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Where to apply?


Where to apply?

I'm trying to narrow down the best 4 or 5 places to apply for a new auto loan. We recently completed a Chapter 13 bankruptcy that was discharged in December. Household income is just over $300K, although I'll likely apply just in my name as my credit scores are higher than my wife's. My income is about $225K. We live in Kentucky. No military so NFCU likely off the table.


Scores are:

EQ Fico 8: 678 (687 Auto 5 / 707 Auto 8 / 726 Auto 9)

TU Fico 8: 653 (683 Auto 5 / 661 Auto 8 / 724 Auto 9)

EX Fixo 8: 682 (708 Auto 5 / 706 Auto 8 / 723 Auto 9).


Looking at a new Tesla Model 3. I'd put 20% to 25% down (including paid off trade-in), so total loan would be around $40K. We have a checking account and auto loan with a local credit union. I'll apply there, but they pull TU Fico 8, which is by far my lowest score. Ideal places would be those that use any of the Auto 9 scores, although Auto 8 with EQ and EX are okay. I could also apply for financing through Tesla. I believe they farm that out to Wells Fargo and Chase.


Appreciate any guidance. I've read through tons of threads here, including the very helpful threads on approvals and who pulls from where, but I'm just feeling a little overwhelmed. I also know the BK is an issue, but my understanding is that post-Chapter 13 discharge isn't as big of a deal as a post-Chapter 7.

Established Contributor

Re: Where to apply?

 Wells Fargo is one the bigggest players in the auto lending business among the big banks.


 I don't know about Tesla since they are trying to do things differently, but typically captives are place to get the best rates (captives IE Ford Credit).


 You can apply as many times as you want within a certain period of time and all will count as one INQ.


  I was able to get financed by Capital One post BK, mine was 9-10 months and I included them in a Chapter 7. Most CU's won't take you until 1-2 years post BK, I know that's the case with DCU which is a popular credit union on these forums. You might want to try PenFed another favorite.



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