First time Auto Loan App

[Viperlx]

Hi, My wife is looking to get her first car right now and I am shopping around for the best interest rate.  She had a 747 credit score before we let the dealer run her credit.  They came back with 5.75% as the best they can do.  She has about 2 to 3 years of credit card history but no loans.   What are her chances of getting a loan around 2% from DCU or NFCU AFTER the dealer ran her credit.  

I have not checked to see how many inquiries dinged her credit but I would think this would only hurt the pre-approval process.  Once her app is looked over by a person, they will see the reasons for those dings.  

Any help or insight will be good!

Thanks

[Anonymous]

An inquiry will not affect your score significantly.  Since the dealership already ran her credit, ask them if they work with Chase.  If they do, tell him he has a deal if he can get 1.99% with Chase.  Otherwise DCU will probably approve her but they stipulate to qualify for their lowest rate, you will have to deposit your entire net paycheck to them essentially making them your primary bank.

[FeeBear]

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@Anonymous wrote:

An inquiry will not affect your score significantly.  Since the dealership already ran her credit, ask them if they work with Chase.  If they do, tell him he has a deal if he can get 1.99% with Chase.  Otherwise DCU will probably approve her but they stipulate to qualify for their lowest rate, you will have to deposit your entire net paycheck to them essentially making them your primary bank.

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It doesn't have to be your entire check. My job allows me to deposit into 2 or 3 places.

Fee

[Viperlx]

The dealer ran it by 10 separate banks.  At least that is what all the inquiry alerts are saying. One is Chase, I will ask them to pursue that as well.