What Sort of Rate Can I Get?

[Anonymous]

Hello Everyone,

I am a recent college graduate and will be looking to buy a used car in the coming months, as my current one is on it's last legs.  As the title suggests, I am l looking for some advice on what sort of rate I should be trying to get on an auto loan.  Here is my info:

Credit Score: EX- 743  EQ- 750  TU- 741   (these are fico8 scores from CCT)
AAoA: 2 years
# of positive trade lines: 5
# of negative trade lines: 0
Income:  5,000/month
Lenght of Employment: 2 months 
Previous Loan Experience: Student Loans and 3 credit cards
Debt-to-Income (DTI): 11%  (this is calculated based on monthly required payments vs. monthly income right?)
Year of Car: 2013
Miles: 25k
Purchase/Refinance: Purchase
Requested loan term (XX Months): 48 or 60
Down payment amount: 5,000
Co-borrower/Co-Signer: No
Other: No missed payments or negatives

Is that how you calculate DTI?

What ineterest rate should I shoot or with this being my first auto loan?

How much do auto focused fico scores vary from regular fico8 scores?

Thanks!

[Anonymous]

U shouldn't have any problem getting lowest rate that's being offered. Used car interest rate is normally higher than new car rate. Go capital one auto finance and do the pre approval and see what they can do for u

[RonM21]

I also think your chances of getting the best rate is pretty decent.

[Anonymous]

Do you think I should check my Auto-Fico scores? They may be lower as I have never had an auto-loan

[Anonymous]

They are 25-30 points lower than fico8 for me. Atleast the Auto 4, 2, and 5 is 

[Anonymous]

Does this pre-approval effect my score at all? Is it a soft pull?

thanks

[Anonymous]

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@Anonymous wrote:

Does this pre-approval effect my score at all? Is it a soft pull?

thanks

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Capital one is sp

[Anonymous]

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@Anonymous wrote:

Does this pre-approval effect my score at all? Is it a soft pull?

thanks

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Capital one is a SP and if pre approved for an amount with interest range u can play with it to see what's interest. Normally interest depends on amount ur borrowing and terms u want it for

[impactplayer]

It depends on what car you are trying to get and whether they are running any special financing offers. I am sure you could get the lowest rate offered by the dealership. However, that rate might be higher than some local credit unions unless they are running a special financing offer. I would look into it a little more and decide who it makes more sense to get the loan from. 

[Anonymous]

Thanks for the help everyone. I'll update this thread as I go through the process in the coming months. 

Ill check with:

Capital One

DCU

PENFED

My Local a Credit Union

anyone else?

Also, just updated my scores and they are now 743, 750, and 753. Pretty happy with that