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Strange... VW Credit

Established Contributor

Strange... VW Credit

So I was approved for a loan over 48 months at 4.74%. I've just had the paperwork through and signed up online and it says my interest rate is 3.74%, 1% less than I signed for. I ran the figures through the payment calculator on Autotrader and my payments match the lower interest rate? Has this ever happened to anyone else? I'm certainly not complaining.

Quicksilver 51k | Lowe's $35k | Prestige $33.5k | Discover It $32.5k | SPG Business $30k | Hyatt $28k | SPG $25k | Ink Plus $22.5k | Ink Preferred $22k | Aviator Red $20k | SWACU $15k | Amex Platinum | Amex Platinum Business | J Crew $18k | Spark $16k | AAdvantage Business $13k | Freedom $11.5k | SPG Business $10k | Amex Blue Business Plus $9k | Amazon Store $5k
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3 REPLIES
Moderator

Re: Strange... VW Credit


breedo wrote:

So I was approved for a loan over 48 months at 4.74%. I've just had the paperwork through and signed up online and it says my interest rate is 3.74%, 1% less than I signed for. I ran the figures through the payment calculator on Autotrader and my payments match the lower interest rate? Has this ever happened to anyone else? I'm certainly not complaining.


I had it similarly happen when I went through a dealer for financing, the payment and interest rate were slightly lower than I expected; at the dealership at least in my case they simply gave me terms based on what they expected they could get me approved at plus whatever their standard markup is (mandated max of 2% I think).  It wasn't approved immediately as they go loan shopping, and I think that's the case with most dealerships actually.

 

What likely happened in my case was that the lender came in lower than expected, and as such they had to match based on legal guidelines so I wound up a little less than I originally expected.  In your case if you were going manufacturer financing anyway I'm not sure, but I'd certainly be pleased too in your case heh.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 2 of 4
Established Contributor

Re: Strange... VW Credit

I'm definitely not complaining. It saves me a little bit of money over the course of the loan, every little helps!

Quicksilver 51k | Lowe's $35k | Prestige $33.5k | Discover It $32.5k | SPG Business $30k | Hyatt $28k | SPG $25k | Ink Plus $22.5k | Ink Preferred $22k | Aviator Red $20k | SWACU $15k | Amex Platinum | Amex Platinum Business | J Crew $18k | Spark $16k | AAdvantage Business $13k | Freedom $11.5k | SPG Business $10k | Amex Blue Business Plus $9k | Amazon Store $5k
Message 3 of 4
Valued Contributor

Re: Strange... VW Credit

That's great, Congrats!

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
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