Chances of CU's offering better rate than Capital One?

[Anonymous]

Hi there,

I'm 27y/o and looking to get an auto loan for the first time. My credit history only includes 2 credit cards, and a student loan. Back in March I was scheduled to start making payments on my student loans. I was oblivous of the fact that I needed to start making payments and recently found out that they reported it to the credit agencies. I quickly paid off everything that was owed and have automatic payments setup. I was fully capable of making the monthly payments, just didn't know I needed to be doing so. My fault.

So my credit score dropped from 720, down to the 580 range. My student loans and monthly payments of ~$200 towards my credit cards are my only debts. I'm looking at purchasing a vehicle soon with a $10-12k down and monthly payments of around 12-16% of my net income. I was worried I wouldn't get approved for any rates that were acceptable so I put the idea of making this purhcase off. But a few days ago I went on Capital One's site and was pre-approved for $25k, 60 months at 5.5%. Even though this is above average, I didn't expect to get an offer this low.

Before I apply for loans elsewhere that require a hard pull, I wanted to know the possibility of getting a lower offer eslewhere? I'm a PenFed and USAA member and was thinking those might be my best bet.

I'd appreciate any feedback or anything that may assist me.

Thanks!

[Kevin5974]

Check PenFed and choose between the two. I like that Cap1 approval but PenFed is aggressive. I do FnI @ dealership.

[Shooting-For-800]

I got 2.49% for 72 months with $0 down on a new car with Cap One.

No hassle and my score was under 700 at the time.

I do spend a lot on Cap One cards though.  A lot.

Check for prequal.

YMMV.

[Gladius]

---

@Shooting-For-800 wrote:

I got 2.49% for 72 months with $0 down on a new car with Cap One.

No hassle and my score was under 700 at the time.

I do spend a lot on Cap One cards though.  A lot.

Check for prequal.

YMMV.

---

For how much?

[Shooting-For-800]

---

@Gladius wrote:

---

@Shooting-For-800 wrote:

I got 2.49% for 72 months with $0 down on a new car with Cap One.

No hassle and my score was under 700 at the time.

I do spend a lot on Cap One cards though.  A lot.

Check for prequal.

YMMV.

---

For how much?

---

I think I was prequal for $40k or $45k.

I think I borrowed around $35k.

Owe $20k now.

[MrPSS]

 wrote:

---

@Gladius wrote:

---

@Shooting-For-800 wrote:

I got 2.49% for 72 months with $0 down on a new car with Cap One.

No hassle and my score was under 700 at the time.

I do spend a lot on Cap One cards though.  A lot.

Check for prequal.

YMMV.

---

For how much?

---

I think I was prequal for $40k or $45k.

I think I borrowed around $35k.

Owe $20k now.

---

That's amazing!! Assuming when you say sub 700 you were probably around 680? Was that Fico 8 or auto scores?

[Shooting-For-800]

---

@MrPSS wrote:

 wrote:

---

@Gladius wrote:

---

@Shooting-For-800 wrote:

I got 2.49% for 72 months with $0 down on a new car with Cap One.

No hassle and my score was under 700 at the time.

I do spend a lot on Cap One cards though.  A lot.

Check for prequal.

YMMV.

---

For how much?

---

I think I was prequal for $40k or $45k.

I think I borrowed around $35k.

Owe $20k now.

---

That's amazing!! Assuming when you say sub 700 you were probably around 680? Was that Fico 8 or auto scores?

---

---

@MrPSS wrote:

 wrote:

---

@Gladius wrote:

---

@Shooting-For-800 wrote:

I got 2.49% for 72 months with $0 down on a new car with Cap One.

No hassle and my score was under 700 at the time.

I do spend a lot on Cap One cards though.  A lot.

Check for prequal.

YMMV.

---

For how much?

---

I think I was prequal for $40k or $45k.

I think I borrowed around $35k.

Owe $20k now.

---

That's amazing!! Assuming when you say sub 700 you were probably around 680? Was that Fico 8 or auto scores?

---

Probably averaged 660-670 between the 3 bureaus regular Fico 8.

I did and do spend over $50k per year on Cap One cards though.

They have treated me like a king since my BK 5 years ago and I am still very loyal to them.

[Cred4All]

OP, I'm sure that interest rate is reflective of the risk with your lower score, but to give you a base line on where my credit union falls with a normal score in the good range:

Year of Car  | Months |  APR  |  Monthly Payment per $1k

2016-2018	0 – 36	2.25%	28.78
	37 – 60	2.50%	17.76
	61 – 72	3.00%	15.21
	73 – 84	3.75%	13.57

*Edit:  Little late to the party so probably isn't of much use