topic Re: auto loan NOT using auto enhanced score? in Auto Loans

auto loan NOT using auto enhanced score?

FirstAscent — Wed, 04 Apr 2018 02:21:10 GMT

Hi Everyone,

My scores are continuing to improve but all of my auto scores are quite a bit lower than my regular FICO8 scores, most likely due to all the late payments from my last auto loan Which however was paid in full about a year ago. I would like to get another car soon and I have a much better chance if it's based off of my FICO8 scores and NOT any of the auto scores.

Would it be best to call different banks/credit unions asking if they know what they use and/or will a dealer use multiple types of scores when they are looking for financing as well?

Re: auto loan NOT using auto enhanced score?

Anonymous — Wed, 04 Apr 2018 05:26:57 GMT

I dont know what state you are in, but if your are near Kansas or Missouri, Community America Credit Union uses Fico 8. I have had 6 auto loand through them, and soon to be another. Their rates are pretty low as well. You might be able to join online. Im not sure as I am in Missouri, but I would join if I wasn't. They profit payout. I had my checking, savings, and 2 autos through them last year, and I got $208 in profit payout in January as well as what my high interest savings got.

Re: auto loan NOT using auto enhanced score?

FirstAscent — Wed, 04 Apr 2018 06:15:47 GMT

Thanks for your input! I’m in Oregon but I’ll still keep them in mind. Do you recall which bureau they pull?

Re: auto loan NOT using auto enhanced score?

Anonymous — Wed, 04 Apr 2018 13:27:39 GMT

I believe it was Transunion.

Re: auto loan NOT using auto enhanced score?

FirstAscent — Thu, 05 Apr 2018 00:34:43 GMT

oh even better, TU is currently my best score =)

@Anonymouswrote:
I believe it was Transunion.

Re: auto loan NOT using auto enhanced score?

FirstAscent — Thu, 05 Apr 2018 00:54:40 GMT

Also, since I'm in Oregon, is there anything saying I can't go to any bank or credit union I want out of state? does that even matter?

Re: auto loan NOT using auto enhanced score?

Anonymous — Thu, 05 Apr 2018 01:03:27 GMT

I dont know about them all, but Im a member of NFCU and closest branch is in Kansas and Penfed but I dont even know where the closest branch is. I joined online

Re: auto loan NOT using auto enhanced score?

FirstAscent — Thu, 05 Apr 2018 01:53:55 GMT

Thanks! Any chance you’ve gotten any loans with them with any scores under 700 while getting top (low) rates?

Re: auto loan NOT using auto enhanced score?

Anonymous — Thu, 05 Apr 2018 02:29:38 GMT

With CACU they break down their brackets:
600-650
650-700
700-700+
From 650 to the next bracket add .5%
We always get 74 month loans and pay extra when needed at with 700+ scores at 3.49%. 84 months is 3.95% but we always pay extra. We just extend the loan so like a month like Nov and Dec we can pay a lower amount because of Christmas. Their Gap insurance is a $399 flat fee.

Re: auto loan NOT using auto enhanced score?

FirstAscent — Thu, 05 Apr 2018 02:33:57 GMT

Thanks, this is sounding promising. I’m expecting a jump in scores in about a week once my utilization is updated/reported on my reports.
I’m looking around 72-78 months, hoping for around 3.9% or better

Re: auto loan NOT using auto enhanced score?

Anonymous — Thu, 05 Apr 2018 02:39:18 GMT

We like this credit union. Im sure we could get better rates someplace else with our scores, but the service, honesty, and help they provide makes up for it. We have moved all our financials to them other than our mortgage. We view that more than a good rate with a company that is hard to reach or talk to. They are very personable, and we like the high interest savings and profit payout. The more things you use with them, the more you get. I love their mobile app because all 6 of our accounts are listed and we can transfer freely between them and our loans/cc and deposit mobily also.

Re: auto loan NOT using auto enhanced score?

AppHappyTog — Thu, 05 Apr 2018 03:05:07 GMT

PenFed used my EQ9... which was better than all of my score.

Past repo/charge off September 2012, used auto loan for a bit over $28k at 4.49%

Re: auto loan NOT using auto enhanced score?

FirstAscent — Thu, 05 Apr 2018 03:34:43 GMT

Looks like all my Fico9 scores are lower than 8 so no Penfed for me, but thanks for your input!