When to Apply for NFCU Auto Loan???

[Kkwillletyouknow]

We were gearing up to purchase a new home but we have put that on hold until next year.  In the meantime we are in need of a reliable vehicle to transport kids etc.  My credit report recently took a 30+ pt score due to utilization on a $200 secured card during the furlough.  I completely overlooked the end of the month reporting and PAID for it.  My scores should even out over the next month since I was approved for 2 cards and will have the utilization where it needs to be.

My question is should I apply now for a loan through NFCU with fico auto of  EQ 671 TU 666 EXP 631 or wait until I get a positive report and my score regains some of those lost FICO 8 score points.  It seems that CC utilization doesn't impact auto-enhanced scores as much as FICO 8 scores.  I have done Cap 1 Navigator and am getting rates changin between 5% and 7% for used vehicles.  I want to be as smart a shopper as I can be.  Any and all advice is appreciated and will be considered! BTW I'm looking for a loan of $20k or less. My income is 100k

[Appleman]

If you are able to wait, I would wait for the score to bounce back from the temporary high utilization. The better the score, the better the chance for a lower rate.

Also, try the CapitalOne Auto navigator for a SP pre-qualify to see if they will approve you.

With the rates increasing for auto loans, 5-7% may not be too bad for you especially on a used vehicle. Current news is showing a bit of a slump in new car sales which may impact the used car market in the future.