I have been tried to get pre-approval for an auto loan from different companies like Carmax and Carvana. Before I applied, they had a calculator to estimate payments, and the asterix, it says "Rates depending on good credit score". My credit score is above 800. Yet, when I finally get the pre-approval numbers from for a loan, they say my rates are 2-3x advertised. Ex. Carvana said someone with 750-850 should get 6.99% interest rate, but after putting in my details, including salary of 75k/year, they only gave me an offer of 14%. Is there some factor I'm overlooking beyond my credit score explaining why the interest rates are so much higher than what they initially suggested?
Getting a car loan approved is based on your credit score, your recent credit activities, your income and current obligations. Having a poor credit score or a thin file can result in a higher interest rate. If they feel that this loan is riskier they will quote a higher interest rate.
You may find that the best rates are from your bank or credit union. They should also take the time to explain how they arrived at your number and what you can do to get a more affordable loan.
What you are discovering is that your credit score is irrelevant to a lender. It's a magic number produced by a secret formula known only by the credit agency. And each agency has a different formula.
Potential lenders are looking at the underlying credit record. And they are also looking at your income and job stability (which isn't even covered by a credit score).