topic Re: Carvana pre qualified in Auto Loans

Carvana pre qualified

Roadgeek395 — Fri, 12 Feb 2021 16:11:48 GMT

So I got pre qualified from carvana at 12-13% APR. I honestly think that APR is ridiculous! I have good credit but have never had an auto loan before. Is a high APR common with carvana?

Where else can I pre qualify online? I haven't pre qualified for capital one yet but will get the ball rolling with them and see what they offer.

I meet the terms for a 3.625% APR auto loan through my local credit union but I wanna see if anyone can beat that.

Thanks in advance for any help and advice

Re: Carvana pre qualified

dunn2500 — Sun, 14 Feb 2021 16:48:56 GMT

its tough to beat credit unions....what are your auto scores?

Re: Carvana pre qualified

Roadgeek395 — Sun, 14 Feb 2021 17:11:40 GMT

Thanks for the reply, my FICO auto score 2 is 723 and auto score 8 is 721

Re: Carvana pre qualified

dunn2500 — Mon, 15 Feb 2021 03:42:13 GMT

i would take the credit union deal or shop more credit unions.....i used Pen Fed because they use my highest score out of all my scores ( F9), it helps to know which lenders pull from where but auto 8 is a very popular one..

navy, dcu, pen fed and few others consistently give low rates but have seen people beat them with local smaller ones at times......

Re: Carvana pre qualified

Roadgeek395 — Mon, 15 Feb 2021 04:13:06 GMT

Thanks for the advice. I'm pretty sure I'll use my local credit union unless I can find something better.

Re: Carvana pre qualified

DebtStinks — Mon, 15 Feb 2021 15:38:51 GMT

@Roadgeek395 I'd say go with your credit union where you meet the terms for 3.625%. That's a great rate considering you have no auto credit.

Best of luck!

Re: Carvana pre qualified

Roadgeek395 — Mon, 15 Feb 2021 16:46:23 GMT

Thank you! That gives me peace of mind. I hope to buy a truck in the next couple of weeks so I will keep you posted on the final outcome.

Re: Carvana pre qualified

Brian_Earl_Spilner — Mon, 15 Feb 2021 17:00:48 GMT

Captive financing beat nfcu for me

Re: Carvana pre qualified

Roadgeek395 — Mon, 15 Feb 2021 17:06:49 GMT

That's interesting, I will definitely do my research before I make my final decision. Thanks for the response!

Re: Carvana pre qualified

dunn2500 — Wed, 17 Feb 2021 04:35:49 GMT

my auto score for pen fed is around 737 with perfect auto history last 2 years and I just got 3.39% for 72/mo...... so 3.69% seems pretty good (obviously longer the term the higher the rate and you didnt say the term but still)

i just bought a new truck yesterday funny enough......flew to Arizona at 2pm and got back to LA at 10pm, lol......it was 4-5k cheaper (than local) and cost me a plane ticket for $47 and long drive....totally worth it and research really paid off........good luck on your new truck bro

Re: Carvana pre qualified

dunn2500 — Wed, 17 Feb 2021 04:40:13 GMT

@Brian_Earl_Spilner wrote:
Captive financing beat nfcu for me

yeah Pen Fed smoked NFCU for me and i wanted to use NFCU.......

Re: Carvana pre qualified

Roadgeek395 — Wed, 17 Feb 2021 04:46:20 GMT

Thank you! Just curious... is it a hassle buying a vehicle out of state?

Re: Carvana pre qualified

incognitony — Wed, 17 Feb 2021 22:12:06 GMT

@Roadgeek395 wrote:
Thank you! Just curious... is it a hassle buying a vehicle out of state?

Really depends on the state and if the dealer is familiar with your state registration process. I' ve bought several out of state and some dealers just mailed me the title and the money for the tags out of the loan proceeds. Some have sent them directly to the clerk (DMV in many states) office. None were hard to get done but some took a while to get everything sent.

Re: Carvana pre qualified

dunn2500 — Wed, 17 Feb 2021 23:03:45 GMT

make sure the vehicle passes emissions....i am in california and theyre strict, but mine was fine.....yeah and you have to pay the difference in tax, reg....i have 90 day temp reg from arizona

Re: Carvana pre qualified

4sallypat — Tue, 23 Feb 2021 15:36:49 GMT

I was recently used car shopping for my college bound kid.

I used Capital One Auto Navigator which did a SP and I was qualified for 2-3% rate which you take to the dealer and they can't mark it up...

Re: Carvana pre qualified

Roadgeek395 — Wed, 24 Feb 2021 03:11:50 GMT

So, long story short, things fell through with my credit union and I ended up getting financed through capital one. The financial part of the process was a bit frustrating but when all was said and done I was able to drive away in my new truck.