Will I qualify?

[minski]

I have 4 recent accounts that I opened at the end of May, intending to put off buying a car to the end of the year or beginning of next year. I've changed my mind and looking to buy at the end of August or September. I'm in the garden until then. 

Will I qualify for an auto loan (hopefully with a rate less than 3%)?

I am looking at:

1) Alliant (currently in process of making this my main account) - has $100 bonus if I apply for auto loan within 90 days of opening my account (by mid-Sept?)

2) PenFed

3) DCU

4) Capital One

Chase (not sure they will approve with good rate since one of the new accounts was a Chase Freedom but am in good standing with 2 2+ year old credit cards)

Western 

Credit Score: EQ 8 800 | EQ 5 787 | TU 8 783 | EX 8 785

AAoA: per myFICO (EQ) 80 months; per Credit Karma, 4 years

# of positive trade lines: Credit Karma shows 18 total accounts

# of negative trade lines: no negatives

Income: > $55,000

Length of Employment: 2+ years (if closer to end of year, 0 since I may be starting a new job)

Previous Loan Experience: student loans currently in repayment; no auto loans

Debt-to-Income (DTI): myFICO showing no more than 4% util; also, $875 in rent

Year of Car: 2016

Miles: 

Purchase/Refinance: Purchase

Requested loan term (XX Months): 36 - 60

Down payment amount: $7500

Co-borrower/Co-Signer: hoping none but can obtain if needed

Other: 

[Anonymous]

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@minski wrote:

I have 4 recent accounts that I opened at the end of May, intending to put off buying a car to the end of the year or beginning of next year. I've changed my mind and looking to buy at the end of August or September. I'm in the garden until then. 

Will I qualify for an auto loan (hopefully with a rate less than 3%)?

I am looking at:

1) Alliant (currently in process of making this my main account) - has $100 bonus if I apply for auto loan within 90 days of opening my account (by mid-Sept?)

2) PenFed

3) DCU

4) Capital One

Chase (not sure they will approve with good rate since one of the new accounts was a Chase Freedom but am in good standing with 2 2+ year old credit cards)

Western 

Credit Score: EQ 8 800 | EQ 5 787 | TU 8 783 | EX 8 785

AAoA: per myFICO (EQ) 80 months; per Credit Karma, 4 years

# of positive trade lines: Credit Karma shows 18 total accounts

# of negative trade lines: no negatives

Income: > $55,000

Length of Employment: 2+ years (if closer to end of year, 0 since I may be starting a new job)

Previous Loan Experience: student loans currently in repayment; no auto loans

Debt-to-Income (DTI): myFICO showing no more than 4% util; also, $875 in rent

Year of Car: 2016

Miles: 

Purchase/Refinance: Purchase

Requested loan term (XX Months): 36 - 60

Down payment amount: $7500

Co-borrower/Co-Signer: hoping none but can obtain if needed

Other: 

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Assuming that your Fico auto scores are anywhere close to the ones you lost then you shouldn't have any problem getting approved for a loan below 3%.  I'd focus on the 3 CUs you list if you are a member of any of them.

[Anonymous]

You will be more than qualify based on the stats provided.  What car are you looking at? I think you should try Penfed first before all the others.

[sccredit]

IMO I would take CapOne off the list and focus on the 3 CU's you have listed.   I don't see any issues with getting approved.

[minski]

Thanks for your input. I was concerned as I'd recently gotten credit cards and I thought that one should have had a clean report at least 6 months prior to applying for auto loans. 

My Auto 8 scores are like 9 points lower; if based on those, I imagine the rates would likely be higher. I've never had an auto loan before. This would be my first car purchase. 

EQ Auto 8 791 Auto 5 797

TU Auto 8 774 Auto 4 776

EX Auto 8 775 Auto 2 784

[Anonymous]

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@minski wrote:

Thanks for your input. I was concerned as I'd recently gotten credit cards and I thought that one should have had a clean report at least 6 months prior to applying for auto loans. 

My Auto 8 scores are like 9 points lower; if based on those, I imagine the rates would likely be higher. I've never had an auto loan before. This would be my first car purchase. 

EQ Auto 8 791 Auto 5 797

TU Auto 8 774 Auto 4 776

EX Auto 8 775 Auto 2 784

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You will still get approved for less than 3%. Try PenFed

[Anonymous]

Yes shop local cu for low rate promotions. You will ha e no issue with those scores. If you bring your own financing make sure you tell the dealership they are not permitted to run your credit and have someone sign it. I brought my own financing and the dealership still pulled two hard inquiries. I was livid!

[Anonymous]

Depend on vehicle ur planning to purchase and when u purchase. I would consider using captive lending (dealership own financial company) most likely have 0% or .9 or 1.9

[minski]

I am looking at 2016 Nissan Rogue SL with or without the premium package (haven't quite decided yet). 

Would it be so bad if the dealership pulled your scores? Wouldn't it fall under auto lending, lumping it all as one for scoring purposes, and showing up as auto lending inquiries? Not that I want my credit report cluttered with yet more inquiries but just curious...

Also, if the dealership has a promotion going on, would they have to pull your scores for it? If so, how many times? They probably wouldn't have 0% promotions for an outgoing car, would they? 

[Anonymous]

Yes they will have to pull for promo financing. Most dealerships will pull 3-4 ahopping around for rates. They say fico groups inquiries by classification. i prefer not to have multiple inquiries on my report. I like to negotiate the lowest price and then say thanks i have my own financing. You'll get a better deal because dealership goes low thinking they'll make it up in interest kick backs if they get your financing.