PenFed's opinion on HQ's and what they look for?

[Anonymous]

I'm planning on trying to get an auto loan through PenFed in January, I'm thinking it will be around $30-35k if I can get approved for that. My income is $60,000 + I can have my fiance cosign if need be and her income is currently $40k, however by January we are thinking she should have a raise to $45-50k. I'm a renter and my rent is $607/mo

My Equifax score, at my current rate of building, should be between 725-735 by January and I've *heard* that PenFed only pulls Equifax. Can anyone vouch for this?

In January I will have 6 HQ's on my Equifax report (I have one dropping off in a month and not planning to have anymore in the meantime). I have 4 credit cards with a total limit around $38k and I'm 26 years old. By January I will have had my current job for 6 months (I'm a software developer).

What does PenFed look for when giving Auto Loans? Do they also take into consideration the type of vehicle being purchased at all? What things can I do to help make sure I get approved for an auto loan for the amounts that I'm wanting?

I'm trying to make sure that when I apply I have the best chances of getting approved that I can get. Any advice is appreciated.

Also does anyone know of any other places besides PenFed who approve auto loans for vehicles > 7 years old? Thanks!

[sccredit]

I had a similar score and many more inquiries when I applied and obtained an auto loan from them

[Anonymous]

And just to clarify -

Are you saying HQ as in a 'Hard Query' meaning a Hard Credit Inquiry?

We usually refer to them as HP for Hard Pull and SP for soft pull.

I'm thinking different terminology for the same thing.

I would think your income and scores are strong enough for you to qualify on your own.  Generally, scores 660 and above are good enough for ok financing at a car dealer. 

I also think Penfed pulls EQ but dont know the scores they look for.  You could call them and ask, and they probably wont remember you by January, 

hth

[Anonymous]

Darn - yes I did mean HP not HQ... It's been a long day

[notpaul]

The car is collateral. The less risky the deal is for them the better they will like it. I applied and they seemed interested at over 700, but they don't like a lot of new accounts opened. They cited that as the reason for denying me even before my BK7 history. Had I opened a car loan with them first, and then applied for a credit card, it may have gone the opposite way.... Who knows.