Let me start off by saying my credit isn't wonderful, hah. My financial picture has gotten very rosy since I filed bk 5+ years ago, unfortunately, since it was a Ch 13, I couldn't rebuild until a few weeks ago. So while my income is A++++++++, my credit is sorely lagging behind. I'm in the market for a new, expensive car that I probably don't need, but like most people, I want something nice after having to struggle through a barren wasteland of crap and misery the past 7 years to reward myself. I can easily afford it now, and I've already lectured myself that I don't need it, but want it, and I'm okay with it for now. I plan to have it paid off in 3 years or less.
So the car I'm looking at is about $65k. I'll have $20k available to put down when I get ready to buy, in addition to about $5k for my trade in. I was preapproved by Cap1 at a decent rate range (3.72%-9.52%), but their financing caps out at $40k. I suppose I can save up another couple thou to pay TTL, but maybe I'd just rather roll it into the loan. I'd be over the limit for Cap1, but my question is, how do their approvals compare to what other people have gotten from other lenders? If I go with a different lender, am I dooming myself to a pit of HPs just to get like a 15% interest rate, or might I be able to get something closer to what Cap1 is offering? I was honestly shocked by the low rate Cap1 offered me considering how ugly my credit is, so I should probably not look the gift horse in the mouth and stick with them for financing... But I'd also maybe like the option of not having to fork over $20k if I don't have to.
Either way, I'm planning to refi with my CU in ~6 months, so I suppose in the long run it really doesn't matter, just curious if Cap1 prequal rates are any indiciator of what you might be able to get elsewhere.
