course of that loan 720 and below down

to about a six hundred and sixty we'd be

talking about five hundred and sixty

nine dollars a month with the total

interest being paid at around forty one

seventy five six hundred sixty two six

hundred at

8% that I was referring to is about six

hundred and ten dollars a month with the

total interest that's being paid at

about sixty five hundred dollars over

the course of that sixty months

below six hundred at twelve percent


we'd be talking about six hundred and

sixty seven dollars with the total

interest on that thirty thousand dollars

being ten thousand dollars so basically

you're paying about thirty percent of

the actual loan on top just as interests

so at seven hundred and twenty plus

thirty three fifty and at six hundred

and below ten thousand dollars that's

about triple the whole point of this

video today was was to tell you what

your interest rate will be like

depending on what your actual FICO auto

score is and if your FICO auto score is

below a seven hundred and twenty I

definitely want you to be shopping

around for the best possible interest

rates I've got some resources and links

in the description below where you can

not only check to see what your FICO

auto score eight is there's a link to

super money calm as well so you can

start shopping around for auto loan

rates and I want you guys to use

whatever resources that are out there

that are available to you both online as

well as some local banking institutions

to find out what your credit score will

generate back and if it's better than

all these interest rates and payments

that I've been shooting out at you keep

in mind again just to recap all of the

auto loan rates that I've been giving

you our average rates I'm not telling

you they're the best that's available

somebody with a 720 plus could qualify

for a promotional 0.00% and at the same

time somebody with a 720 plus could have

taken a very very high rebate amount at

6% interest and refinanced it six months

into the loan so these are average rates

that I'm referring to and in no way

shape or form am i telling you to settle

at these auto loan rates that I'm

referring to do your due diligence shop

around for the best possible rate and I

wish you the best of luck and if you

haven't already and you want to see more

of these new car buying and negotiation

tip type videos

please consider subscribing and don't

forget to visit save on my otter comm as

well as the other resources that are in

the description below thank you so so

much for watching guys we'll see you

next time