I have a 630 credit score. What kind of interest reate can I expect to get for a new auto purchase/lease?

Question by SUVCURIOUS: I have a 630 credit score. What kind of interest reate can I expect to get for a new auto purchase/lease?
I’m looking to lease/buy a BMW X3. Which is the best way to go for me? MSRP is approx 40k. Thanks!

Best answer:

Answer by drtestprep
First, don’t lease a car if you are the type who puts on more than 12K miles a year or who likes to put “extras” on his car. The over charges will kill you. And after three years you will have nothing to show for your lease payments but a large dent in your bank account.
As for your interest rate, a 630 score shows some problems in the past. Perhaps a bankruptcy 7 years or so ago or some late payments. With a 630 the average BMW dealership–if you can get them to give you credit to begin with–will charge you upwards of 12% a year. Even if you could refinance through another company, 9.9% will be about the lowest you can expect. If you put 10K down, that comes out to a 5-year payment (if you buy) of around 700/month. On a 3-year lease, it would run around 550 / month. If you put less down, well, you will be close to $ 1000 a month.

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