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Car shopping & multiple credit checks
Posted on 6/4/12 at 10:32 am
Posted on 6/4/12 at 10:32 am
I know this has been discussed before but I can't find the thread. anyway...
I was thinking about using the Capital Blank check for an auto loan, but if the dealership could offer a better rate I have no problem letting them try to beat it. My question is: would it make a difference on my credit score if I had multiple credit checks within a few days of each other for a car loan? It seems like I read somewhere that if it is for the same type of purchase in a short window of time, it wouldn't affect my credit more than the initial check.
TIA
I was thinking about using the Capital Blank check for an auto loan, but if the dealership could offer a better rate I have no problem letting them try to beat it. My question is: would it make a difference on my credit score if I had multiple credit checks within a few days of each other for a car loan? It seems like I read somewhere that if it is for the same type of purchase in a short window of time, it wouldn't affect my credit more than the initial check.
TIA
4
Posted on 6/4/12 at 10:42 am to ashy larry
I'm pretty sure you can have as many as you want in a two week window and it will only show up as 1.
Posted on 6/4/12 at 10:48 am to LSU1018
quote:
What to know about "rate shopping."Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.
LINK
Posted on 6/4/12 at 10:52 am to Catman88
thanks!
Posted on 6/4/12 at 12:44 pm to ashy larry
OT: I got a car Saturday and had forgotten my check book, so they let me make the down payment with my debit card.
I can't so much as go to a gas station out of state without Chase calling me to see if someone stole my card, but a $5000 down payment goes through without a hitch.
I can't so much as go to a gas station out of state without Chase calling me to see if someone stole my card, but a $5000 down payment goes through without a hitch.
Posted on 6/4/12 at 4:45 pm to mule74
quote:I tried paying with my CC to get points and the dealership wouldn't let me. I guess I could have pitched a fit and all, but I didn't think they would anyways, I was just trying for the hell of it.
OT: I got a car Saturday and had forgotten my check book, so they let me make the down payment with my debit card.
Posted on 6/4/12 at 4:55 pm to homeskillet
quote:
I tried paying with my CC to get points and the dealership wouldn't let me.
Probably because of the fees. It's a percentage, so the fee on something like $5k for them would be more expensive than it's worth.
Posted on 6/4/12 at 10:06 pm to LSU1018
quote:
I'm pretty sure you can have as many as you want in a two week window and it will only show up as 1.
This is correct. Every inquiry will show up on your credit report but supposedly will only affect your score the same as 1 inquiry.
Posted on 6/4/12 at 10:46 pm to ashy larry
quote:
I was thinking about using the Capital Blank check for an auto loan,
I keep getting emails from Capital One for this. One of these days I'm going to be bored and fill out the app then end up with a new vehicle.
Posted on 6/5/12 at 8:12 am to Queen
quote:
Probably because of the fees. It's a percentage, so the fee on something like $5k for them would be more expensive than it's worth.
Jeez gas stations wont take CC because the items dont cost enough to justify the fee... Car dealerships won't take CC because the item is too big and will have too high of a fee... Why the hell does anyone use CC
Posted on 6/5/12 at 8:22 am to ashy larry
You will find that Capitol Blank check hard to use. No dealers want to use it for whatever reason they will all try to finance you themselves through their lendors. I assume they get some type of kickback for using their lendors. Even with the check, the instructions, and all the paperwork that goes along with it the dealers act like they have no idea what's going on or how to use it. They will still run you credit and try to finance you themselves.
Posted on 6/6/12 at 2:18 pm to AUtigR24
quote:
You will find that Capitol Blank check hard to use.
my sister did it a few years ago without a problem. It all depends on the dealership. Capital one actually has 'preferred dealers' now. The finance guy will try to talk me out of it so he can offer me a shitty rate in order to get his commission. however I doubt he can beat 3.37% for 72 months. I don't plan on financing it for that long, but that is the rate i was given.
Posted on 6/6/12 at 2:36 pm to ashy larry
quote:
3.37% for 72 months
That is pretty good.
I got 2.4 for 60 months, but when you cross that five year mark they really jack up the rate.
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