I'm looking to buy a motorcycle and will be applying for a loan for about 32K through the manufacturer since my CU rates are higher.
My current stats:
EQ = 739 as of today
EX = 748 as of 12/1
revolving monthly debt = $565
annual income = $130k
credit card usage= 31% (Yes, I know this is high...working on it)
1 credit inquiry (Discover card application)
Wondering if I would qualify or not. I don't want to apply for the loan if I'm going to get denied since that would just lower my score. I applied for the Discover card just this week so that I can transfer one of my card balances ($4K) over to take advantage of the 0% rate for transfers which I got approved for so I'm just waiting for the card.
Bumping for others for input on the rate....If auto loans are like motorcycle loans, then you'll get a good rate.
I wouldn't worry about a lower score due to denial. If you are approved you can still see a lower score. FICO scores the inquiry regardless of approval.