Please help urgent questions about Auto Loans

[calibu0n]

Hi. My Fico scores are 694 and 703. I'm 24 and looking to purchase a Toyota with OTD estimation is $22,800. I plan to put down $5,000.  Toyota is having a promotion 0% for 48 months, and 0.9% for up to 60 months.

Do you guys think I'll be qualified for the 0.9%?

Should I get pre-approval from USAA and Penfed first? What are other Credit Unions?

Does it hurt to get many pre-approval?

Thank you.

[Anonymous]

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@calibu0n wrote:

Hi. My Fico scores are 694 and 703. I'm 24 and looking to purchase a Toyota with OTD estimation is $22,800. I plan to put down $5,000.  Toyota is having a promotion 0% for 48 months, and 0.9% for up to 60 months.

Do you guys think I'll be qualified for the 0.9%?

Should I get pre-approval from USAA and Penfed first? What are other Credit Unions?

Does it hurt to get many pre-approval?

Thank you.

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Assuming that your auto enhanced score is anywhere near your FICO scores, you will get the Toyota special financing.  If you get lots of preapprovals it just means you will have lots of auto inquiries on your reports.  This won't hurt your scores but can hurt your credit in other ways.

[calibu0n]

Thanks. Penfed offers 1.99% up to 5 years and DCU offers 1.29 or 1.49 i think. Do you think I should apply ahead of time or wait until Toyota Financing gives me an answer?

All Auto Loans are fixed rate right? No matter what will happen, it will be the same rate?

[EddieK]

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@calibu0n wrote:

Thanks. Penfed offers 1.99% up to 5 years and DCU offers 1.29 or 1.49 i think. Do you think I should apply ahead of time or wait until Toyota Financing gives me an answer?

All Auto Loans are fixed rate right? No matter what will happen, it will be the same rate?

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DCU's rate with auto payments is 1.49%.  I wouldn't apply to them beforehand in your case since you most likely will be able to get the promo financing with Toyota.  No need to waste 2 hard pulls.

[Revelate]

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@EddieK wrote:

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@calibu0n wrote:

Thanks. Penfed offers 1.99% up to 5 years and DCU offers 1.29 or 1.49 i think. Do you think I should apply ahead of time or wait until Toyota Financing gives me an answer?

All Auto Loans are fixed rate right? No matter what will happen, it will be the same rate?

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DCU's rate with auto payments is 1.49%.  I wouldn't apply to them beforehand in your case since you most likely will be able to get the promo financing with Toyota.  No need to waste 2 hard pulls.

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Even if I were gold plated I'd always arrange financing beforehand: never know what can go wrong and then if you're ready to go out the door and the F&I guy offers a crappy loan... meh.  Can use the DCU offer as a shield to the usual dealership antics, both I think are worth losing a single inquiry over which is utterly trivial especially when we're talking auto inquiries for rate shopping which everyone should do.

[calibu0n]

Some people said many inquiries within 30 days count as 1. Is that true? If that's the case, does DCU give instant approval on auto loan? How does it work if I apply for the auto loan today and buy the car tomorrow?

[Revelate]

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@calibu0n wrote:
Some people said many inquiries within 30 days count as 1. Is that true? If that's the case, does DCU give instant approval on auto loan? How does it work if I apply for the auto loan today and buy the car tomorrow?

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Two weeks is the gold standard since EX Risk Model 2 is still '98 and that's part of the mortgage trifecta.  DCU sometimes gives instant approvals yes, but typically that's exactly what you do, apply for the loan, get approved, then go down to the dealership.

[StartingOver10]

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@Revelate wrote:

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@EddieK wrote:

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@calibu0n wrote:

Thanks. Penfed offers 1.99% up to 5 years and DCU offers 1.29 or 1.49 i think. Do you think I should apply ahead of time or wait until Toyota Financing gives me an answer?

All Auto Loans are fixed rate right? No matter what will happen, it will be the same rate?

---

DCU's rate with auto payments is 1.49%.  I wouldn't apply to them beforehand in your case since you most likely will be able to get the promo financing with Toyota.  No need to waste 2 hard pulls.

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Even if I were gold plated I'd always arrange financing beforehand: never know what can go wrong and then if you're ready to go out the door and the F&I guy offers a crappy loan... meh.  Can use the DCU offer as a shield to the usual dealership antics, both I think are worth losing a single inquiry over which is utterly trivial especially when we're talking auto inquiries for rate shopping which everyone should do.

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+100.  ^^^I like that phrase Rev used:  "use the DCU offer as a shield to the usual dealership antics,..."  Exactly right. Walking into a dealership without a pre-approval from another lender is walking in unarmed and defenseless. In fact, even if the dealer offered a nominally better rate, it might not be worth the hassel to have them run your credit for the deal. You only have one INQ with DCU or other outside lender (usually) - but with dealers you get a bunch of INQs ...is it worth it to save a nominal amount? Not for me.

[calibu0n]

As of now, DCU has the lowest rate right?

[calibu0n]

Dcu gives me 1.99%. Do i choose "Accept Rate" or not?