Ready for Auto Loan-Need Advice-Part 2!

[Anonymous]

Trying to post again...

After everything I've learned from all of you, am ready to take  the plunge and apply for auto loan!  Scores are EX 716, EQ 694, TU 684.  EX is the highest because they removed my aged out public records the others didn't yet, but I'm not going to wait.  Anyway, I'm looking for advice on top 3 places to apply (am going to try Wells Fargo, unless anyone advises against, they pull exclusively from EX and my accounts are there)--any other recommendations on best bets for $25k new loan?  Are the online sources or credit unions worth trying?  I know dealers pull auto-enhanced, but do lenders or do they just pull scores?

Also want to know what the window is for applying multiple places when loan shopping, so that each one doesn't ding me too much.  Thanks as always for your thoughts, once I get a loan, I'll share specifics, hope I'll get to the point where I can help someone else!

[Anonymous]

I worked in car dealerships for three years and the only rates lower than the dealerships were with credit unions.  I would try going to your bank first.  If you have a checking and savings account you should be able to get a pretty low rate.  They may also lower it by a smidge if you auto deduct your loan payment directly from your checking account.  If the dealership can do better go with them, if not go with your bank.

If I remember correctly Wells Fargo does not due primary lending for auto loans.  Every customer I had with Wells  Fargo was secondary.  With 716, 694, 684, you should be a solid primary customer.

Unless things have changed you can do better than Wells Fargo.

I don't want to say anything about how it dings and for how long, as I'm almost certainly remembering it wrong.

I will say this though.  Dealerships don't matter banks due.  With your scores you shouldn't have a problem getting a cheap loan.  But, hundreds of times I have seen people that will go to 5 dealerships in 2 days and were told by every single one they didn't have the credit to buy a car.  All dealerships (doesn't matter what brand) use a network of lenders primary and secondary.  In alot of cases the same group of lenders.  If you go to 1 or 2 car dealerships and they can't get you into a car, going to three more is only gonna screw up your score with inquiries and waste your time. 

Message Edited by uptomyneck on 08-04-2007 08:16 PM

[Anonymous]

Thanks for the good info!  Actually WF does do primary lending, and has recently revised rates (5.99 for new with 720 FICO+, which isn't me yet), and do a 25 basis point discount for auto pay.  I'm afraid of dealers for just what you said--repeated turn downs (happened to me a couple of years ago).  I think I'm still bordering on sub prime, except for my EX at 716 (as a side note I got a 60 point jump when they removed aged out public records!!).

Does anyone know if banks pull auto-enhanced or just straight FICO, haven't had a car loan in more than 20 years, so enhanced will hurt me.

[Anonymous]

I don't know for sure, but I don't think banks pull auto-enhanced scores.  You may want to double check Tuscani's posts.  I think he said something about it, but I don't remember and can't look right now.  I have seen finance managers, at dealerships, pull an auto-enhanced and then pull all three regular credit reports.  Usually they do it when they're trying to get a secondary loan approved.  They'll submit the most favorable information they can document to try and get you into the loan.  That can be good and bad.  They want to get the loan, not make sure you don't bite off more than you can chew.