Car loan

[Anonymous]

I got an offer from capital one auto loan for 25,000. I check out a car I want and it was a 2015 Lexus IS 250 with 28,000 miles. At a rate 4.7 Apr I was wondering if this is a good deal? Or I can get a better rate from a different bank, credit union or even dealer's own bank.

[pipeguy]

Depending on your credit scores and CRA reports it could be either....can't really make a call with the information you provided other than there are a lot of lenders out there offering 1.5 to 1.99 APR loans on new and used cars for qualified customers. In my experience Cap-1 does not offer the best choice for high quality loans, however they may offer a good choice for those with less than sterling credit, but not sub-prime borrowers they typically get 10-25% APR quotes.. 

[Anonymous]

Fico score Equifax 656, transunion 647, experian 660
Auto score 8 Equifax 659, auto score 5 at 659
Auto score 8 transunion 657, auto score 4 at 688
Auto score 8 experian 654, auto score 2 at 659
My credit is not that great 😞

[Creditwiser]

A dealer or dealership may decide to do multiple runs on your credit to get you financed with your scores.  I would say your current offer isnt all that bad if you can deal with that rate for a year or so and then perhaps you can refinance to a better rate with a Credit Union or other lender. It would buy you time to work on your current scores and overall credit profile.

[pipeguy]

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@Anonymous wrote:
Fico score Equifax 656, transunion 647, experian 660
Auto score 8 Equifax 659, auto score 5 at 659
Auto score 8 transunion 657, auto score 4 at 688
Auto score 8 experian 654, auto score 2 at 659
My credit is not that great 😞

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Based on those scores I would say the offer from Cap-1 is in line with what you can expect. You might apply through DCU or some other credit union and if they approve you at a lower rate then "join" if you want to go with DCU (or another CU). A dealer may be able to beat those rates, but I'd very VERY careful to read the contract, especially any "kick out" clause (if our bank will not accept the loan we reserve the right to use another lender .... that kind of thing, usually at a higher rate).

I always - ALWAYS, line up my bank/CU financing before I buy a car almost all of the time a dealer can not beat my rate/terms. The last 2 cars I purchased (used 2013 in december of 2014 and new 2016 in 2016) were pre-approved loans through DCU.    

[surferchris]

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@pipeguy wrote:

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@Anonymous wrote:
Fico score Equifax 656, transunion 647, experian 660
Auto score 8 Equifax 659, auto score 5 at 659
Auto score 8 transunion 657, auto score 4 at 688
Auto score 8 experian 654, auto score 2 at 659
My credit is not that great 😞

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Based on those scores I would say the offer from Cap-1 is in line with what you can expect. You might apply through DCU or some other credit union and if they approve you at a lower rate then "join" if you want to go with DCU (or another CU). A dealer may be able to beat those rates, but I'd very VERY careful to read the contracr, especially any "kick out" clause (if our bank will not accept the loan we reserve the right to use another lender .... that kind of thing, usually at a higher rate).

I always - ALWAYS, line up my bank/CU financing before I buy a car almost all of the time a dealer can not beat my rate/terms. The last 2 cars I purchased (used 2013 in december of 2014 and new 2016 in 2016) were pre-approved loans through DCU.    

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Good advice.

[Anonymous]

Thanks everyone I'm going to check growth financial and achieva credit union and go from there hopefully they offer a better rate. Wish me luck