topic Re: My chances of auto loan approval (PNC) in Auto Loans

My chances of auto loan approval (PNC)

Anonymous — Thu, 26 Jan 2017 16:58:14 GMT

Was wondering if anyone here has experience wth PNC auto loans and/or your thoughts on my chance to get one (with PNC) or if I should just go through my local CU?

Here are my credit details:

Cap one Quicksilver mastercard with CL of $750 (7 month history)

Cap one Journey Visa with CL of $500 (1 month history)

My credit karma FAKO dropped 15 points (from 683TU & 693EQ to 668TU & 678EQ) when I opened my second card because it lowered my average history to 4 months, not sure if my actual FICO dropped the same but I assume?

I'm not able to get a pre-qualified offer from Cap One so that is why I'm on the fence about applying for an auto loan with my bank, as I think they might pull the "too few credit accounts or insuffienct history" BS. Cap one however did send me an auto fico of 699TU (a few days before my second card was reported opened however, so my guess is that its dropped as well by now), but I was not offered a pre-qualified offer because of "insuffienct credit accounts/history" (dont remember which).

My PNC account is only 7 months old but I have $26k in my accounts, I rather go through PNC for convience of payments and from what I understand is that their "check ready auto loans" are some of the best rates. Moreover they do relationship rates/banking. I wouldn't be asking to borrow more than $20k. Do I have a better chance applying at a branch than online?

Re: My chances of auto loan approval (PNC)

blossom_rebuilding — Mon, 30 Jan 2017 17:48:43 GMT

When I obtained my PNC auto loan in 2015, I only had two active credit cards with low limits but high utilization and a long history (10 years). I was approved with an auto-Experian score of 672. I recommend pulling your auto scores from myFico just to check them against the FAKO scores. They only pulled Experian. I'm also a PNC account holder, but my balances are much lower than yours, and I have no idea if that had any bearing on my approval or not.

ALSO I went into a branch before I applied, and they low-key provided me their list of qualifying credit scores against estimated APR. I then applied online, and they only asked to verify my address. So going to the branch can't hurt just to talk through your chances.

Good luck!

Re: My chances of auto loan approval (PNC)

Anonymous — Mon, 30 Jan 2017 18:20:55 GMT

CU is gonna be better and a lower rate 99.99999999999% of the time, go to credit check total and get your FICO 8 Scores for $1 this will give you a better understanding of where you are. Then call local CUs and ask what their rate is for that score and what bureau they pull.

BTW I am not "Qualified" with Cap One and my FICO is 700+ with trade lines close to $90k, I qualify for the second lowest rate at most CUs.

Re: My chances of auto loan approval (PNC)

blossom_rebuilding — Mon, 30 Jan 2017 20:53:06 GMT

@Anonymous wrote:
CU is gonna be better and a lower rate 99.99999999999% of the time, go to credit check total and get your FICO 8 Scores for $1 this will give you a better understanding of where you are. Then call local CUs and ask what their rate is for that score and what bureau they pull.

BTW I am not "Qualified" with Cap One and my FICO is 700+ with trade lines close to $90k, I qualify for the second lowest rate at most CUs.

Just as a data point, my PNC rate was 2.99% on a 60 month loan with that 672 score. I qualified with Cap1 as well at the same rate with a soft pull on the pre-qual. Didn't try a credit union because I was pretty happy with PNC, and being a banking customer makes the payments enormously easy and quick.

Re: My chances of auto loan approval (PNC)

Anonymous — Tue, 31 Jan 2017 02:18:27 GMT

@blossom_rebuilding wrote:
@Anonymous wrote:
CU is gonna be better and a lower rate 99.99999999999% of the time, go to credit check total and get your FICO 8 Scores for $1 this will give you a better understanding of where you are. Then call local CUs and ask what their rate is for that score and what bureau they pull.

BTW I am not "Qualified" with Cap One and my FICO is 700+ with trade lines close to $90k, I qualify for the second lowest rate at most CUs.
Just as a data point, my PNC rate was 2.99% on a 60 month loan with that 672 score. I qualified with Cap1 as well at the same rate with a soft pull on the pre-qual. Didn't try a credit union because I was pretty happy with PNC, and being a banking customer makes the payments enormously easy and quick.

This. Im pretty sure PNC beats my CU's rate and as I did say earlier I'd like to go through PNC for convience.

With PNC the 48 month rate on a 17k private party auto loan (what im considering right now) is 3.53, which is good enough for me.

The only reason I will go with my CU is if I am denied by PNC for not having a "long enough history"-- that's typically how major banks are in my experience (from what i hear cu borrowers usually dont have this issue, all you need is a score).

Thank you both for feedback. I'll update.

Re: My chances of auto loan approval (PNC)

Anonymous — Thu, 02 Feb 2017 06:08:56 GMT

You can always join Penfed or DCU two credit unions that have excellent reputations for the lowest APR. Banks need to feed their shareholders so it is pretty rare (not impossible) that a bank beat a CU. Your credit history is limited and scores are not great yet so you may not get fantastic terms right now but buy smart and continue to build your postiive history and scores so you can refinanace to a better rate if you don't get something your happy with right now. You would be surprised what progress you will make having an installment loan and positive tradelines for 6-12 months. I went from 12.5% to 4.29% in 6 months.