APR advice please?

[Anonymous]

Hello,

Ive been doing some research in preparation of buying a 2014 or 2015 wrangler. I keep getting different APR ranges from various sites when looking for what my likely APR would be. I was approved by WF but the rate is 10.47% which i thought was rather high. Anyone know what APR would be coincidered good for a 650-690 FICO score in Indiana?

Also, if i apply for several loans now and then again in around a month or so would that be scored as 1 inquiry or 2 since its more than 30 days between shopping periods? 

Thanks!

[Anonymous]

If you're willing to take the hard pulls, look at DCU. A 675 EQ score will get you their best rate.

[Anonymous]

I'm definitley going to try DCU. You mentioned hard pulls? Doesn't all auto loan inquiries count as one on a credit report?

[Anonymous]

Yes but you have to be a member to get the loan. It is one hard pull for the membership app and one for the loan app.

[Anonymous]

ok. Got it. If i apply w DCU and get approved but do not use the loan right away or wait till my credit score increases will i be able to re-apply for one with them? Or do I have to wait for a certain amount of time to pass?

[Anonymous]

Not entirely sure on that, maybe someone else can chime in. You can also call and ask them. They are extremely nice and helpful on the phone and you always get someone in America to talk to. I recommend calling right around when they open (8am) or you could be waiting on hold for a while. What is your FICO Equifax score? I received a 4.49% APR on a $20,000 loan. The APR will be reduced by 1/4% after 3 months of on-time payments all the way up to a 1.5% reduction. I'll eventually be at 2.99% which I'm very happy with. You can also refinance your loan with them when your score goes up. Good luck!

[09Lexie]

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@Anonymous wrote:

ok. Got it. If i apply w DCU and get approved but do not use the loan right away or wait till my credit score increases will i be able to re-apply for one with them? Or do I have to wait for a certain amount of time to pass?

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DCU uses the same hp for credit products for 30 days.  The membership is 1 hp + credit products 1 hp = 2 hps

[Ragelog]

You can do as I did though apply for the loan via the phone first then if approved become a member. So worst case it's just another Auto loan pull in your shopping period and you only use the membership hard pull if they offer you terms you want.

[Anonymous]

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@Ragelog wrote:

You can do as I did though apply for the loan via the phone first then if approved become a member. So worst case it's just another Auto loan pull in your shopping period and you only use the membership hard pull if they offer you terms you want.

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Well that depends, it wasn't coded as an Auto Loan inquiry on my report.

[pizzadude]

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@Anonymous wrote:

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@Ragelog wrote:

You can do as I did though apply for the loan via the phone first then if approved become a member. So worst case it's just another Auto loan pull in your shopping period and you only use the membership hard pull if they offer you terms you want.

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Well that depends, it wasn't coded as an Auto Loan inquiry on my report.

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We can't see the coding associated with inquiries on our credit reports.   I believe it's based on the customer who is requesting the score or similar.