756 Credit Score – Beware of Predatory Lending for Car Dealerships
756 Credit Score – 9 Tips
This was an experience that my son and I had this weekend during our car buying process.
He is 22 years old with a 756 credit score. On his credit report, he is listed with 2 authorized user accounts, 1 credit-builder bank loan, 2 unsecured credit cards both with $10,000 limits, and a couple of student loans.
He brought $10,000 to the table as a down payment for his new car.
The dealership offered him a 22% interest rate loan BEFORE I went off on them. He ended up with a 4.5% rate when it was all finalized. Do you think this was predatory lending?