Applying for new auto loan from either BoA or local CUs with a current outstanding loan
Currently, I am still financing my car through Nissan. Still have at least $10k in the payoff. However, I plan to actually either trade that in or sell it and use the money for down payment for a new Tesla Model 3. I had a visit with a BoA advisor and asked for some details on opening a new auto loan with them, which is actually the lowest that I have seen so far if I can get it. The guy said that they are only looking for the credit score with some credit histories and mainly looking at my BoA credit card activities. I do not own any debt related to credit cards and my BoA credit card has outstanding record. The only thing that I currently have beside my auto loan is my student loan, which is about $12k. My credit score is in the range of 790-810 at the moment and I have a few credit cards (total CLI is around 50k) as well as only 1 hard pull from also BoA (for a CLI) since 2017. Currently, my income is $72k, however, I will have an immediate raise soon that will up that to $74k, and then one more raise by the end of the year that would bring me up to around $84k. No default whatsoever with clean history and on time payment. I do not pay any rent since I am living with my parent.
I plan to borrow up to $40k since I can use the down payment either from selling my current car or trade that in to lower the total borrowing amount.
So couple questions:
Is that true for a BoA customer when applying for new auto loan, BoA would just look at the banking activity combine with some credit score and approve the loan or would they be looking at several factors like the others?
Since I am still making payment for my current auto loan, does BoA factor that in as well even if I plan to sell/trade-in the car?
What should I do if BoA decides to counter the request or require higher rate? Should I go right away to my local CUs after that or should I check with them before BoA? If I go with them before BoA, then that would be one more hard inquiry on my report and I think that will affect my chance with BoA as well if they turn out to be worst than BoA.
Should I wait to get my income up a little bit so that I can put it down and have a better chance to get approved or just go ahead since the difference at the moment is pretty minimal and I don't think that I am going to wait until the end of the year to purchasing the new car?