How hard is it to get an auto loan through a credit union?

[Anonymous]

In general how hard is it to get an auto loan though a CU? Hubby and I have banked at our CU for 10 yrs now. We had one auto loan through them back in 2011 (paid in full never late) but credit was much better then. We are looking to get a new car now, did the preapproval through the Capital one auto navigator, it gave us an interest rate of 9.71% with over a down payment 10% . Obviously that's not the best rate ever, and the down paymentis kind of high. 

HIs credit is a 670 right now.

I want to try the CU before we just accept Cap 1 offer, but I'm afraid we will be denied and it will hurt his credit and possibly stop us from getting the original interst rate/loan through cap one.

Any advice appreciated!! 

[Anonymous]

In general It's probably about as hard as getting an auto loan from anywhere else. I will say I've never been preapproved through auto navigator lol. Even with my auto enhanced ficos all above 740 (never app'd below 720) I get denied every time 😢.

One hard inquiry probably won't make a huge dent in his score if at all. But if you're really worried about the inquiry just get copies of his credit reports and go in person to the CU you're interested in and ask them to take a look at them. They won't be able to tell you 100% whether he will get approved but they can tell you whether or no he has a good chance. I tried with two CU's in my area just showing my reports and giving them info about my finances and they both gave me advice and even what rate they thought I could get based on the info I gave them.

If autonavigator is giving you a preapproval I say just try it, because my reports are squeaky clean and scores are all above 740, been in the same apt for 3 years, same job for 5 and no debt at all...They still won't touch me 😂.

[Anonymous]

Used Cap1 a little over a year ago; prequalified for 9.9% with scores lower than your husbands. Refinanced with DCU two months later for 3.99%. They may not be able to give you a pre-approval, but I think it'd be worth it to talk with your local CU or DCU

[Anonymous]

Thanks for your advice, we went to our CU today and got approved at 4.49%! I'm glad we didn't just take the Cap 1 offer without trying. 

[Anonymous]

Congratulations!! Not a bad APR at all
Glad it worked out for you.
In my experience, CUs can be much easier to work with in being up front with what they can or can't do for you before you start taking HPs