Should I apply for Auto loan or CC first?

[LetItGo]

We are needing to gat a 2nd vehicle soon, I just got my free credit report from Equifax and paid the 7.95 for the score. I am at 699 less than a year after discharge. Should I get the vehicle loan before or after I apply for an unsecured CC?

[backtoschool]

We are needing to gat a 2nd vehicle soon, I just got my free credit report from Equifax and paid the 7.95 for the score. I am at 699 less than a year after discharge. Should I get the vehicle loan before or after I apply for an unsecured CC?

First of all, make sure that the score that you paid for is a fico score. Equifax offers genuine fico scores, but the best way to ensure that you get a genuine fico score and not a proprietary score is to go to the myfico website to get your score.

It shouldn't matter which you apply for first. Less inquiries will be better for the auto loan, so you can apply for that first, but there shouldn't be a big difference in results.

If you have a stable job history, with those scores you will probably get a good rate from Capital One.

[TheExpert]

With stable job and residence history your dealer has many souces to place your loan. Also look at your local credit union. Don't apply online either.

[backtoschool]

With stable job and residence history your dealer has many souces to place your loan. Also look at your local credit union. Don't apply online either.

I disagree as to applying online. Applying Online is always a good idea. Knowing what your rate will be in advance (approximately) gives one negotiating power when they go to the showroom. Dealers often add several points to the interest rates that they offer clients and if you go into the dealer with a pre-approved rate, you will be able to have the dealer meet or beat the rate. Dealers often rip off customers on interest rates.

Here is a llink to another thread where this topic was discussed. (Please ignore the drama in the thread, another poster named BubbaJoe got banned for being rude and giving questionable advice)

http://www.bkforum.com/showthread.php?63458-What-comes-first-the-dealership-or-the-financing

As a backup plan to applying online, I think applying at credit unions is a good idea since they are member owned and keep their rates reasonable.

[LetItGo]

Thanks BackToSchool,
Yes, I had already read those previous posts. I will definitely apply online once I am ready. My previous vehicle I did it that way through Chase Auto Finance. I finished paying it off this last summer after reaffirming it after discharge. So maybe they will work with me again, if not perhaps Capital One. It is nice to get financing and even purchase price as non-variables before setting foot in the dealership!

[LSUTiger32]

Neither? Just a thought!

[backtoschool]

Thanks BackToSchool,
Yes, I had already read those previous posts. I will definitely apply online once I am ready. My previous vehicle I did it that way through Chase Auto Finance. I finished paying it off this last summer after reaffirming it after discharge. So maybe they will work with me again, if not perhaps Capital One. It is nice to get financing and even purchase price as non-variables before setting foot in the dealership!

Having that pre-approved rate will allow you to concentrate on negotiating the best price for the car and not have to worry about the dealer bait-and-switching you on rates or term lengths, etc... The dealer is always free to meet or beat the rate, so you can still go with dealer financing if the dealer really wants to earn your business and comes up with a better rate.

[LSUTiger32]

Having that pre-approved rate will allow you to concentrate on negotiating the best price for the car and not have to worry about the dealer bait-and-switching you on rates or term lengths, etc... The dealer is always free to meet or beat the rate, so you can still go with dealer financing if the dealer really wants to earn your business and comes up with a better rate.

Defintely agree with this if you can't be talked out of it! Hope BillyBobJoeBobWillyBobBubbaJoe doesn't see this thread.

[backtoschool]

Defintely agree with this if you can't be talked out of it! Hope BillyBobJoeBobWillyBobBubbaJoe doesn't see this thread.

BubbaBillybob got banned for posting personal attacks to certain members of the forum.

I think he is on here as TheExpert though so it could still get interesting......

[LSUTiger32]

BubbaBillybob got banned for posting personal attacks to certain members of the forum.

I think he is on here as TheExpert though so it could still get interesting......

Oh, that's good. I didn't check back on that other one. TheExpert, huh? LOL!