Approval Odds for used auto purchase

[Outdoorstech1]

Selling my current car privately at a profit to purchase another car. Opened urrent loan thru TD Auto Finance in fall 2019, no lates, payoff is $39k - loan being paid off this coming week as soon as they get the check which is in the mail, but not sure how quick its updated to the credit bureaus. 

I am purchasing a pre owned 2020 car with 2,000 miles sale price is $48,900 putting $4-$5k down on top of that. Haven't applied yet prob in about a week and a half, giving some time for some items to update on my CR to show paid off. 

-Salary $100k yr

-CK FICO TU EQ from today is about 728 not sure what autofico is.

-FICO 8 from experian shows 715 

One of the negatives Experian mentions  "you have a consumer finance loan on your credit report" that's hurting me? Balance is $1,200 and its actually paid off with in the last week or so. 

I anticipate a raise + in FICO scores in the next few days after a few cards and accounts show lower balances etc. 

Credit card balance is about $27k out of $170,000 CC limit about 16% usage of my Credit limit, always being paid down, no lates, no collections, decent shape. 

I want to apply with DCU and do my best to get the 1.99% rate for a 60mo used auto loan. (I used DCU with a previous auto loan a few years back)

What are my odds to get that 1.99% best rate they are advertising?  Plus looks like additional -.25% discount  for it being a electric energy efficient vehicle.

[dunn2500]

cant go by credit karma.....if you really want to see all your scores join MF and get subscription for 1 month and or free trial......CK is way behind on scores well at least for me they are and not even close to MF ........here you can see all your scores and credit report, $30 well spent imo, plus its up to date and accurate......its what lenders will see most likely unless they use their own version

i used pen fed in a similar fashion and took out a 72 month loan with 2.99% being their best for my term.....i received 3.39% using their car buying service (.75% reduction) and had a score of 737......you can use your highest score and match that with a lender to get lowest rate, and possibly DCU may be the one......but at least you will see all your scores and apply accordingly

believe DCU uses mortgage 5 from EQ but am not positive.......someone else will confirm or deny shortly though

[Outdoorstech1]

Do they exclusively use EQ mortgage 5 or do they use a specific fico 5 for different products. IE bankcard 5 for cards and auto 5 for auto loans? Knowing the specifics would be extremely helpful.

Ive read numerous articles showing this: 

• Experian/Fair Isaac Risk Model v2 (FICO® Score 2)
• Equifax Beacon 5.0 (FICO® Score 5)
• TransUnion FICO® Risk Score 04 (FICO® Score 4)

So why does DCU say FICO 4 is Equifax? 

This was from DCU: Your monthly FICO® Score4 based on Equifax data as of January 25, 2021 is: 673

[4sallypat]

I have a very similar credit picture as you and my credit union is offering 1.99% for new and 2.24% for used - 60 months (plus 0.25% discount for auto debit).

I just paid off the balance of my BMWFS loan at 0.9% which was almost free money for 4 years...

So I am waiting to get that auto loan off my profile and qualify for the lowest rate.

My CU says 720 minimum score and I am on the cusp because they pull from EXP which I have a score of 717.

I don't know if I have a higher Auto score or not...

[dunn2500]

could be dependent on what part of country but ive always heard mortgage 5 from EQ for auto...lately ive heard this is used for autos from a few people recently but not sure if its 100% of the time....

[Anonymous]

Hey, I just went and financed a vehicle over the weekend. The best way to see your score is to download the Experien app, sign up for the free trial and then just cancel within a day. You'll see your Experien scores (auto, 8, car, bank card) updated daily and you can get the other bureaus once a month. Once your trial ends, do it all over again! CK I found to be useless.

Also helps if you know which bureaus your lender will pull your score from then you have an even better idea. 

Do the AZEO on your cards. Best of luck in your search!

[4sallypat]

Thanks for that !

Congrats on the car purchase!

[Outdoorstech1]

I called DCU today and they told me they use Experian for auto loans.  

I get monthly FICO scores from DCU in my DCU account,  the latest one from DCU on 02/26/21 was 673 says this below it... This FICO® Score4 is based on Equifax data. Third parties may use a different FICO® Score or a different type of credit score to assess your creditworthiness.3 

4 Interactive Score Simulator results are provided for educational purposes only and are intended to show the impact that certain hypothetical actions could have on your credit score, assuming that all other variables remain constant. This is not a guarantee that your score will change as shows in this Interactive Score Simulator. Your actual score calculation may change frequently, even daily, as the information in your credit file(s) changes.

From Experian report as of 02/28/21

My FICO SCORE 8 is 725

FICO SCORE 2 is 735

FICO AUTO 8 is 698

FICO AUTO 2 is 707 

Additionally, do these numbers change day to day? I recently paid down a lot of my balances with in the last week on some cards and accounts, and lowered my DTI ratio and I assume my score should go up. The 673 number DCU has even tho they send me "MONTHLY" updates when they physically pull my credit that score could up up by next week correct because a score can change day to day, correct? 

[AllZero]

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@Outdoorstech1 wrote:

I called DCU today and they told me they use Experian for auto loans.  

I get monthly FICO scores from DCU in my DCU account,  the latest one from DCU on 02/26/21 was 673 says this below it... This FICO® Score4 is based on Equifax data. Third parties may use a different FICO® Score or a different type of credit score to assess your creditworthiness.3 

4 Interactive Score Simulator results are provided for educational purposes only and are intended to show the impact that certain hypothetical actions could have on your credit score, assuming that all other variables remain constant. This is not a guarantee that your score will change as shows in this Interactive Score Simulator. Your actual score calculation may change frequently, even daily, as the information in your credit file(s) changes.

From Experian report as of 02/28/21

My FICO SCORE 8 is 725

FICO SCORE 2 is 735

FICO AUTO 8 is 698

FICO AUTO 2 is 707 

Additionally, do these numbers change day to day? I recently paid down a lot of my balances with in the last week on some cards and accounts, and lowered my DTI ratio and I assume my score should go up. The 673 number DCU has even tho they send me "MONTHLY" updates when they physically pull my credit that score could up up by next week correct because a score can change day to day, correct? 

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DCU provides the free monthly EQ5 mortgage score the last Friday of the month unless it's a holiday. They SP your report the prior Tuesday.

It is my understanding DCU uses EQ5 for all lending decisions.

If your EQ reports have updated with the paydown, then whomever does a SP/HP inquiry will see the score and reports at the time of pull.

[Outdoorstech1]

thanks you're the best @AllZero Maybe the lender on the phone at DCU meant Equifax not Experian because even the fine print on DCU site says "based on EQ data"