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fezwhy

Auto Loan inquiries and hard pulls

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The used car market is very agressive here and cars are moving very fast.

I have a few cars I like at a dealership but I have to go through all the approval process etc.

If in deed I get approved and they don't have any cars I want to buy will another hard pull or inquiry at another dealer hurt my credit?

 

It's very Likely I may have to go to a different dealer as this one dealer only has a few cars in my price range. However there is another dealer with many more cars in my price range.

 

My scores aren't that great and I don't want to sink my score and ruin my chances of getting approved somewhere.

 

I also have about 4k I can put down on a car if I absolutely have to. I'm not sure if having 20 percent down matters.

Edited by fezwhy

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go to a dealership that has the vehicle you wish to purchase. Be prepared to prove everything you put on your application.

 

Go early when they open, be prepared to spend some time.

 

Do this during the week, Not on a Monday.

 

You should be able to purchase/drive home a vehicle.

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Always pick out the particular car that you want to buy and agree on its price before talking about financing.

 

Having 20% down helps a lot if your credit is weak. It won't help much if the DTI is too high (i.e. income too low).

Edited by mk_378

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Update:

I was approved.

 

I was able to secure a 16.5k car with 3k down. A 6 year loan at 5.1%

I am just overjoyed at this. My old was car was leaking gas and was a 2 door which didn't work too well for my son.

The whole process was painless. All I had to do was provide my license, proof of insurance and fill out an application. In about an hour I was approved

The funny thing was I had gone to 2 other dealerships and they told me I need paystubs, bank statements and a utility bill.

I was in and out of the dealership with my new car in about 90 minutes. The dealer ended up pulling Equifax which was almost my highest score so I was pleased with that.

 

Lesson learned don't think you can't be approved. If I can be approved I am sure many more of you can too.

 

Baddies on my credit still:

Cosigned student loan in default

House foreclosure from 2008

1 missed payment a year ago

5 hard credit inquries

 

I own 2 credit cards which I am currently utilizing each month, however I keep the utilization under 5%.

 

My scores are 655 EXP 645 EQU 633 Trans

 

Special thanks to Marv for boosting my confidence before going into the dealership.

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