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Should I Pre-Qualify or let the dealer??

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dunn2500
Established Contributor

Re: Should I Pre-Qualify or let the dealer??

4.19% in 2020 and 3.3% a few months ago.....i was just outside of top tier so bit of a bummer, but still better than anyone else so

Message 11 of 16
Jmbamman
New Contributor

Re: Should I Pre-Qualify or let the dealer??

3.3% is pretty good. Wonder what kind of profile one must have to get tier 1. 


Message 12 of 16
dunn2500
Established Contributor

Re: Should I Pre-Qualify or let the dealer??

i had short active history......2 yr perfect auto history and only 1 CC, no derogs and long work and residence history...my score was 739 i believe for pen fed.....i did used them because they pulled from my highest credit bureau and scoring model....FWIW

 

think i needed 742 or above thru pen fed to get the next bump........i was sub prime most of my life until i turned it around

Message 13 of 16
Anonymous
Not applicable

Re: Should I Pre-Qualify or let the dealer??

I worked for GMF as a credit analyst & I will say they have high rates (unless you are going for a subvented rate like 0% or 1.99%). I'd say the dealership can get you a lower rate with someone else. 

Message 14 of 16
Jmbamman
New Contributor

Re: Should I Pre-Qualify or let the dealer??

I finally pulled the trigger and applied for an auto loan with Penfed. Our truck, (in theory) should be arriving st our dealership anyday😀. Instant online  approval for 3.69% apr. A little higher than I was wanting but at least it's something in my back pocket that the dealership will have to beat for us to use of their lenders. We'll see what they come up with.  🤞


Message 15 of 16
Anonymous
Not applicable

Re: Should I Pre-Qualify or let the dealer??

Do you know how GMF evaluates potential lessees with paid-off charge offs that are about 5 years old?

Message 16 of 16
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