Looking for advice on shopping for an Auto Loan

Anonymous · ‎01-19-2017

Hello all;

I will be purchasing a new car in the next month or so and I am lookging for advice on how to shop for the best auto loan possible.

Here are my criteria.

I was discarged from a Chap. 13 bankruptcy in Oct. 2016.

Since then I have only opened one new Credit Card account. It has a 1k limit and I am keeping the balance at $150 or lower. This is my only debt at this time.

I have good auto history on my credit report. I currently show 5 auto loans on my reports. 3 all report paid as agreed and closed. 2 where included in the Chap. 13 and are now closed and paid.

I have been with my current employer for 18+ years.

Living in my current residence for just over a year.

Income is roughly $130k gross anual.

My current FICO Auto 8 mid line score is 636

The vehicle I am looking to purchase has a MSRP of $50k I will be getting a roughly 2.5k discount off MSRP, and will be trading in a vehicle that low ball will trade in for roughly 7k

My rough guestimate on ammount financed will be about $43k

I obviously don't want to apply for loans at a large amount of lenders. Any suggestions on how to find the best deal without taking a lot of hard hits?

Thanks!

Anonymous · ‎01-19-2017

@Anonymous wrote:
Hello all;

I will be purchasing a new car in the next month or so and I am lookging for advice on how to shop for the best auto loan possible.

Here are my criteria.

I was discarged from a Chap. 13 bankruptcy in Oct. 2016.
Since then I have only opened one new Credit Card account. It has a 1k limit and I am keeping the balance at $150 or lower. This is my only debt at this time.
I have good auto history on my credit report. I currently show 5 auto loans on my reports. 3 all report paid as agreed and closed. 2 where included in the Chap. 13 and are now closed and paid.
I have been with my current employer for 18+ years.
Living in my current residence for just over a year.
Income is roughly $130k gross anual.

My current FICO Auto 8 mid line score is 636

The vehicle I am looking to purchase has a MSRP of $50k I will be getting a roughly 2.5k discount off MSRP, and will be trading in a vehicle that low ball will trade in for roughly 7k

My rough guestimate on ammount financed will be about $43k

I obviously don't want to apply for loans at a large amount of lenders. Any suggestions on how to find the best deal without taking a lot of hard hits?

Thanks!

Best suggestion I've been given here and I will pass along to you is CREDIT UNIONS! They have the best rates out there. Take your financing to dealership so you can have control of the HP's a Dealership can do to your credit profile.

Credit Unions like:

PenFed

DCU

Navy Federal Credit Union

Anonymous · ‎01-20-2017

Thanks for the feedback. Is there any way to get multiple offers from different lenders without each doing a hard pull? I was considering something like lending tree, etc. Do they do a single pull, then share the data amongst lenders?

Thanks!

Anonymous · ‎01-20-2017

@Anonymous wrote:
Thanks for the feedback. Is there any way to get multiple offers from different lenders without each doing a hard pull? I was considering something like lending tree, etc. Do they do a single pull, then share the data amongst lenders?

Thanks!

Unfortunately not.. Each Lender will do a HP on your profile.

Capital One Autonavigator provides Prequal though for Soft Pull. You can give that a try.

Anonymous · ‎01-24-2017

As stated above, Capital One does have a tool in place to get a pre-approval with only a SP; once you actually take the offer to a dealership there will be a HP, but normally the terms don't change. The Capital One tool will give you a range of financing for a specific car you are looking for and what amount they will approve you for.

Aside from that, going through a credit union to get financing before you go to the dealership is the best option. I have mine through DCU and they are great to work with

Anonymous · ‎01-24-2017

Thank you very much for the feedback. Right now I am leaning toward opening an account with NFCU and applying with them for the loan