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I bit the bullet and applied... I was approved! I asked for $16k and got $21k. The terms are not awesome, so hopefully the dealer can beat Cap One's offer.
Model Year Annual Percentage Rate (APR)
2012 or newer | 5.48% |
2011 | 5.49% |
2010 - 2009 | 6.06% |
2008 - 2006 | 7.01% |
The dealer will probably beat their rates but it's nice to have the preapproval as a starting point. Remember rates on used cars are going to be higher for everybody than the rate on new cars. Doesn't matter what credit score you are dealing with. The bank just assumes there is more risk in a used car.
Don't get me wrong, I'm pretty happy with the rates, but I guess I was hoping they'd be just a tad lower. I was with a friend last week and he got his 2011 TSX for 2.4%, but my credit is nowhere as good as his.
Do you think I should just keep quite about the preapproval and let the dealer pull my report and only reveal my preapproval if the rate they're offering is higher than my Cap 1? Or would they think that I'm messing with them? I feel like most dealerships try to trick you into buying unnecessary crap with your car, so why shouldn't I practice my own little trickery?