how aggressive should i be in applying for auto loan?

[Anonymous]

Hello guys. I am new to this forum. 

I am planning to buy/finace a new car for my wife and kids. I am planning to finance a new mercedes suv. My question is, how aggressive should i be in applying for auto financing credit? My plan in mind is to apply in different credit union available in my place (westchester, NY) and banks as well.

I had read few forum discussions ang have the gut feeling of being approved but anxious about getting another car. I have 1 car still financed with NMAC (co-signed with my wife-principal) and will be finished financing december 2015. had history of late payments but is up to date for the last year. I managed to have my credit fixed with the help of reading forums here. Currently scores are as follows: equifax:734, auto score 8: 674, transunion:743, auto score 8:696, experian 740, auto sore 8:695.

Any help or insights  will be greatly appreciated. thanks

[EddieK]

Go with DCU.  They will use your Score 5 from this site, the one it states is commonly used for mortgages.  675+ will get you 2.24%, 1.74 with DD.

[Anonymous]

sorry DCU? and DD? am sorry not familiar with terminology. may i know how did you know about the rate? thanks for the reply

---

@EddieK wrote:

Go with DCU.  They will use your Score 5 from this site, the one it states is commonly used for mortgages.  675+ will get you 2.24%, 1.74 with DD.

---

[Anonymous]

Digital Federal Credit Union: dcu.org

They are a class act, check them out.  2.24% APR on an auto, minus a half percent with you direct deposit (DD) your entire paycheck into their checking and savings essentially making them your primary bank.

[Anonymous]

---

@Anonymous wrote:

Digital Federal Credit Union: dcu.org

They are a class act, check them out.  2.24% APR on an auto, minus a half percent with you direct deposit (DD) your entire paycheck into their checking and savings essentially making them your primary bank.

---

thanks slipper for the clarification. I found their website and you clarified the DD.

anyhow, how much or how many should at least ill go when applying auto financing? im afraid that my score will drop if  ill apply too much.

i have read that if ill do shop for financing within 14 days, it is considered as 1 inquiry. pleases clarify. thanks

[EddieK]

If you get approved at DCU, I'd stop there.  MBFS sent me an e-mail last week stating that their special financing is 3.99%, I'm not sure if this is for the Mercedes SUV or not though.

[Anonymous]

---

@EddieK wrote:

If you get approved at DCU, I'd stop there.  MBFS sent me an e-mail last week stating that their special financing is 3.99%, I'm not sure if this is for the Mercedes SUV or not though.

---

wow so this probable is very good deal, yah?. im still in the process of scouting CU and banks. and planning to finalize applications last week of this month though might consider starting few weeks early..

[EddieK]

---

@Anonymous wrote:

---

@EddieK wrote:

If you get approved at DCU, I'd stop there.  MBFS sent me an e-mail last week stating that their special financing is 3.99%, I'm not sure if this is for the Mercedes SUV or not though.

---

wow so this probable is very good deal, yah?. im still in the process of scouting CU and banks. and planning to finalize applications last week of this month though might consider starting few weeks early..

---

Yes, DCU's rates are among the best.  Their approvals are good for 30 days.

[Anonymous]

thanks for the input. ill let you know any result. thanks

[Luscher]

DCU!