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New Visitor
Posts: 3
Registered: ‎04-13-2017
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When to seek pre-approval for auto loan?

I will be graduating from college in a month and will be working full time so I will be able to afford a monthly car payment. I plan to buy a used mazdaspeed 3 for $10K or less. My credit score is in the 720s right now per creditkarma. When should I start seeking pre-approval for an auto loan? Should I wait until I actually start working full time or should I start looking now?

Valued Contributor
Posts: 1,381
Registered: ‎12-16-2014

Re: When to seek pre-approval for auto loan?

Join a good credit union like Penfed, NFCU or DCU now,  wait until you get that first paycheck prefferably so you have proof of income and apply.  They will send you a check you fil in the amount and get the title and your pretty done.  If you need one sooner it could be possible but not as likely.  BTW don't put much fiaif ircaoirak

NFCU Go Rewards 18k, NFCU Go Rewards AU 22k, NFCU CLOC 15k, NFCU N Rewards 2k, Amex ED preferred 12k, Amex BC 1k, USAA CL 2k, Hawaiian Air Barclay 1.2k, Venture One 10.1k, Target 3.5k, Citi Costco 2k, Citi AAdvantage 7k, NFCU Platinum AR $2.4K, Penfed Platinum Rewards $5.5k. PayPal 2.2K

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores April 2017: EQ 667 TU 696 EXP 690
New Visitor
Posts: 3
Registered: ‎04-13-2017
0

Re: When to seek pre-approval for auto loan?

Thanks for the response. But what's the last part? Don't put much what?

Valued Contributor
Posts: 1,152
Registered: ‎01-31-2008

Re: When to seek pre-approval for auto loan?

'fiaif ircaoirak' I think they meant 'faith in Credit Karma'

We may need to check and make sure they did not have a stroke.

 

Remember, PenFed uses the NexGen score and that can be hard to find. Also, various banks use either the FICO mortgage or Auto score when pulling credit.

May be worth it to get a full report from myFICO to see all of your true FICO versions.

 

And, I will say that the myFICO versions are spot on for the auto loans and house refi I did last year. The mortgage broker was impressed that I told him my exact scores.

 

New Visitor
Posts: 3
Registered: ‎04-13-2017
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Re: When to seek pre-approval for auto loan?

Thanks for the response. I also have a credit card through bank of America and they say my fico is around 714
Valued Contributor
Posts: 1,152
Registered: ‎01-31-2008
0

Re: When to seek pre-approval for auto loan?

As far as seeking pre-approval, your original question, they are usually good for thirty days.

 

It will be best to have a paycheck or two to prove income.

 

Good luck

Valued Contributor
Posts: 1,381
Registered: ‎12-16-2014
0

Re: When to seek pre-approval for auto loan?


rolandernst wrote:

Thanks for the response. But what's the last part? Don't put much what?


Sorry about that,  yes it was don't put too much faith in Credit Karma scores.

NFCU Go Rewards 18k, NFCU Go Rewards AU 22k, NFCU CLOC 15k, NFCU N Rewards 2k, Amex ED preferred 12k, Amex BC 1k, USAA CL 2k, Hawaiian Air Barclay 1.2k, Venture One 10.1k, Target 3.5k, Citi Costco 2k, Citi AAdvantage 7k, NFCU Platinum AR $2.4K, Penfed Platinum Rewards $5.5k. PayPal 2.2K

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores April 2017: EQ 667 TU 696 EXP 690

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