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Posted in Auto Loans
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essence350

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Pre-approval without APR information
I received a pre-approval letter from Capital One, but I knew you still had to go through various approvals processes. I decided to see if I could get approved through my credit union. Well, my credit union ran a credit report, and then approved me for a designated amount and sent me a pre-approval letter/certificate to show to the dealership. The approval letter and the acceptance email does not show an APR rate. When I called an inquired, I was told that the apr will depend on the credit score. But since a credit report had already been pulled, they know the score. I'm confused. The loan officer told me that that would approve 90% LVT of the sticker or MSRP price. I would have to negotiate the rest, possibly using incentives and rebates, along with the putting down payment that I have saved. Then the dealership will send them the invoice and that the credit union would then create the terms on the loan based on my credit score. Does this sound correct?

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Sounds a little odd, but I guess you will have to do things the Credit Union's way if you wish to finance through them. Maybe they only did a "soft inquiry" for the preapproval and things won't be set in stone until they do a "hard inquiry".

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