Advice on where to shop for an auto loan

[techbro]

My C8 was built a few weeks ago and I need a $65k auto loan to close the deal. Here are my scores

FICO 8

EX - 677

EQ - 667

TU - 687

FICO Auto 8

EX - 672

EQ - 682

TU - 700

Length of credit history: 6.5 years

I defaulted on a few credit cards 2 years ago due to COVID-related job loss which I paid off over a year ago. When I started my new job, I opened 3 credit cards, been making on-time payments on them the last 1.5 years and have seen my limits increase from $500 to $2000, which improved my EX FICO 8 from 532 to 676 (over 140 points). Throughout this time, I have been paying my student loans on time, which seems to be helping my auto score. I currently make $165k/year, with $56k in student loans and little/no CC debt (2% utilization). I have 20% down and need to finance the rest. Looking for 60 month term but plan to pay this off in 3-4 years with bonuses. I know rates are trash now, but plan to refinance when rates go down again.

I was prequalified through a local credit union at 9.1% and at Capital One for ~$60k. Do you guys know of other banks/CUs that I can apply to? Thanks!

[sccredit]

PenFed might be a fit for you.

[JoeRockhead]

I would agree that Penfed might be someone you consider... I believe they still have a SP pre-qualify option available too.

[CreditCuriosity]

Should be ok as an auto loan is secured, but they are tightening up as well recently.  PenFed as mentioned good choice possibly NFCU is eligible as good rates.  With that said you aren't going to get the best rates with your scores so I am guessing you will be around the 9% that your CU quoted as even the best rates for 60 months currently are mid 5's for excellent credit.  Only way to possibly get a better rate is through a captive lender being car you are trying to buy lender, but usually those rates are on vehicle which don't really have a high demand.

[Anonymous]

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@techbro wrote:

My C8 was built a few weeks ago and I need a $65k auto loan to close the deal. Here are my scores

FICO 8

EX - 677

EQ - 667

TU - 687

FICO Auto 8

EX - 672

EQ - 682

TU - 700

Length of credit history: 6.5 years

I defaulted on a few credit cards 2 years ago due to COVID-related job loss which I paid off over a year ago. When I started my new job, I opened 3 credit cards, been making on-time payments on them the last 1.5 years and have seen my limits increase from $500 to $2000, which improved my EX FICO 8 from 532 to 676 (over 140 points). Throughout this time, I have been paying my student loans on time, which seems to be helping my auto score. I currently make $165k/year, with $56k in student loans and little/no CC debt (2% utilization). I have 20% down and need to finance the rest. Looking for 60 month term but plan to pay this off in 3-4 years with bonuses. I know rates are trash now, but plan to refinance when rates go down again.

I was prequalified through a local credit union at 9.1% and at Capital One for ~$60k. Do you guys know of other banks/CUs that I can apply to? Thanks!

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You should try DCU. They gave me the best rate when I shopped around.

[Lions77]

What bureau does DCU pull?

[theeurotuner]

I also recommend PenFed or even some other local credit unions, sometimes dealerships are able to put your file together better than you can resulting in a better rate through the F&I, however make sure they don't blast your report with dozens of inquiries. 

[CorpCrMgr1]

Totally agree with those suggesting CU. Unless the dealer is offering a better deal.