I had done a ton of research on our new purchase today and decided to pre-qualify earlier this week with Capital One, GM Financial and Wells Fargo. Of those three, Cap One came back the lowest at 9.51%. I have a couple of cards that have high balances so I knew I wasn't going to get a real low rate. I had a Volvo S80 that I was trading in and had it appraised for around $8800 earlier this week also at a different dealer.
Went to a reputable Chevy dealer here in NC outside of Charlotte today to get a 2018 Traverse LT. We were able to get $12,000 for our Volvo on trade after one back and forth exchange of numbers plus $2,500 in dealer incentives. Also negotiated the price from $43k down to $36,200. When it came to do the financing, I told the gentleman I had teh pre-approval and that since I work in finance and understand the process I didn't want too many runs of credit but asked if he thought he could get lower rates. After talking for a couple of minutes, he told me four names he wanted to submit to and we agreed on three.. Ally Bank, PNC and BofA. Ally Bank came back the lowest at 6.84% with a 656 Equifax auto score. In 6-8 months I'll refinance most likely to a much lower rate after paying down the remainder of the cards that we have high balances on.
Moral of this story is that if you're open and are working with a good dealership, it can go how you want and get better than what you originally think.
FICO 8: TU 716 EX, 718 EQ 721 (10/19/21)
Discover IT $10.5k, Citi AA $10.8k , Cap One QS - $6.3k, Amex Optima - $4k Kohl's - $3k, M-Life MasterCard $8k, Amex Delta Gold $16.5k
