Used Cars: apr rates... whats fair on good credit, vw beetle, highest score

Question
im ready to purchase a used vw beetle.. my score 640, my wifes 740... good right?? i was told i should get the best apr, dealer wants to give me 6.25... i think thats to high??? whats fair

Answer
Your wife's score is considered Excellent. Your score is average. Most banks will use the highest score to calculate the rate if you are married. There is more to calculating the rate than only credit score although that is the first determining factor. The amount of the loan and the year of the vehicle also affect the rate. The older the car the higher the rate. See if there is an Application fee and how much. If there is no fee than a little higher rate isn't all bad. I don't think that 6 1/4 is a bad rate. If you told me the year of the vehicle and how much you plan to borrow I could tell you what a great rate is.  Hope this helps, Shane