HOW DO YOU GO ABOUT FINDING THE BEST DEAL FOR REFINANCING A CAR LOAN WITHOUT MULTIPLE HITS ON CREDIT REPORT?
Question by Kayla22:
How do you go about finding the ideal deal for refinancing a automobile loan without multiple hits on credit report?
I have a good payment history on my automobile loan for 18 mos. I want to refi, but do not want to keep getting hits on my credit report while shopping.
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Answer by Sheena
Have you tried providing your own credit report? There is no adverse action from requesting your own credit file, and I have been told that as long as it’s been w/in 30 days, then they have no right to refuse it, I mean, it’s the same information, they get what information they need and you do too!
Good luck with the refi
Answer by dave_martin_7777
Find out your credit score (FICO) and tell the lender what it is without revealing any more information.
Phrase it as a hypothetical question.
“What would my loan be if….?”
You should be able to get your credit score for free and it’s ALWAYS a good idea to check up on it.
It’s the FIRST thing any lender will look at.
Answer by TMac23
If you pull a few credit reports on the same day for the same reason (shopping for a automobile loan), this will be viewed as 1 inquiry.
If you are eligible for Credit Union membership you will find excellent rates there.
It seems like people over examine automobile loan rates, for example:
$ 20,000 loan for 5 years:
8% = 405.53/mo
7.75% =403.14/mo
7.50% = 400.76/mo
Real shopping should be saved for the BIG TICKET…a home.
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Related posts:
about 3 months ago
Multiple credit inquiries on your account from lenders in a very short period of time (a week or so) do not overly impact your credit score in a negative fashion – they are essentially treated as just one overall inquiry by the score calculation.