does credit score matter if you’ve never had a car loan?
get ready to make fun of me:
i have a 750 via experian (fico 8) and a 740 Transunuon/Equifax but this is just from credit cards and like 1 $200/mo installment loan within the last like 2-3 years. i’m 23 now and i just submitted a credit application to a dealer, i got a notification that ally and wells fargo pulled my experian that same day. ally came back and said they’d want $17k down on a $50k car.
yes, this is very expensive for a first car and i know that, i plan on buying a car half the price now that I know I pretty much have to. even carvana (pre approval) is giving me 21% apr, requires 7k down on a 25k car which is the highest apr they can charge me legally in my state.
I know i haven’t bought a car before but the maximum rate? people have repossessions, collections and all kinds of stuff I don’t have and get lower rates than that. I’m just basically asking if anything else even matters? Or if that 750 is (basically) meaningless.