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Pre approval for auto loan
Posted on 9/15/19 at 5:57 pm
Posted on 9/15/19 at 5:57 pm
I’ve already gotten one pre approval through Capitol One, just learning about Keesler Federal credit Union and thinking about getting a preapproval through them. Will these hurt my credit score when I finally get to the dealership and the run the “official “ credit check? Thanks for your response .
2
Posted on 9/15/19 at 10:25 pm to tigerfan25
The dealer won’t need to run a credit check unless you intend on financing the vehicle through their company.
You will only be negotiating the purchase price of the vehicle (and trade in, if applicable) if you have already secured financing with which you are comfortable.
You will only be negotiating the purchase price of the vehicle (and trade in, if applicable) if you have already secured financing with which you are comfortable.
Posted on 9/16/19 at 8:48 am to tigerfan25
As I understand it, if you apply for several loans within a short period of time for the same thing, the credit reports count it as one as they realize that you are shopping around for the best rate [a reasonable thing to do]. I would have something you are comfortable with prior to going to the dealership, then give the dealership a chance to beat that rate. If the dealer has the better rate, go with it.
Also, while credit inquiries do "hurt" your score, it only drops a few points (<10 points). It's not like it drops 100 points and destroys your credit worthiness. The score usually completely recovers the few points within a year and falls completely off your record within 2 years. Unless you're buying a house or are teetering on the edge of a good credit score, then I wouldn't even sweat applying for the loans. The bigger worry is making sure you can make the payment.
Also, while credit inquiries do "hurt" your score, it only drops a few points (<10 points). It's not like it drops 100 points and destroys your credit worthiness. The score usually completely recovers the few points within a year and falls completely off your record within 2 years. Unless you're buying a house or are teetering on the edge of a good credit score, then I wouldn't even sweat applying for the loans. The bigger worry is making sure you can make the payment.
Posted on 9/16/19 at 10:38 am to blackoutdore
quote:
As I understand it, if you apply for several loans within a short period of time for the same thing, the credit reports count it as one as they realize that you are shopping around for the best rate [a reasonable thing to do]. I would have something you are comfortable with prior to going to the dealership, then give the dealership a chance to beat that rate. If the dealer has the better rate, go with it.
Also, while credit inquiries do "hurt" your score, it only drops a few points (<10 points). It's not like it drops 100 points and destroys your credit worthiness. The score usually completely recovers the few points within a year and falls completely off your record within 2 years. Unless you're buying a house or are teetering on the edge of a good credit score, then I wouldn't even sweat applying for the loans. The bigger worry is making sure you can make the payment.
On our recent car purchase, we ended up having three "pulls" within a week of each other. One ahead of time for a pre-approval, and two at a dealership (we now have 3 reference lines on our report under hard inquiries".
Two months after the pulls and after making our first car payment (and having it reflect on the report) our score has... gone up 2 points.
Posted on 9/16/19 at 12:56 pm to LSUFanHouston
Did the pulls drop your score at all? If so, how mucH?
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