Tom Francis - SWSports wrote:
On Fri, 05 Dec 2008 12:49:55 -0500, "Reginald P. Smithers III, Esq."
wrote:

Loans are available for anyone with good credit. They are being
selective on who they make loans to.

Really?

Go get a car loan from a bank with a 720 credit score.

Go ahead - I'll wait.

--

"An idealist is one who, on noticing that
a rose smells better than a cabbage, concludes
that it will also make better soup."

H.L. Mencken

My credit score is over 800, so it would be hard for me to do that. If
I was looking for a car loan, I would do it at a credit union, and they
are still making them way below market. I haven't check, but since 720
is still considered a excellent rating, I would guess they are still
making them.

While I have not check what the car/home loan rates are based upon FICO
score, Forbes did and in a Dec. 3 rd article, they said:

"If you do qualify for a loan, the higher your score is, the lower your
interest rate will probably be. According to Fair Isaac, the interest
you will be charged for a 30-year fixed interest rate mortgage on a
$300,000 loan could be as low as 5.67% if your credit score is 760 to
850, while it might be as high as 6.99% if your credit score is 620 to
659. A three-year auto loan would be 6.68% if you have a credit score of
720 to 850, but if your credit score is 620 to 689, you will be charged
as much as 12% for that same loan. "

http://www.forbes.com/finance/2008/1...score_inl.html