I'm moving from a part of the country with great public transport to a part of the country with virutally none for, thankfully, a great new job. I'm going to need to purchase a new car within 1-2 months of moving. Right now, I'm largely focused on either a Honda Civic or Hyundia Elantra. I'll be shopping in early October, so if 2018 models are hitting the lots, there should be decent deals on 2017 models.
Auto loan history:
Number of present accounts (all credit cards or store credit):
Steps I'm taking, or will be taking shortly, to get scores up include:
Income (from new job starting in August):
I'd probably get approved ahead of time with a credit union - PenFed might be a good option. This way you know going in what kind of rate you're looking at and you won't have inquiries with 5+ different banks when the dealership shotguns your app everywhere.
Did you apply at Hyundai's website for financing and PreAPPROVAL. Then get PreAPPROVALs from someplace like capital one (soft pull) and someplace that pulls your highest score.
Toyota pulled equifax for us so I chose them because it was our highest score versus Nissan which pulls experian and was our lowest score (by a lot of points, need to talk to them about some untraceables they are using as negatives) and so tier 1 for Toyota (0% financing) and denied at Nissan.
Good to know. No, as I noted in my OP, I won't be in the market for the car until October and I'm not going to apply for any prequalifications at this stage because I don't start the new job until August (by October, I'll have several payroll periods of history) and because I'm taking steps right now to raise my scores -- hopefully into the low 700-720s by then. I'm not sure why applying now, when I don't have income and have lower scores (670s-680s) would be a good idea.
I'd love to hear from anyone who has had recent experience with Hyundai or Honda.
I am a big believer in getting a preapproval with a credit union before doing any shopping. Having a preapproval in hand gives you some leverage with the dealers finance department. It gives them a interest rate to compete against, many dealers mark up interest.