topic Re: Pen Fed pre approved me, I thought I would get a lower rate. in Auto Loans

Pen Fed pre approved me, I thought I would get a lower rate.

sweets2323 — Tue, 08 Mar 2022 17:20:08 GMT

Pen Fed Pre Approval Soft Pull, I wonder If I would have put 25k would I have received a lower rate.

72 months, 4.04% APR

84 months, 4.79% APR

48 months, 3.09% APR

60 months, 3.09% APR

66 months, 4.04% APR

Re: Pen Fed pre approved me, I thought I would get a lower rate.

sweets2323 — Tue, 08 Mar 2022 19:34:14 GMT

When I was talking to the rep, she said she doesnt see my applicaton :-(

Re: Pen Fed pre approved me, I thought I would get a lower rate.

dragontears — Wed, 09 Mar 2022 00:48:32 GMT

@sweets2323 wrote:

Pen Fed Pre Approval Soft Pull, I wonder If I would have put 25k would I have received a lower rate.

72 months, 4.04% APR
84 months, 4.79% APR
48 months, 3.09% APR
60 months, 3.09% APR
66 months, 4.04% APR

So what were you thinking you should get?

Re: Pen Fed pre approved me, I thought I would get a lower rate.

sweets2323 — Wed, 09 Mar 2022 03:30:32 GMT

LOL well of course I was hoping for

@dragontears wrote:
@sweets2323 wrote:

Pen Fed Pre Approval Soft Pull, I wonder If I would have put 25k would I have received a lower rate.

72 months, 4.04% APR
84 months, 4.79% APR
48 months, 3.09% APR
60 months, 3.09% APR
66 months, 4.04% APR
So what were you thinking you should get?

something in th 2 pecernt range :-) From seeing so many others

Re: Pen Fed pre approved me, I thought I would get a lower rate.

mau471 — Wed, 09 Mar 2022 15:27:57 GMT

If the score in your signature is accurate, you won't be able to get those rates from Penfed. I've seen a number of people on here with scores in the 700's not even getting penfeds best rates.

Re: Pen Fed pre approved me, I thought I would get a lower rate.

sweets2323 — Wed, 09 Mar 2022 17:03:08 GMT

Those numbers are wrong.

How do I update it?

When I click the fico fitness challenge it, the link is broken

Regular Fico 8

Equifax 725

Transunion 726

Experian 735

Re: Pen Fed pre approved me, I thought I would get a lower rate.

RSX — Wed, 09 Mar 2022 17:01:35 GMT

go up to top right - click on your icon - select the following

then update your Signature

Re: Pen Fed pre approved me, I thought I would get a lower rate.

mgs2010 — Wed, 09 Mar 2022 18:55:35 GMT

Generally speaking, loan amount doesn't have any impact on the rate you qualify for. LTV does - some lenders offer lower rates for 90% LTV vs going up to 125% LTV. I have found that credit unions like to see a banking relationship with them in order to get their very best offerings. I have scores in the 800s but because I do not bank at NFCU, I always seem to get a rate offering that's just ever so slightly above the lowest they advertise. Do you bank with PenFed or just have a CC or two with them? That might be the reason.

All of that aside, I don't think those are "bad" rates given the market & your scores.

Have you tried Capital One auto navigator? They seem to have very competitive rates, in my experience anyway. Among the lowest I've been quoted, even when comparing to the credit union I bank with.

Re: Pen Fed pre approved me, I thought I would get a lower rate.

sweets2323 — Wed, 09 Mar 2022 19:14:08 GMT

@mgs2010 wrote:
Generally speaking, loan amount doesn't have any impact on the rate you qualify for. LTV does - some lenders offer lower rates for 90% LTV vs going up to 125% LTV. I have found that credit unions like to see a banking relationship with them in order to get their very best offerings. I have scores in the 800s but because I do not bank at NFCU, I always seem to get a rate offering that's just ever so slightly above the lowest they advertise. Do you bank with PenFed or just have a CC or two with them? That might be the reason.

All of that aside, I don't think those are "bad" rates given the market & your scores.

Have you tried Capital One auto navigator? They seem to have very competitive rates, in my experience anyway. Among the lowest I've been quoted, even when comparing to the credit union I bank with.

Is it a soft pull? If its a soft pull I will try them now.

I do not bank with them. I bank with Powerfinancial and USAA. I did not try either of them.

Re: Pen Fed pre approved me, I thought I would get a lower rate.

Anonymous — Fri, 09 Sep 2022 20:00:26 GMT

Re: Pen Fed pre approved me, I thought I would get a lower rate.

sweets2323 — Thu, 10 Mar 2022 15:39:21 GMT

strangest thing, I pplied to Cap 1 and was told I was not approved.

My credit is great, no lates three cars paid for and cores in the mid 700's for all three.

I wonder if it because, I put more than my income for the employer I addd. Iam also a real estate agent so Iadded another 20k on top fo my regular salary. Alos, I am wondering if I put my hypen last name or just thr first,

Would any of those things affect my approval?

Pen fed pre approved me for 45k. 3-4 percent.

I want to add Carvana since its a soft pull

Then when I am ready to pull the trigger, I want to check Navy and DPU. But I am not ready yet because they are har pulls.

not sure when is the right time to do a hardpull

Re: Pen Fed pre approved me, I thought I would get a lower rate.

sweets2323 — Thu, 10 Mar 2022 22:12:32 GMT

So Carvana also approved me, but there numbers arent s detailed as Pen Fed.

CARVANA

INTEREST RATE

3.90% - 7.91%

AX LOAN PERIOD

69 mo.

YOUR FINANCING TERMS

Your terms will expire on

April 23, 2022

Re: Pen Fed pre approved me, I thought I would get a lower rate.

RSX — Fri, 11 Mar 2022 17:24:19 GMT

personally i would stick with the PenFed offer - 3-5% isnt bad for a used car

and you can always make extra payments, which lowers the overall Interest paid

Re: Pen Fed pre approved me, I thought I would get a lower rate.

sweets2323 — Thu, 17 Mar 2022 17:21:28 GMT

Its for a new 2022 lexus IS

@RSX wrote:
personally i would stick with the PenFed offer - 3-5% isnt bad for a used car

and you can always make extra payments, which lowers the overall Interest paid

Re: Pen Fed pre approved me, I thought I would get a lower rate.

sweets2323 — Thu, 17 Mar 2022 17:22:35 GMT

@RSX wrote:
personally i would stick with the PenFed offer - 3-5% isnt bad for a used car

and you can always make extra payments, which lowers the overall Interest paid

Is it better to ut the money on extra payments or the initial down payment?

Re: Pen Fed pre approved me, I thought I would get a lower rate.

RSX — Thu, 17 Mar 2022 17:47:50 GMT

i would personally do extra payments -and put down the minimum needed

then you have the money and can make your own choices

if you go too 'lean' on your bank account, then if an emerg happens, you won't have the cash