Alright - I'm pretty darn good with my credit and I just ran a report from Equifax that's putting my FICO at 757, which should be well into tier 1. On the suggestion of some folks around here (and just standard common sense), I decided to do my financing through someone other than the dealer so I wouldn't have to debate things with them there and to get a better rate. Capital One is listing their best car rates at 3.95%, which sounds damn good to me. There are conditions (you have to auto-pay electronically to get the last 0.5% of it) but I was fine with all of that. Anyway, I apply online and get accepted! Great... only the rate on the loan they're throwing at me is 5.45%. I know I could be doing much worse, but it mostly just ____es me off that as far as my credit goes, there are pretty much zero problems. The biggest thing the credit report complained about is that my oldest credit card I still have is 61 months old, which could be older, but jeezus... 757 should be plenty good. Anyone have any idea what might be going on here and if I should expect something different if I apply somewhere else?

Thanks in advance.

 

With a score of 757 you're considered platinum paper (credit). I suggest going through a credit union. If you lived closer to me I could get you a rate of 2% on your loan with it auto debited from you checking a the Credit Union. I suggest shopping around for a credit union that you can open an account with. The rates are much better at a credit union because cu's are not for profit, where banks are. Good luck and let me know if you have any other questions.

 

2%? how so? what if i had 820 score? the lowest APR I found for an auto loan was 3.49% through credit union.

 

Anything over 730 is considered platinum paper. Your rate wouldn't be discounted any further than that. For A paper you could receive a rate of 2.5%. If you had the money auto deducted and put down as little as 20% of the cars value, you'd receive a 2% rate. Even if you couldn't put that much of a down payment, you could still get a rate at 2.25%. Search the credit unions for different rates. It's surprising, but different credit unions offer different rates.

 

How much money you're putting down for the downpayment and the term of the
loan, your income level & ability to pay all can affect the apr you get.

 

I searched and searched and can't find anything better than 3.49% at my local credit union. where are you getting these ridiculously low rates from? im going to put down over 20% of the car. where would i search for lower auto loan rates in my area?

 

Local Credit Unions are the best way to go for loans!!!

 

Well I've looked at local credit unions and AFAIK, the lowest one that doesn't have special membership requirements I can't meet is like 4.7%, which isn't bad but I've heard better - hence me looking online at places like Capital One - It just bothers me that they show a low rate but evidentially you have to be some special sort of VIP to get those rates - if I'd known that I wouldn't have even applied.

A related question - I know the Scion dealers list their APR's on the web. My local dealers look like the best they do is 4.9% - is this the lowest they can go (i.e. a "Pure Price" thing that they don't change) or can they go lower to match other people, etc.

Any dealers on here who know, I'd appreciate it.

 

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