Lower Approval Rate

jd403 — Fri, 10 Aug 2018 23:14:11 GMT

I had done a ton of research on our new purchase today and decided to pre-qualify earlier this week with Capital One, GM Financial and Wells Fargo. Of those three, Cap One came back the lowest at 9.51%. I have a couple of cards that have high balances so I knew I wasn't going to get a real low rate. I had a Volvo S80 that I was trading in and had it appraised for around $8800 earlier this week also at a different dealer.

Went to a reputable Chevy dealer here in NC outside of Charlotte today to get a 2018 Traverse LT. We were able to get $12,000 for our Volvo on trade after one back and forth exchange of numbers plus $2,500 in dealer incentives. Also negotiated the price from $43k down to $36,200. When it came to do the financing, I told the gentleman I had teh pre-approval and that since I work in finance and understand the process I didn't want too many runs of credit but asked if he thought he could get lower rates. After talking for a couple of minutes, he told me four names he wanted to submit to and we agreed on three.. Ally Bank, PNC and BofA. Ally Bank came back the lowest at 6.84% with a 656 Equifax auto score. In 6-8 months I'll refinance most likely to a much lower rate after paying down the remainder of the cards that we have high balances on.

Moral of this story is that if you're open and are working with a good dealership, it can go how you want and get better than what you originally think.

Re: Lower Approval Rate

Anonymous — Sat, 11 Aug 2018 03:59:19 GMT

Congrats on the new car and thanks for sharing. Good job on getting a lower rate.

Re: Lower Approval Rate

Anonymous — Sat, 11 Aug 2018 14:22:46 GMT

That's great, I think it's always worth a few extra inquiries in order to obtain the best interest rate possible.

Re: Lower Approval Rate

Anonymous — Sat, 11 Aug 2018 15:07:57 GMT

Congrats!

As long as on the same page, yes it can be done.

But there are always some scummy people out there too.

GLad everything went well and you are happy with your purchase!

Re: Lower Approval Rate

Shooting-For-800 — Sat, 11 Aug 2018 17:42:30 GMT

Awesome! Congrats!

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