Cap One Auto

[Anonymous]

I typically don't post outside of the credit rebuilding section but this might be a better place for this question. 

The wife is wanting to get a new vehicle, even though we're in the midst of rebuilding. We consider her vehicle the "Family" vehicle so we always purchase new. 

I was pre-approved for 50k by Capital One Auto Navigator. They gave me a 4.45% apr. does this seem like a reasonable rate with a 709 Experian Fico 8 Auto? I feel like my Equifax Auto 8 might be 10 points higher and my TU about 5 less. 

I haven't contacted my local credit union on my chances with them yet. Will my credit union need to do a hard pull to pre-approve me? I don't want to get a bunch of uncessisary hard pulls given that I already have an offer with Cap One. 

Thanks and stay safe. 

[Sandman771]

That isn't a bad rate at all, although there are likely better offers with your local CU. But if it is like NFCU they will hard pull. Still better than going through the dealer and having it blasted everywhere

[4sallypat]

Agree with @Sandman771 - the dealer if given the chance, will do many pulls from as many banks as possible to find you a "better" loan that makes them more money.

If you do go with Cap 1, know that the dealer will have to pull your credit and submit it to Cap 1 for approval.

To avoid the multiple pulls from the dealer, get pre-approved thru your CU and if that rate is better than Cap 1's SP rate (which it should be) then you can avoid the dealer doing the pulls.

Tell the dealer that you are already approved and they will either let you drive home in the car with an options contract to give to your CU.

Or they will electronically send the contract to your CU and let you drive home once they get the check or EFT..

[Anonymous]

I would seriously consider DCU. I had similar pre approval rates for my new Rubicon with CapOne. My credit union, DCU offered 2.24% for 65 months and 3.24 for 72. If my EQ Mortgage rate was 730 or higher, it would have been 1.99% for 65.