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I am looking to buy in the next few months, but am trying to clean up my credit before then. My credit score is not good right now, but some older items are falling off, and I have a couple things I can improve that have been re-aged. My question is if anyone is familiar with Lexus' finance department and what score they considered 'well qualified' and what they consider to be acceptable if below 'well qualified'. I have very good salary and net worth, so it is just an issue of credit score reflecting problems a few years back. Do they use Experian or Equifax?
 

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equifax or experian depends on where you live in the country, and when I went to finance my is300, this is what my problem was:

I made a VERY good amount per year but I am only 19, so they didn't care.
Yes, they ran my credit, which wasnt good (because I'm only 19)
even so, my interest rate was going to be somewhere towards 20% (I know, bull F*cking sh*t lol)
so I had my grandfather co-sign for me, and got the interest down to 10%..

hope this helps...

also, they look at if you've ever had to finance a car before, what debt you have, if you rent or own your house, etc etc... and on top of that, depends on which bank will take you..
 

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I ended up financing through the credit union I do my banking with. Because you're a current customer they'll usually give you a better rate (I got 3.99%).
 

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Won't matter what your credit score is if you put enough down (though interest rate may be not so good)....
 

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They consider anything above 700 to be a good credit score. Mine was 720, and I got their special offer of 2.69% financing for well qualified customers. I financed my car for 60 months. I will pay off my car this june! I'm so excited!!!! lol Good luck with your purchase though.
 

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credit unions are the way to go...I think my interest rate is like 6 or 7% and I was only 20 when I bought the car

I really don't think there is a way to "clean up" your credit score, just depends on what happened to mess it up and how many years it stays on your credit report. some things such as bankruptcy, repos, and foreclosures can be on there as long as 10 years.

if your credit is bad enough, you just have to suck it up and pay your 20% for a while, make your payments on time and then refinance after a couple of years to see if you qualify for a better rate
 

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Set up your financing before you even set foot in the dealership. Like everyone on here is saying, credit unions are going to give you the best rates. I have financed a number of vehicles through credit unions now. The dealership will actually take the rates from the banks and credit unions and add a percentage to it so they make money on the financing as well. It says so in the mountain of paperwork you sign to buy the car that nobody ever reads. Set it up before you go to the dealership and then if they can beat the rate that you already have set up then you can go with theirs. Don't ever let a dealership tell you what your rate should be. Good luck with your purchase.
 

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I doubt there is any way to "quickly" clean up your credit. Shop around for financing, thats about the best advice.
 
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