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New Auto loans...

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Contributor

New Auto loans...

Good morning, I’ve been gardening for about a year. I’ve managed to remove a pesky weed Collection Account that did not belong to me. My credit scores are now Ex 712 Tu 711 Eq 716. Utilization is 29% and my income is $145k I am going to be purchasing 2 Vehicles, one for me the other for my wife. Vehicle 1-27.5k 2. 24k. Should I wait to reach a 720 FICO to apply for the loans? Would it make that much difference? First loan will be through PenFed, the other through Chase. Thank you in advance.
7 REPLIES 7
Community Leader
Super Contributor

Re: New Auto loans...

I'm curious, why would you do an auto loan through Chase?
Message 2 of 8
Contributor

Re: New Auto loans...

they give you an extra 0.5% discount as a current customer.  I've been with them for many years

 

Message 3 of 8
Community Leader
Super Contributor

Re: New Auto loans...


@badicedog wrote:

they give you an extra 0.5% discount as a current customer.  I've been with them for many years

 


I gotcha, I'd check with Penfed on the 2nd loan before going that route. The rate may still be better than Chase. I understand being a customer. But when buying vehicles, saving money in the long run is the name of the game. Customer loyalty should go to the wayside. lol

If they want to compete, they would have to give me the lower rate of a competitor. I asked them to match a rate. They did, but by the time they got back to me. I had already accepted a loan from a different lender.

I've had one auto loan through Chase. Hopefully they are better now. Their customer service leaves something to be desired.

 

Message 4 of 8
Established Contributor

Re: New Auto loans...

What are your FICO Auto-enhanced scores? Many auto lenders now use either FICO Auto 8 or FICO Auto 9 scores. It pays to find out what yours are as they will differ from your FICO 8 or FICO 9 scores.

 

If you'll be buying your cars new, then check for manufacturer-subsidized loans through their captive lenders (e.g., Ford Motor Credit, Mercedes Financial Services, etc). These lenders usually can offer much better financing than banks or credit unions.

 

If you're buying used cars, then shop around for the best rates on your auto loans. As others have said, you can usually do better than Chase...

 

Message 5 of 8
Contributor

Re: New Auto loans...

funny thing about Chase, they will NOT finance a Jaguar.  I was directed to the Jaguar Financial website.... So I was approved for the Loan through a local credit union @ 5% for 60 months.  Second vehicle I was approved at PenFed for 100% @ 3.73% for 60 months.  They also gave me a bumper to bumper 5 year warranty for the life of the loan and GAP insurance.  Thanks guys, couldn't have done it with out you!  Will be picking up my Conv Jag tomorrow....whoo hooo!

Message 6 of 8
Community Leader
Valued Contributor

Re: New Auto loans...

I’m sorry I have no advice for you here, but I was wondering if you would consider giving me your new Jaguar.
Think it over.

Thanks!
Discover It: 18.7k
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Once you go Berner, you never go back.
Message 7 of 8
Regular Contributor

Re: New Auto loans...

 


@badicedog wrote:

funny thing about Chase, they will NOT finance a Jaguar.  I was directed to the Jaguar Financial website.... So I was approved for the Loan through a local credit union @ 5% for 60 months.  Second vehicle I was approved at PenFed for 100% @ 3.73% for 60 months.  They also gave me a bumper to bumper 5 year warranty for the life of the loan and GAP insurance.  Thanks guys, couldn't have done it with out you!  Will be picking up my Conv Jag tomorrow....whoo hooo!


Just so you know, that's because Chase is the captive lender for Jaguar (and Land Rover). So if you had have applied through the Jaguar Financial website after Chase directed you there, it would have still been an application for a Chase loan. (I learned this when researching financing options for a Range Rover).

Message 8 of 8
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