Auto Loan Questions

[FrankenBeans]

I'm considering applying for a car loan. I haven't had for about 20 years and have just been paying cash for cars. 

FICOs are around 770+ all three bureaus. They'll be a little higher shortly after payments post this month. I don't know my auto specific scores. No baddies. One inquiry from November 2023. One new loan October 2024. DTI is low. 

Questions: 

I *just* started a new job; how badly will this hurt my rates? I started at the end of May. 

Who does DCU pull? 

I'm looking at a 2010 Tacoma w/90k miles. Am I correct that DCU is the lowest APR that will finance a car this old? 

It's been so long since I've had a car payment, so if anyone has any other tips, I'm open to hearing them. I've read the threads here, and I'm currently emailing with a few dealerships. Also, I don't want to take a bunch of inquiries. 

I've been pre-qual'd w/PenFed, Capital One, and Car Max, but they only want to show me trucks over $20k, and I don't want to spend that much. 

Thank you all in advance for all of your help

[cashorcharge]

I believe DCU pulls EQ for those kinds of loans.

As to being the lowest on financing a 2010, it very well may be simply because financing a 15 year old asset is not high on a bankers list of ideal auto loans.  

However, if you've been preapproved with PenFed and Cap1, it would perhaps makes sense to explore those options.  Guessing PF will be Cap1 and despite their "desire" to show you $20K vehicles if say they've approved you for that much, there is nothing stopping you from spending less than that preapproved amount.

[FrankenBeans]

PenFed's & CapOne's rates were a little higher than I'd like to go (if I can avoid it). 

I've dug through this forum, but a lot of the info on DCU is a little old. 

Is it better to be a member of DCU first, and then apply for the car loan, or does it not matter anymore? Can I start with the auto loan?

[FrankenBeans]

So, update: 

DCU makes it extremely easy to become a member, and you can apply for the loan before you're a member. 

They approved me at 5.99% (5.49% after I set up direct deposit) for the 2010 Tacoma. 

I am waiting for them to accept my identity documents, and then, I guess I'll find out more info. 

My last car loan was way back in the olden days of my misspent youth, so this is the first time I've ever had single digit APR. I'm not sure I'm going to buy this truck, but it's nice to know I'm credit worthy. 

I'll never NOT be grateful to this forum and all of the ppl here with soooo much knowledge. 

[cashorcharge]

So glad that worked out with DCU.  They are very easy to work with in my experience. Incidentally, they also have some great Savings Account rates.  Congrats on the new loan approval and membership

[FrankenBeans]

I'm updating again

I ended up finding a vehicle, and my experience w/DCU has been truly impeccable. I am shocked at how seamless the process was. Even the dealership was surprised by DCU handled everything. 

Another thing they do (which I greatly appreciate) is roll extra payments ahead to the following month. I pay extra on my loan payments each month, and the extra goes towards my next month's payment (as opposed to only coming off principle). I plan to continue making the extra payment each month, but it's nice to know I have a month's cushion if the situation arises. 

I just wanted to add some recent data re: DCU. I highly recommend. 

[pizzadude]

Thanks for the update, @FrankenBeans glad that you're enjoying your new ride - did you confirm that DCU pulled EQ only for your loan ?