My son is thinking of buying a new F150. His credit report shows a FICO score of 665, and he is current on all his debts. I have heard that a FICO score below 700 was not too good. Anybody know if he would be wasting his time trying to get reasonable financing based on that credit score?

 

im not sure of all the details, but I'm in a similar situation- im 22, and am buying my truck, but they wouldnt let me sign, so the loan note is in my mother's name, but I am responsible for the payments, so that i can get credit.. so if i default, my credit suffers, and my mom's account covers. 5yr 6%

 

i'm a loan officer. 665 isnt too bad if he's young. as long as he has sufficient income and no collections or judgements then he should be fine.

 

I believe over 700 is considered an EXCELLENT credit score. Age/lack of credit history (assuming he's young) may be the only thing keeping him under 700. He's probably OK though. Can't hurt to ask...

 

yea, like my credit score is great, but my lack of credit history was the hindrance on my name

 

Ditto. Lately I would kill to get a 665 score customer in!

 

I had no problems at all financing with Ford. My score is 715 and I am only 20. 665 is still good, I don't think he will have a problem.

 

If he has a good job and no collections against him he should be fine as smeezy said. If they will not finance him tell him to go elsewhere because the dealer shouldnt have much problem financing him. Might take a hit on the interest rate but he should definately be financed. 665 is not high risk category.

 

I'm in a little different boat. Credit is great 720 ish (between the 3), but I'm self-employed. How hard is that? I've owned my business now for right at a year.

 

Thanks everybody. I didn't expect to get so many replies during my lunch break! I'll pass the info along.........

 

I was approved with a 675 score and Im fairly young,23, just out of college with a decent paying job. Putting money down on the vehicle will help on the APR. Also, as long as the price of the vehicle is good, he can refinance in a year once he has some credit history for a lower APR if needed.

 

I was 22 with a 675 when I bought my truck. The dealer would have financed me, but it was at 9 or 10% or something like that. I walked down the street to the credit union, opened a savings account with $20 and got a member loan at 4%.
Just something to think about