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Old 02-08-2016, 03:50 PM   #15
bballr4567

 
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Originally Posted by M12LRV View Post
How much higher are dealers rates than banks? I don't want to shop around at banks because they will pull my credit, and lower it and I don't have a credit union. What have you guys been doing?
That isn't quite the way it works. While, yes, they are pulling your credit and they are hard inquiries the credit companies treat those pulled within a certain time frame as only one credit pull. Do NOT be afraid to shop around.
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Old 02-09-2016, 10:16 AM   #16
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Originally Posted by bballr4567 View Post
That isn't quite the way it works. While, yes, they are pulling your credit and they are hard inquiries the credit companies treat those pulled within a certain time frame as only one credit pull. Do NOT be afraid to shop around.
Different company's treat hard inquiries differently. Some look at them as one if they are within a certain time frame while others look at them individually.

Disclaimer: This is what my research has showed me, I do not know this for a fact.
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Old 02-09-2016, 10:34 AM   #17
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Originally Posted by 63falcondude View Post
Different company's treat hard inquiries differently. Some look at them as one if they are within a certain time frame while others look at them individually.

Disclaimer: This is what my research has showed me, I do not know this for a fact.
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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, FICO Scores ignore 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 scores while you're rate shopping. In addition, FICO Scores look on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry. 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 Scores.
http://www.myfico.com/crediteducatio...inquiries.aspx
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Old 02-09-2016, 12:56 PM   #18
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Originally Posted by bballr4567 View Post
Great link, a lot to learn there.

Only thing that I can see being a problem with multiple hard inquiries is if a company doesn't use the FICO score. It says "used by 90% of top lenders" which means that 10% of top lenders don't use it. If 10% of top lenders don't use FICO, how many non-top lenders also don't use FICO?

In the end I am probably over analyzing it. Just my $0.02
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Old 02-09-2016, 01:16 PM   #19
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I have a decision to make so this thread should help with that. I will be going to the dealer today after work to update my sales agreement for my Credit Union. The dealer asked to run my credit to see if they can beat the rate. My CU rate is 2.99% for 72 months with no fees. I am assuming that the dealer will charge an acquisition fee if I finance through them and I don't think they will be able to beat 2.99%. In order to beat that rate, I am assuming that they will make multiple hard inquiries. What do you think? Should I give them the go-ahead?
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Old 02-09-2016, 02:02 PM   #20
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It will be treated as ONE inquiry. Don't worry about it. Hell, I've got three hard inquiries in the last three months and it dropped my score 2 points. It's really over played. As long as you aren't trying to extend your credit by a crap ton you will be fine. Shop around. 2.99% is not that great of an APR if you have great credit.
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Old 02-09-2016, 02:15 PM   #21
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It will be treated as ONE inquiry. Don't worry about it. Hell, I've got three hard inquiries in the last three months and it dropped my score 2 points. It's really over played. As long as you aren't trying to extend your credit by a crap ton you will be fine. Shop around. 2.99% is not that great of an APR if you have great credit.
My FICO score is 746.
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Old 02-09-2016, 02:19 PM   #22
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Then yea, you should get an excellent rate pretty much anywhere. I'd shop around.
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Old 02-09-2016, 02:25 PM   #23
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Then yea, you should get an excellent rate pretty much anywhere. I'd shop around.
I thought 2.99% was pretty good! I guess I'll let them see if they can beat it. You've convinced me. I made an excel spreadsheet to calculate how much more I pay over the life of the loan with different finance rates and acquisition fees.
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Old 02-09-2016, 05:39 PM   #24
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I thought 2.99% was pretty good! I guess I'll let them see if they can beat it. You've convinced me. I made an excel spreadsheet to calculate how much more I pay over the life of the loan with different finance rates and acquisition fees.
I just glanced at PedFed based on an above suggestion and their rate for your term of 72 months (assuming good credit) was 2.74%: LINK And FWIW I've heard the same things about multiple inquires like for auto loans for example are treated as one and don't effect your credit dramatically. Hope that helps you, definitely look around.
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Old 02-09-2016, 08:35 PM   #25
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Just got back from the dealer. They beat the credit union by 0.6%! I also qualified for the concord rebate so I saved $1000. You guys are great, happy I was convinced to let the dealer try and beat it.

Now I got the car for $43,000 with 2.39% financing for 72 months. I am a happy man.
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Old 02-09-2016, 09:14 PM   #26
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2.39% isnt that bad!!! If you are happy with it then go for it! Congrats!
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Old 02-09-2016, 09:27 PM   #27
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I thought 2.99% was pretty good! I guess I'll let them see if they can beat it. You've convinced me. I made an excel spreadsheet to calculate how much more I pay over the life of the loan with different finance rates and acquisition fees.
You can get all that info by googling auto loan calculator
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Old 02-09-2016, 09:31 PM   #28
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2.39% isnt that bad!!! If you are happy with it then go for it! Congrats!
Thanks for your help!
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