topic Re: How would I be viewed by an auto dealerships? in Auto Loans

How would I be viewed by an auto dealerships?

EW800 — Sun, 13 Jul 2014 20:12:28 GMT

I am not necessarily seeking an auto loan in the coming months, however I was just wondering how some of you think I would be viewed from a finance stand point by an auto dealership?

Good: I do not think my scores are all that bad - true FICO scores are between 697 and 718 (08 model). Not sure about the auto-anhanced version.

Good: I have two closed auto loans on my credit report. Both are 100% positive payment history.

Bad/Ugly: Two years ago I went through a foreclosure and a CC settlement.

Good: Since going though the above two years ago, all payments on everything since are completely positive.

Given these credit scores, two previous auto loans that are completely positive and two years of very good history since the ugly issues, would I likely be looked at as favorable for good terms/rates or would these baddies likely still hold me down from anything positive?

Thank you!

Re: How would I be viewed by an auto dealerships?

DrJim — Mon, 14 Jul 2014 21:18:30 GMT

I think you will be fine. Remember, you can have as many inquiries as you want (within two weeks?) and it only counts as one. When you decide to buy I would go to several institutions and get financing lined up and then go to the dealership and have them beat it. Don't tell them your APR, just tell them that you already have financing and for them to give you their best financing and you'll make a decision.

My last vehicle I did this and got a great rate on a late model low mileage used vehicle (I never buy new anymore). I was able to use my financing from a CU to get both a lower price AND a better rate. Remember, financing and extended waranties are the highest profit points for dealerships.

Re: How would I be viewed by an auto dealerships?

EW800 — Thu, 17 Jul 2014 13:59:33 GMT

Thank you very much, Dr Jim! Great advice. I appreciate it!

Re: How would I be viewed by an auto dealerships?

Remember0 — Sat, 19 Jul 2014 02:36:29 GMT

Apply to DCU before anything else imo. I think you have a great shot at qualifying for their 1.24% rate, then have the dealer try to beat it if you don't mind INQs. If you don't like INQs, freeze reports after DCU approval and just use DCU's approval.