Want to App 3 CC's - better to do it before or after Applying for New Auto Loan?

[GApeachy]

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@Anonymous wrote:

        -----  "Two days ago when dh work truck jumped timing....it's old. He did also. "

I'm sorry - didn't understand that sentence....

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Lol, yeah that is wacky.   I meant dh also got the same offer...50k.  

[Anonymous]

@local1 Congratulations and welcome to the Navy family.

Dang catch-22...last day of the month, they are motivated for end-of month numbers, but I think you will save more by a lower interest rate over the loan's life with the extra points from the loan paydown...

Wait a minute, you are pre-approved at 3.xx% with Cap1, right? Why go elsewhere? Why pay more? How are you forgoing anything? Take it and run, get it tomorrow, if you can get a deal. wait on updates, then app CCs. If Cap 1already told you 50K at 3.xx%, it's a no-brainer.

But I'd wait for the increases for the CCs. I don't know about the factory ordering, but again, if you go Cap1, it's a done deal, right?

Like Brian said, that's tough with the HPs. Yeah, a contract might work, they have notaries present there as well. At the very least, on the form that authorizes the credit pull, I'd write in a note that "I am only authorizing one pull by Chrysler Finance," or whatever. Cuz when you dispute a HP, they gotta show authorization. Personally, I made them pick the bureau, and kept the other 2 froze. They still tried, lol.

Otherwise, first the dealer wants to hit all 3 to see where they are, then he starts feeding them out all over trying to get the highest participation (commission) he can get.

If you use Cap 1, I would think it would be only one pull, or their famous triple-pull, right?

Since it was asked, 3.99% is what I got on a used, but that's a new car percentage, I got a deal really. I'd expect 5-6% on used.

[Traveler101]

Get online and search your cars. Watch the inventory and pick out a few options of cars that you want. WAIT untill xmas and closer to end of year, have your financing ready before you walk in the dooor, then make your offer. You will save A LOT of money. The last week is the best time to buy. They want it off the books. WATCH AND WAIT IS KEY!

[Anonymous]

Traveler101 My advice was the same, but his pre-approval from Cap1 ends 12/2....so today, being the last day of the month in November would be a better day to buy than the 1st or 2nd of December, when they are not as motivated.

But, if he secures financing elsewhere, he could wait til end of December....but can he find as good a rate?

As I explained above, the rate-shopping provision gives you 30 days from the first hard inquiry before your score is affected. And once all the points hit he is about to get, he may qualify for the best rate, anyway.

Plus, he wants to special order and he says they don't really give any deals on this particular model, IIRC.

[Traveler101]

I agree, last day of the month. But, I found the best being last day of the year. Rite now, showrooms are flooded with year end clearance sales. I found that looking at inventory, and paying attention to details on stock pics. Like seeing the car and in background, the trees are green, its a good indication they have had the car a while and wanna get it gone. When I bought mine, it was the last week. Using car buying service would of only gotten 4500 off. My doing my research, I saved 8k off sticker. Deffinatley saved some money. And i agree, never buy at beginning of the month.

[Anonymous]

Traveler101, Wow!! You did VERY VERY good! Well done! Congrats on excellent execution!

No, I totally agree, last day of month and last month, but, if his financing is good thru 12/2, today is his best bet, cuz, as we both agree, 12/1 and 12/2 would be bad.

But, if he waits and gets his boosts, he could find other financing and then go 12/31, but will he get that rate? I honestly don't know. 3.xx% is VERY good. And while they'll be more motivated 12/31, the next best is 11/30.

I can't predict whether the increased savings by waiting 'til 12/31 would outweigh the potentially higher rate of interest.....but then again, with the boost he just got and is about to get, he may e able to match the rate, and buy it for less....Impossible to predict, but I know he has 3.xx% now, and I don't see that being beat, since he says there are no manufacturer interest deals on this particular model.

If it could be matched, it might be worth waiting, but with him special ordering, he may not get as great a deal, cuz its not clearing existing cars off the lot.

[Anonymous]

Been running around like crazy the last few days to about 8 dif dealerships trying to find something I prefer on the lot to try and get the end of month/year advantage but in the end have decided I have to do factory order (6% under FWP) -  going to put deposit down today and dealer said it should be here around Jan 1-7th.......    so that gives me time to wait for my INQs on Dec 14th and paid down self lender as well as get the $5 balance off of HSBC CC to get to AZEO.....   the $50k prequal I had from Cap1 Auto-Nav has expired but the Dealership renewed the Chrysler Capital Prime Standard Retail Rates (16691322)* - Expires 2020-01-02  3.75% 60 Months.....    but will try to app with Navy Fed first on Dec 15th....     on way back to dealer now  and hoping to see if my scores improve tommorrow with loan paid down to $40

-- Questions----   Will use AMEX Gold Charge Card for deposit I do not believe AMEX Charge cards effect AZEO?

Once you app for loan and approved i.e - NavyFed - how long is it usually valid?  30 days? 45 days?

[Anonymous]

Yes the American Express will count as an account with a balance. Charge cards simply do not count towards utilization except on EX2. They still count as an account with a balance, to the best of my knowledge.

And for how long the approval is valid, I don’t know, that maybe lender specific. I would think 30 days, but I would advise you to call and check.

3.75% is not bad, but it’s a shame there were no 0% deals. I would find out who Chrysler pulls if you have to go that route. Hopefully NFCU will do the trick.

[Anonymous]

TY - saved me from another blunder with AZEO.

creditchecktotal is showing a score increase for EX now.....   from 725 to 760 as it is now reporting loan balances at $38! 

FICO Bankcard Score 8 jumped to 793! 

I updated the comparisons with rest of FICO scores in first post, still waiting to see Fico 9 changes

Now I think I have to "pause" the MYFICO sub because it's next scheduled 3B is Dec 7th and I'm afraid TU will be a few days behind in updating the new scores. 

[Anonymous]

local1 Excellent!! Congrats! 35 points!!! That's what I'm talking about. Boy ain't you looking pretty now? 760+ is the promised land, welcome and congrats again!

Don't expect anywhere near that many for AZEO though!