PreQual for Cap1, Should I app with my credit unions instead?

[Anonymous]

Happy Saturday Everyone, 

We are desperately in need of a new car after dumping thousands into our used cars recently (to no avail).

Got BK7 discharged in November 2016 and have steadily been rebuilding since then. Scores are now Ex. 657 Eq 642 Tu 640. All reports are clean with the exception of  6.5 year old medical collection Eq refuses to delete and SL lates. Scores have increased over 120 points since BK. I'm a member of Alliant, NFCU, SDFCU, and Penfed and would love to get a loan from them but have been denied in the past for even unsecured cards. I have a prequalification from Cap1 with interest rates from 4.28%-8.75%. I planned to just go with Cap1 now and then refi later this year once my scores improved some more and my BK aged a bit. 

Can someone confirm that multiple inquiries during this auto buying period will only count once?

Dealer says he can probably beat the rate Cap1 has promised, should I believe this?

If my credit will only be hit once, should I go ahead and app with the credit unions I already belong to? I love the fact that NFCU has flat  rate gap insurance at $299

Thanks in advance!

ETA: 7 months out of BK7 and NFCU approved me for 3.64%!!!!!!! I'm sooo happy!!!! Thanks everyone! 

[bigpoppa09]

Never take what a dealer says at face value they will tell u anything to get u in the door. U are not even a year post discharge yet Navy will not even beat that rate. If u let that dealer shop u around all u will have is a bunch of Inqs and nothing to show for it. 4.28% is a good rate for your profile I would take it and run. And don't let the dealer add a bunch of crap u don't need like extended warranty and gap most insurance companies offer gap way cheaper than dealer.

[Anonymous]

Thanks BigPoppa lol!

I just read the sticky on car buying and while I knew most of the points it was helpful to get a refresher. I'll get the gap from my insurance company. And I'll be sure to calculate every single line on the contract. Being part of the NFCU buying club has helped a lot, dealers can't charge any fees and you get the "best" rate.  

I kept hearing that all the inquiries would only result once if you purchase within a certain window? I really don't want to litter my CR with a bunch of inq. So I guess I won't seek any pre-approvals fro NFCU and Penfed. 

[Anonymous]

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@Anonymous wrote:

Thanks BigPoppa lol!

I just read the sticky on car buying and while I knew most of the points it was helpful to get a refresher. I'll get the gap from my insurance company. And I'll be sure to calculate every single line on the contract. Being part of the NFCU buying club has helped a lot, dealers can't charge any fees and you get the "best" rate.  

I kept hearing that all the inquiries would only result once if you purchase within a certain window? I really don't want to litter my CR with a bunch of inq. So I guess I won't seek any pre-approvals fro NFCU and Penfed. 

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While I can't guarantee that it won't cost you an inquiry (in fact, I guarantee it will), I'd be shocked if Navy weren't able to beat that rate.  

Good Luck in whatever you decide

[Anonymous]

OMG!!! I Could cry! You were RIGHT! Just app'ed with Navy and not only am I approved but they beat Cap1's interest rate at 3.64%. I'm seriously stunned. I wish I could hug every single member on this forum...

[Anonymous]

Congrats, as I was readiing your post I was thinking you should apply with NFCU, cars are secured loans so very different than credit cards in terms of approvals and NFCU is great to work with.  

[Anonymous]

Congrats on your approval with Navy. Having prequal in hand is always great going into a dealership. They rarely, IMO, can do what they say. I had a prequal with Cap1 last year and specifically told the dealer I did not want my credit pulled; went back the next day to pick up my car and he said he actually did find me a better deal by 1%. Talk about ticked!!!
But congrats to you! Navy is great to work with

[Anonymous]

Thank you @workingfor850, they probably figure that with an auto I've got more skin in the game. I'll wait another month and app for their CC again, if denied I'll just get a secured with them.

[Anonymous]

These stealerships are something else. I'm so inquiry sensitive that I would have been seriously peeved if they ran my credit against my wishes. But they do this so that they can get a kickback from the bank.

[Anonymous]

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@Anonymous wrote:
@Thank you @Anonymous, they probably figure that with an auto I've got more skin in the game. I'll wait another month and app for their CC again, if denied I'll just get a secured with them.

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It took me some time to get a CC with NFCU but it was easy to get a car loan.  Hang in with them, they are great to work with and have done a lot for me and my wife in terms of great CC limits and rates as well as CLOC.  Secured route is not bad because they now allow them to graduate quicker (used to be 13 months mininmum). I would suggest waiting about 6 months, don't apply for any other credit at all and I am sure you will get a decent approval for a CC and their CLIs are unbeatable so once your in you are golden.