633 Fico 8 score No pre-approve/turndown

[clevcm]

Greetings from Iraq,

Trying to secure online financing for a car for my wife who is in NC. I have a FICO 8 of 633 across the board. Slow payments on credit cards are my only credit ding. I tried online approval through NAVYFED and Capitol One. I make approx 89K a year and have been in the Army for 18 years. Im trying to get 26K finance and put 5K down on a 2011 Cadillac CTS-V.

Any suggestion?

Thanks

Charles

[aligeneral]

Greetings from South Carolina,

You should join PenFed Credit Union.  I joined the last week of July and by the second week of August, I was approved for 28K used auto loan at 4.7%.  Of four different approvals, this was my lowest rate.  The highest rate was an ungodly 20.25% with Santander (this was dealer initiated).  I also received preapprovals with Capital One Auto Navigator with a range of 2.96-11.12%.  Carvana offered me 7.5%.  I was also approved through Cars Direct but never followed up for the interest rate after PenFed's approval. My score was 639 and my base income is 53K.  For PenFed, I was required to submit my most recent paystubs and last two years of W2s.  And like you, I too was turned down by Navy Federal.

I hope this helps,

Jaxson

[Shooting-For-800]

OP - what did capital one auto navigator say?  

They are going to be the most realistic option for decent rate in my experience.

I just bought a car through Cap One at 2.49% for 72 months.

My credit score is under 700 and it could not have been easier.

[darwin_wins]

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@Shooting-For-800 wrote:

OP - what did capital one auto navigator say?  

They are going to be the most realistic option for decent rate in my experience.

I just bought a car through Cap One at 2.49% for 72 months.

My credit score is under 700 and it could not have been easier.

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Damn auto loan for 6 years?? May be I am the only one who would never want an auto loan for so long.

[Shooting-For-800]

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@darwin_wins wrote:

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@Shooting-For-800 wrote:

OP - what did capital one auto navigator say?  

They are going to be the most realistic option for decent rate in my experience.

I just bought a car through Cap One at 2.49% for 72 months.

My credit score is under 700 and it could not have been easier.

---

Damn auto loan for 6 years?? May be I am the only one who would never want an auto loan for so long.

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Same interest rate regardless of length.  I pay extra each month.  

Simple interest loan.  No penalty for paying off early.

I always choose the loan that gets me the lowest interest rate possible for 48 or more months.  In this case 48 months was the same as 72.  

No reason to have a $700 car payment when you can have a $500 car payment at the same interest rate.

It is also a brand new Honda with a 6 year 120,000 bumper to bumper warranty through Honda.