Chances with Chase

[Indo]

Hello, all.

I am in the position of buying a new car after my 1999 Toyota Corolla is on it's last leg. I went to the dealer and decided on a 2013 Honda Accord LX Coupe. 17,500 miles, $16,000. $18,000 with finance fees.

I got approved at the dealer with a 741 credit score for 4% interest. With the fees, new tag (previous car title wasn't under my name), etc I'm looking at $281 a month for 72 months.

The dealer is a good friend of a family member, and suggest I take the car and bill of sale directly to chase (since I bank with them) and possibly knock down the interest to 3% or maybe 2-2.5%.

As stated above, all my credit scores at in the 740-750 range. 3 inquiries on Equifax and Experian due to some credit cards last year. 1 on transunion.

I know I can get approved, but what are the odds I get approved with a better interest rate than what the dealership offered? o:

[Anonymous]

Chase buys on equity so it sounds like you have little to none. Those scores should get you a better rate than 4%. Or the dealer is marking up your loan quite a bit. I had a customer with an 800 score put some money down get a 2.19 buy rate on a 2013 model for 72 months.

If the dealer does business with Bank of America you can apply at a BoA branch get the rate and the dealer can do the contract with you. The dealer would then receive a flat fee payment from BoA for doing the contract.
Is the car certified? I'm surprised they didn't put you through Honda.

[Indo]

I have very small credit history. Average 3 years. Only 24 years old. All my credit has been done through credit cards.

Although my score is excellent I'm sure my age, small history and the fact that I've never had a car under my name is something to consider.

I applied with chase and got approved for the $18,000 at 3.46%

I'm wondering if I should go for it or apply with BoFA and see if I get something better. Additionally, .50% isn't much... if I can snag 1% off it'd be great.

[Anonymous]

You will get a better deal than the dealership.  Even sweeter and the cherry on top is to try a CU.  Penfed CU and DCU have really great rates for auto. 

[Anonymous]

BoA buys in the low 2's for 72 months. Your score would do it for them I believe Experian FICO Auto 08 is their go to.  If you don't mind the inquiry it's worth a shot.

That 3.46% does sound better. You are right about .50, the interest is minimal at that point.

[Indo]

Tried PenFed - I can only request 60 months with the amount needed at 2.99%.

Although I can afford it, I really want 72 months in the event that some months I can only afford the minimum. I am planning on making larger payments majority of the time.

[Anonymous]

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@Indo wrote:

I have very small credit history. Average 3 years. Only 24 years old. All my credit has been done through credit cards.

Although my score is excellent I'm sure my age, small history and the fact that I've never had a car under my name is something to consider.

I applied with chase and got approved for the $18,000 at 3.46%

I'm wondering if I should go for it or apply with BoFA and see if I get something better. Additionally, .50% isn't much... if I can snag 1% off it'd be great.

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I would try elsewhere also.  They only count as one hp, so what the heck.  Maybe get that down to at least 3%?  Not much like you said, but better than the latter.

[Indo]

Tried Bank of America. Instantly approved but with 3.64%.

Might just go with Chase on this one.