topic Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery? in Auto Loans

Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

sweets2323 — Tue, 05 Apr 2022 21:28:59 GMT

I am in the process of purchasing a 22 Honda Accord

The accord will be delivered in May. Honda can lock me in my rate now.

I called Pen fed and my 3% approval will expire in 3 days. (Soft Pull).

The broker advised there is talk that the feds are increasing the rates real soon.

Pen Fed advised they do not lock in but my application will be good for 30 days.

My question is should I get my credit pull with Honda and lock in the 2.99 rate ( or whatever rate I will get) and also try DCU and Navy at the same time since my credit will be pulled, or just wait until i am closer to getting my car?

They told me it is a good chance I may get approved for tier one based on my credit and what Pen Fed approved me for.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

sweets2323 — Wed, 06 Apr 2022 03:33:49 GMT

Eqiufax and Transunion have my score as 780

My FICO has my score as

Equifax 749

Transunion 741

Experian 751

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

pizzadude — Wed, 06 Apr 2022 03:34:06 GMT

@sweets2323 wrote:

Eqiufax and Transunion have my score as 780

My FICO has my score as
Equifax 749
Transunion 741
Experian 751

There's no correlation between CK scores ( Vantage Score ) and FICO scores. They may be higher, lower or the same.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

sweets2323 — Wed, 06 Apr 2022 03:34:44 GMT

@pizzadude wrote:
@sweets2323 wrote:

Eqiufax and Transunion have my score as 780

My FICO has my score as
Equifax 749
Transunion 741
Experian 751
There's no correlation between CK scores ( Vantage Score ) and FICO scores. They may be higher, lower or the same.

As for getting my car approval, they will use the Fico score on MYFICO?

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

pizzadude — Tue, 05 Apr 2022 22:36:54 GMT

If they'll actually lock your rate until your delivery then I don't see a downside to doing it now. If you think it's possible that your delivery could be delayed then I'd also talk that through with them. It looks like they're offering 0.9 - 2.9% based on the model and terms, so you might end up with better terms than you could get elsewhere.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

sweets2323 — Tue, 05 Apr 2022 22:06:56 GMT

Pen Fed was 3.09 60 months and 4.04 72 months

Honda is 2.99 60 months and 3.99 for 72 months

My score is higher than when I Soft Pull 30 days ago;

I was hoping it would be better this time around and get something less than 3.09 but I know if Honda pull my credit now, my credit score is going to drop big time.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

sweets2323 — Wed, 06 Apr 2022 03:29:23 GMT

What credit union (CU) does soft pulls (SP) for auto loans?

I only know of Pen Fed.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

sweets2323 — Wed, 06 Apr 2022 03:31:19 GMT

I Called DCU and she told me they use classic v 5 from Equifax for the car approval.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

donkort — Wed, 06 Apr 2022 03:31:34 GMT

I would interpret that as the "classic" Equifax FICO 5 usually used in mortgages----rather than the Equifax 5 Auto Score.

Though it could be the Auto Score.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

HeavenOhio — Wed, 06 Apr 2022 03:31:50 GMT

Classic refers to the "main" score of a family. The auto and bankcard variants are called industry enhanced scores. This particular score is the same Equifax score used for mortgage lending.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

pizzadude — Wed, 06 Apr 2022 03:35:13 GMT

@sweets2323 wrote:
As for getting my car approval, they will use the Fico score on MYFICO?

Which creditor(s) are you going to apply for auto financing ? I don't know of any creditors who use VS for auto loan approvals, so they would likely pull a FICO score as part of the approval process.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

sweets2323 — Wed, 06 Apr 2022 03:53:41 GMT

Well Penfed approved me for 3.09 but I will have to apply again because the car will not be here until May.

When the time comes, I want to try Pen Fed Soft Pull and DCU Hard Pull and Honda.

Th Broker told me that the FED may be increasing rates so I should lock in Honda. I am afraid to have Honda lock me and pull my credit. I dont trust their pull because, they will tell you one thing and the next thing you know I have 15 pulls on my credit.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

disdreamin — Wed, 06 Apr 2022 16:05:36 GMT

@sweets2323 wrote:
Well Penfed approved me for 3.09 but I will have to apply again because the car will not be here until May.
When the time comes, I want to try Pen Fed Soft Pull and DCU Hard Pull and Honda.
Th Broker told me that the FED may be increasing rates so I should lock in Honda. I am afraid to have Honda lock me and pull my credit. I dont trust their pull because, they will tell you one thing and the next thing you know I have 15 pulls on my credit.

I've financed a few cars and have only once had a dealership do more than one pull. I've always specified that I want the promotional financing or I'll provide my own, and that they only have my permission to run me through their captive lender for that promotional rate. Long story short, I've had good luck with allowing dealerships to run me through the captive lender only, but I am very specific about that stipulation and do so before I provide my personal information.

[Note: I realize this likely doesn't preclude a dealership from shot-gunning me but, if they want me to recommend their business or purchase from them again, it would certainly be unwise to]

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

disdreamin — Wed, 06 Apr 2022 16:12:42 GMT

One other thing to note, if you are able to lock in an exceptional promotional rate - better than you can find elsewhere - I'd do so. When I purchased last summer, the dealership took my info and put my name on an inbound vehicle. I didn't put anything down, and they guaranteed the financing rate with me at that time (it was 0%). No pull of my credit was done until the day I went to pick the vehicle up (that's when they ran my app through Chase and a local bank because apparently Chase didn't give the thumbs-up quickly enough for their liking). It was about 3 weeks between visiting the dealership to arrange the deal and delivery of the vehicle, so maybe a longer delay would have caused issues with this.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

sweets2323 — Wed, 06 Apr 2022 16:20:52 GMT

@disdreamin wrote:
One other thing to note, if you are able to lock in an exceptional promotional rate - better than you can find elsewhere - I'd do so. When I purchased last summer, the dealership took my info and put my name on an inbound vehicle. I didn't put anything down, and they guaranteed the financing rate with me at that time (it was 0%). No pull of my credit was done until the day I went to pick the vehicle up (that's when they ran my app through Chase and a local bank because apparently Chase didn't give the thumbs-up quickly enough for their liking). It was about 3 weeks between visiting the dealership to arrange the deal and delivery of the vehicle, so maybe a longer delay would have caused issues with this.

The dealer guranteed zero percent without a SP and HP? Wow

How can i determine if 2.99 is an exceptional rate? I am afraid my score willd drop drastically and when the car comes, my score will be low if I want to try DCU

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

Anonymous — Fri, 09 Sep 2022 19:46:04 GMT

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

disdreamin — Thu, 07 Apr 2022 00:32:41 GMT

@sweets2323 wrote:
The dealer guranteed zero percent without a SP and HP? Wow
How can i determine if 2.99 is an exceptional rate? I am afraid my score willd drop drastically and when the car comes, my score will be low if I want to try DCU

They didn't guarantee it, but they locked it in *IF* I qualified when they did the HP/app. I wasn't worried about qualifying, and told them as much, as my auto scores and regular FICO scores were quite good at the time and I was trading in a vehicle with sufficient equity that the loan I'd be apping for was 1/3 the amount I'd just finished paying off the month prior with the same lender. It would be hard to see not qualifying, given those circumstances.

As far as the rate, I'd shop my local CU's for their best rates, along with any online lenders with good reputations. However, if qualifying for best rates is a concern, it is probably worthwhile to do some more investigating and offer them more information (personally I'd be willing to pay for my scores/reports and provide them whatever numbers they needed to provide a preliminary call based on that info). Knowing that Tier 1 or whatever is likely makes it much easier.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

sweets2323 — Thu, 07 Apr 2022 11:15:56 GMT

Honda don't wanna budge they told me hard pull.

@disdreamin wrote:
@sweets2323 wrote:
The dealer guranteed zero percent without a SP and HP? Wow
How can i determine if 2.99 is an exceptional rate? I am afraid my score willd drop drastically and when the car comes, my score will be low if I want to try DCU
They didn't guarantee it, but they locked it in *IF* I qualified when they did the HP/app. I wasn't worried about qualifying, and told them as much, as my auto scores and regular FICO scores were quite good at the time and I was trading in a vehicle with sufficient equity that the loan I'd be apping for was 1/3 the amount I'd just finished paying off the month prior with the same lender. It would be hard to see not qualifying, given those circumstances.

As far as the rate, I'd shop my local CU's for their best rates, along with any online lenders with good reputations. However, if qualifying for best rates is a concern, it is probably worthwhile to do some more investigating and offer them more information (personally I'd be willing to pay for my scores/reports and provide them whatever numbers they needed to provide a preliminary call based on that info). Knowing that Tier 1 or whatever is likely makes it much easier.

Honda don't wanna budge . They told me a hard pull.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

DSTforlife — Thu, 07 Apr 2022 16:49:00 GMT

did you try capital one auto? it's a soft pull.

Re: Should I have Honda, DCU, PEN, Navy pull my credit or wait for the new car delivery?

Gmood1 — Sat, 09 Apr 2022 00:25:54 GMT

Navy's preapprovals are good for 90 days. And their 60 month rate is 2.19%. USAA, Chase and Penfed's preapprovals only last 45 days.

You should be safe with Navy. Unless the others you've mentioned besides Honda are as long. I'd just wait.

Both vehicles I ordered showed up much later than was expected. One of them was already financed several weeks before it arrived.lol

Only because the preapproval was about to expire. And I didn't want them to pull it again. This put me in a precarious situation. First payment approaching and no vehicle in sight!