WOW! HUGE difference in APR for my Auto loan approvals from Chase and CapitalOne

[phrza81]

i just got 2 bank approvals for a 2nd car loan, CHECK OUT THE APR DIFFERENCE OMG!

Both loans were submitted online same day within a 15min time span.

APPROVING BANK: CapitalONE (Blank Check)
BUREAU PULLED: EX (I think) 
CREDIT SCORE: EX: 630 (freecreditreport.com) TU: 655 EQ: 648 (TU and EQ score from Myfico.com)
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: NEW
YEAR OF VEHICLE: Not purchased yet

MAKE: n/a

MODEL: n/a
MILEAGE: n/a
RETAIL/LEASE: Retail
AMOUNT OF LOAN: Approved for $21,600
TERM CONTRACTED: 60 months
APR/LEASE RATE: 11.3% (with auto bill pay) or 11.6 (w/o auto bill pay)
MONTHLY PAYMENT: n/a

ANNUAL INCOME: 43k
MISCELLANEOUS COMMENTARY: This is a 2nd car loan, I have another auto loan I purchased back in mid 2010 with Chase.

Heres my OTHER Bank approval from CHASE Auto Finance... OMG the APR DIFFERENCE

APPROVING BANK: Chase Auto Finance (This is my 2nd auto loan with chase)
BUREAU PULLED: EX (I asked before I submitted an online application)

CREDIT SCORE: EX: 630 (freecreditreport.com) TU: 655 EQ: 648 (TU and EQ score from Myfico.com)
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: n/a

MAKE: n/a

MODEL: n/a
MILEAGE: n/a
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $21,000
TERM CONTRACTED: 60 months
APR/LEASE RATE: 4.6% (with a .50 discount for being a Chase checking and Money Market customer, I also have an open auto loan with them from back in mid 2010 with no lates.)
MONTHLY PAYMENT: n/a

ANNUAL INCOME: 43k
MISCELLANEOUS COMMENTARY: I am so shock with the difference in the APR. My first auto loan was at a 14.5% APR and I am so happy that I can get another auto loan for 4.6% APR, its telling me that Ive done something right with in a year and half time span.

So Im going with Chase Auto Finance  But thanks to Myfico.com and the people here, this is why, I can say thank you to all those that helped me improve my credit score

[Anonymous]

Although I am sure there are some in here who will sing the praises of Capital 1 Auto I think the majority of their experience is with customers with some challenges in their financing. Much like their credit card portfolio is geared toward rebuilders / new credit instead of prime accounts. I don't fault them for what they are and in fact my last auto loan was from them - when nobody else would touch me with a 17 1/2 foot pole.

I know the suggestion is often made in here to get financing approval ahead of time and then see if the dealer can better it once you have locked down the exact vehicle you are purchasing. And now your experience shows once again that even comparison shopping in the preapproval point is not always a bad idea. We don't always know what lenders will treat us like based only on the experience of others.

Congrats and enjoy your new vehicle.

[phrza81]

Thanks "HoldingOntoHop",

I was so sceptical of applying to 2 different lenders but I read on Experian Website that, Shopping for lowest auto loan rate will be considered as one INQ on your CR. So I went for it and applied to my bank Chase and CapitalOne (only cause everyone says its so easy). Scary thing is, I was so close to just settling with CapitalOne. 

[StartingOver10]

Congrats! You did a fantastic job of getting the best rate. I have a Chase auto loan too and IMO they are great, especially when you have an account with them too. Nothing could be easier. Enjoy your new car

[phrza81]

I love Chase, they have been nothing but good to me. I have 2 checking accounts, money market, Chase Freedom CC and now 2 car loans accounts with them. They have been wonderful! 

The worst bank Ive worked with was BofA (Bunch of Ass's!), just a little FYI

[Anonymous]

Good lord, that's not even close.

Now here's to hoping the dealer will try (and most likely will) to beat that APR.

Good luck

[zan987]

Thanks for this post.  I will be applying for a auto loan in the May and I definitly will do some searching for approvals before I set foot in a dealership. 

[webhopper]

Congrats on your sweet financing deal....!