I haven't financed a car in over 25 years. The last car I financed way back in the 90's was with Ford Motor Credit.
My daughter and I would like to purchase a Lexus ES350 (2013 or 2014) (We both have older Lexus products and we LOVE Lexus)
Does anyone know which credit bureau Navy Federal pulls for car loans(Not refinance) ? vs which one does Lexus pull?
I do not want to walk into a dealer and have them attack our credit with a zillion hard pulls.
We are trying to figure out who would have a better chance of getting approved.
My scores as of today are:
My daughter's scores:
When I went to lease a LX570 back in 2013 they pulled all three and the finance guy said they will use the highest score, which at the time was my TU at 730 and he said 720 or higher is all you need for the best tier. Since it was a lease they only pulled me twice (dealer did and then Toyota financial did). Not sure if it still works the same or not. Also they might finance you with a 3rd party bank. Also note to ask them if the interest rate they quoted you is the approved rate or the dealer kick back rate. I have a friend that sells Mclaren, Bentley, rolls Royce, etc. and he says often times his clients are approved for 2-3% and he comes back at 4% and keeps the difference for himself.
Just bought a new Lexus RX 350 (my first Lexus). Lexus Financial pulled Experian for me (in Michigan).
awp317, you are referring to the "buy rate". Thats the rate the bank actually bought you at. Then like you said, finance guys can up that and keep the difference for the life of the loan. Nice thing is though, they get charged back if you pay it off early.
Your scores are good enough for an auto loan and should be consdiered a Tier 2 . Get prequalified with couple banks before walking in to a dealership though.