New Member
Posts: 1
Registered: ‎11-15-2013

Help needed. Approved for 1.99%, 3.99%, 7.9%, 9.7%

[ Edited ]

Hello everyone,


I am a noobie to the credit world. I recently got my first credit card and I have no credit yet.

I applied for an auto loan to several credit unions and I received approvals from some of them.


My goal is to build a strong credit.


What is the best stradegy to maximize my credit with auto loan?

 - smaller amount vs larger amount of loan?

 - shorter vs longer terms?

 - does it hurt my credit score to prepay loan amount over 2 years when I orginially signed up for 3 years?


One of CUs gave me 1.99% APR over 36 months for $17,000, It reports to Experian only.

Another one gave me  7.9% APR over 36 months for $17,000. It reports to Experian only, but the representative says that Experian will share the report with other credit bureaus? Is that true?

Another one gave me 9.7% APR over 36 months for $17,000. It reports to all three credit bureaus. 


The key point is that only one of them with highest APR reports to all three credit bureaus.

One of them is saying that reporting only to Experian will eventually propagate to the other two agencies as well and boost my credit score on all agencies across.

Is this a true statement?

What are the most important factors to look out for when choosing a auto loan? 


Please advise me on the decision. Thank you in advance!



Frequent Contributor
Posts: 271
Registered: ‎05-08-2013

Re: Help needed. Approved for 1.99%, 3.99%, 7.9%, 9.7%

Take that 1.99% to a dealership and see if they can beat that rate, they likely will. All the dealerships will report to all three agencies. I would not recommend paying a higher interest rate if you don't new to, it doesn't make sense. The purpose of having good credit is to pay lower interest (or none at all) so it is self defeating to pay high interest to improve you credit.

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