For starter's NFCU denied me after preapproving me with an APR of 2.9% for a $29K loan for 60 months. I believe it is due to time of relationship *BUMMER*
Moving on.. Cap One originally had a $35k prequalified offer for me with APR varying on a bunch of factors 4%-7% for 60 months... Not bad at all.
Now Chase gave me a prequalified offer of $30K. Chase is my main bank account in which I have well over $8000 pushing through my account monthly. So I am not sure if that played a factor in the amount.
After uploading bank statements and 1 paystub to Cap One for final review they updated my account and stated the final amount is now $23,100.. What an odd number. I was told that I was set to shop and that the APR would show for each vehicle. I was also told that I do not need to take ANY proof of income to the dealership because Capital One has already approved my POI documents and to make sure they run my credit application with Cap One since I already have an offer.
Next Steps?
I am looking into GAP insurance outside of my loan and dealership. I already have about 3 vehicles that I am highly interested in. I am familiar with all 3 so that helps. I have used the VIN to check what the insurance rate per vehicle will be. My question is do I keep searching for better rates? Do I stick with Capital One, cross my fingers that the application actually gets approved and I can drive into the sunset with my new *used* vehicle 
MyFICO family what do you recommend? I considered checking my rate with Penfed but I feel like it would be another denial because Penfed is not friendly and there goes another inquiry.
@CivalV wrote:For starter's NFCU denied me after preapproving me with an APR of 2.9% for a $29K loan for 60 months. I believe it is due to time of relationship *BUMMER*
Moving on.. Cap One originally had a $35k prequalified offer for me with APR varying on a bunch of factors 4%-7% for 60 months... Not bad at all.
Now Chase gave me a prequalified offer of $30K. Chase is my main bank account in which I have well over $8000 pushing through my account monthly. So I am not sure if that played a factor in the amount.
After uploading bank statements and 1 paystub to Cap One for final review they updated my account and stated the final amount is now $23,100.. What an odd number. I was told that I was set to shop and that the APR would show for each vehicle. I was also told that I do not need to take ANY proof of income to the dealership because Capital One has already approved my POI documents and to make sure they run my credit application with Cap One since I already have an offer.
Next Steps?
I am looking into GAP insurance outside of my loan and dealership. I already have about 3 vehicles that I am highly interested in. I am familiar with all 3 so that helps. I have used the VIN to check what the insurance rate per vehicle will be. My question is do I keep searching for better rates? Do I stick with Capital One, cross my fingers that the application actually gets approved and I can drive into the sunset with my new *used* vehicle
MyFICO family what do you recommend? I considered checking my rate with Penfed but I feel like it would be another denial because Penfed is not friendly and there goes another inquiry.
That's fantastic! You don't have to cross your fingers. LOL You are good to go with Cap One. It will be quick and painless since you are researching all of the vehicles you are interested in beforehand and narrowing it down. What was your Chase APR rate? It doesn't sound like you are even entertaining them.
You can take the Cap One deal and buy the car and refinance with PenFed or NFCU later. I wonder if PenFed is more lenient than NFCU. Maybe someone on here knows. That could determine risking another hard pull. Although, everyone says all HPs during this time are only counted as one for FICO scoring purposes, even though you will see all of them on your credit report. I'm just wondering why NFCU ultimately passed on your loan, and would that carry over to a PenFed denial if they are a more conservative credit union than NFCU?