I just paid off my Civic last Friday. My credit is OK. Had some problems when I got laid off a few years ago. Will this payoff help and how much could it help me when getting a S2000? I understand that it won't show up in my credit report right away. I guess it could take 3 months before I see anything. Should I just bring the Title with me when I do go for the S2000?



Thanks.

 

get your credit score..to see how you are doing.
do a search under credit score in yahoo.

 

Go to http://www.myfico.com

and get your credit score. This will tell you your current credit rating, and is great ammunition when you're shopping for a loan.

The FICO scale goes from 300 to 850, and as far as I remember, a score of 720 or higher will get you the best rates.

 

Being evaluated for a car loan is a little bit different than being evaluated for a personal loan. When you were laid off, if you missed credit card payments but always made your car payment on time, many lenders (including AHFC) will see that as a lesser sin.

At the same time, if you financed with AHFC and were 10-29 days late with a payment, they will take that in to consideration.

It won't make a substantial difference whether your car has been completely paid off or not. Your debt-to-income ration is what gets calculated in to your FICO score, if your auto debt shows as $600 instead of $0, that is inconsequential when considering a $30,000 car.

Bring the title with you anyway. That will show the dealer that the title is clean, and they will not have to do a salvage....one less worry for them.